Beacon Investment Advisory Services Inc. Boosts Stake in Fortinet, Inc. (NASDAQ:FTNT)

Beacon Investment Advisory Services Inc. lifted its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 3.3% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 269,420 shares of the software maker's stock after purchasing an additional 8,538 shares during the quarter. Fortinet accounts for 1.2% of Beacon Investment Advisory Services Inc.'s holdings, making the stock its 27th largest position. Beacon Investment Advisory Services Inc.'s holdings in Fortinet were worth $25,934,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Eagle Capital Management LLC raised its stake in Fortinet by 1.6% in the fourth quarter. Eagle Capital Management LLC now owns 26,176 shares of the software maker's stock valued at $2,473,000 after purchasing an additional 404 shares in the last quarter. Brighton Jones LLC increased its holdings in Fortinet by 2.2% in the 4th quarter. Brighton Jones LLC now owns 10,327 shares of the software maker's stock valued at $976,000 after buying an additional 221 shares during the period. Proficio Capital Partners LLC raised its position in shares of Fortinet by 95.3% in the 4th quarter. Proficio Capital Partners LLC now owns 5,793 shares of the software maker's stock valued at $547,000 after buying an additional 2,827 shares in the last quarter. Whittier Trust Co. lifted its holdings in shares of Fortinet by 724.1% during the 4th quarter. Whittier Trust Co. now owns 1,813 shares of the software maker's stock worth $171,000 after acquiring an additional 1,593 shares during the period. Finally, Summit Global Investments bought a new stake in shares of Fortinet during the 4th quarter worth approximately $384,000. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Fortinet news, CEO Ken Xie sold 158,488 shares of the stock in a transaction on Friday, May 2nd. The stock was sold at an average price of $106.10, for a total transaction of $16,815,576.80. Following the sale, the chief executive officer owned 51,391,879 shares in the company, valued at $5,452,678,361.90. This represents a 0.31% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, VP Michael Xie sold 3,546 shares of Fortinet stock in a transaction on Friday, May 2nd. The shares were sold at an average price of $106.11, for a total value of $376,266.06. Following the completion of the transaction, the vice president owned 11,000,068 shares of the company's stock, valued at approximately $1,167,217,215.48. This trade represents a 0.03% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 17.20% of the company's stock.

Fortinet Stock Down 0.3%

Shares of Fortinet stock traded down $0.29 on Thursday, hitting $104.77. The company had a trading volume of 2,438,377 shares, compared to its average volume of 3,993,074. Fortinet, Inc. has a 1 year low of $54.57 and a 1 year high of $114.82. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.29 and a current ratio of 1.36. The stock has a 50 day moving average of $103.47 and a 200-day moving average of $101.51. The stock has a market capitalization of $80.19 billion, a price-to-earnings ratio of 43.12, a P/E/G ratio of 3.62 and a beta of 1.06.

Fortinet (NASDAQ:FTNT - Get Free Report) last issued its quarterly earnings results on Wednesday, May 7th. The software maker reported $0.58 EPS for the quarter, beating analysts' consensus estimates of $0.53 by $0.05. The company had revenue of $1.54 billion during the quarter, compared to the consensus estimate 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 period last year, the business posted $0.43 earnings per share. As a group, sell-side analysts forecast that Fortinet, Inc. will post 2.09 earnings per share for the current year.

Analyst Upgrades and Downgrades

FTNT has been the topic of a number of recent analyst reports. DZ Bank raised shares of Fortinet from a "strong sell" rating to a "hold" rating in a research note on Thursday, May 8th. Cantor Fitzgerald lifted their price target on Fortinet from $100.00 to $110.00 and gave the company a "neutral" rating in a research note on Wednesday, July 16th. Roth Capital set a $103.00 price objective on Fortinet and gave the company a "neutral" rating in a research note on Tuesday, April 22nd. KeyCorp dropped their target price on shares of Fortinet from $120.00 to $115.00 and set an "overweight" rating for the company in a report on Thursday, May 8th. Finally, Robert W. Baird boosted their target price on shares of Fortinet from $110.00 to $113.00 and gave the stock a "neutral" rating in a research note on Tuesday, May 6th. 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 given a strong buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and an average target price of $106.48.

Fortinet Company 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.