Ballentine Partners LLC Boosts Holdings in Fortinet, Inc. (NASDAQ:FTNT)

Ballentine Partners LLC increased its position in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 37.2% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 10,574 shares of the software maker's stock after buying an additional 2,868 shares during the period. Ballentine Partners LLC's holdings in Fortinet were worth $1,018,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in FTNT. SJS Investment Consulting Inc. raised its position in shares of Fortinet by 703.1% during the 1st quarter. SJS Investment Consulting Inc. now owns 257 shares of the software maker's stock worth $25,000 after acquiring an additional 225 shares in the last quarter. Edmond DE Rothschild Holding S.A. acquired a new stake in Fortinet during the fourth quarter worth approximately $27,000. ORG Partners LLC lifted its position in shares of Fortinet by 47.5% during the 1st quarter. ORG Partners LLC now owns 348 shares of the software maker's stock worth $34,000 after buying an additional 112 shares during the last quarter. EQ Wealth Advisors LLC acquired a new position in shares of Fortinet in the 1st quarter valued at $35,000. Finally, Wayfinding Financial LLC acquired a new position in shares of Fortinet in the 1st quarter valued at $36,000. Institutional investors and hedge funds own 83.71% of the company's stock.

Analysts Set New Price Targets

FTNT has been the subject of a number of research reports. Stephens started coverage on shares of Fortinet in a research report on Tuesday, April 1st. They issued an "equal weight" rating and a $108.00 price target for the company. Stifel Nicolaus reduced their target price on Fortinet from $115.00 to $95.00 and set a "hold" rating for the company in a report on Thursday, May 8th. Roth Capital set a $103.00 target price on Fortinet and gave the company a "neutral" rating in a research report on Tuesday, April 22nd. BMO Capital Markets dropped their price target on Fortinet from $122.00 to $110.00 and set a "market perform" rating on the stock in a research note on Thursday, May 8th. Finally, Scotiabank reduced their price objective on Fortinet from $135.00 to $115.00 and set a "sector outperform" rating for the company in a research note on Thursday, May 8th. One research analyst has rated the stock with a sell rating, twenty have assigned a hold rating, twelve have given a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus target price of $106.14.

Fortinet Price Performance

Shares of NASDAQ FTNT traded up $3.91 on Monday, hitting $102.97. The company's stock had a trading volume of 6,018,603 shares, compared to its average volume of 4,888,433. The stock has a 50 day moving average of $103.23 and a 200-day moving average of $101.02. The company has a market capitalization of $78.82 billion, a price-to-earnings ratio of 42.37, a price-to-earnings-growth ratio of 3.42 and a beta of 1.06. Fortinet, Inc. has a 12-month low of $54.57 and a 12-month high of $114.82. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.36 and a quick ratio of 1.29.

Fortinet (NASDAQ:FTNT - Get Free Report) last posted its earnings results on Wednesday, May 7th. The software maker reported $0.58 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.53 by $0.05. The firm had revenue of $1.54 billion for the quarter, compared to analyst estimates of $1.54 billion. Fortinet had a return on equity of 148.79% and a net margin of 30.60%. Fortinet's revenue was up 13.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.43 EPS. As a group, research analysts predict that Fortinet, Inc. will post 2.09 EPS for the current year.

Insider Buying and Selling

In other Fortinet news, VP Michael Xie sold 3,546 shares of the company's stock in a transaction dated Friday, May 2nd. The shares were sold at an average price of $106.11, for a total value of $376,266.06. Following the transaction, the vice president directly owned 11,000,068 shares in the company, valued at approximately $1,167,217,215.48. This represents a 0.03% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director William H. Neukom purchased 335 shares of the stock in a transaction dated Friday, June 6th. The shares were purchased at an average price of $104.22 per share, with a total value of $34,913.70. Following the completion of the acquisition, the director owned 301,471 shares of the company's stock, valued at approximately $31,419,307.62. This represents a 0.11% increase in their ownership of the stock. The disclosure for this purchase can be found here. 18.00% of the stock is currently owned by company insiders.

Fortinet Profile

Fortinet, Inc provides cybersecurity and convergence of networking and security solutions worldwide. It offers secure networking solutions focus on the convergence of networking and security; network firewall solutions that consist of FortiGate data centers, hyperscale, and distributed firewalls, as well as encrypted applications; wireless LAN solutions; and secure connectivity solutions, including FortiSwitch secure ethernet switches, FortiAP wireless local area network access points, FortiExtender 5G connectivity gateways, and other products.