BLB&B Advisors LLC Invests $479,000 in Fortinet, Inc. (NASDAQ:FTNT)

BLB&B Advisors LLC bought a new stake in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund bought 4,976 shares of the software maker's stock, valued at approximately $479,000.

Other institutional investors and hedge funds have also bought and sold shares of the company. Eagle Capital Management LLC raised its holdings in Fortinet by 0.4% during the first quarter. Eagle Capital Management LLC now owns 26,285 shares of the software maker's stock worth $2,530,000 after buying an additional 109 shares during the last quarter. ORG Partners LLC boosted its stake in Fortinet by 47.5% during the 1st quarter. ORG Partners LLC now owns 348 shares of the software maker's stock valued at $34,000 after purchasing an additional 112 shares during the last quarter. Cornerstone Enterprises LLC increased its holdings in Fortinet by 2.3% during the 1st quarter. Cornerstone Enterprises LLC now owns 5,018 shares of the software maker's stock worth $483,000 after purchasing an additional 115 shares in the last quarter. CIBC Private Wealth Group LLC boosted its position in shares of Fortinet by 1.3% during the fourth quarter. CIBC Private Wealth Group LLC now owns 9,390 shares of the software maker's stock valued at $902,000 after buying an additional 116 shares during the last quarter. Finally, Evergreen Capital Management LLC grew its holdings in Fortinet by 2.0% during the fourth quarter. Evergreen Capital Management LLC now owns 6,240 shares of the software maker's stock worth $590,000 after buying an additional 124 shares in the last quarter. 83.71% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

FTNT has been the topic of a number of analyst reports. Royal Bank Of Canada cut their price objective on shares of Fortinet from $110.00 to $105.00 and set a "sector perform" rating on the stock in a report on Thursday, May 8th. Wells Fargo & Company dropped their target price on shares of Fortinet from $105.00 to $95.00 and set an "equal weight" rating on the stock in a research report on Thursday, May 8th. 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. KeyCorp dropped their price target on Fortinet from $120.00 to $115.00 and set an "overweight" rating on the stock in a report on Thursday, May 8th. Finally, Scotiabank cut their price objective on Fortinet from $135.00 to $115.00 and set a "sector outperform" rating on the stock in a research report on Thursday, May 8th. One research analyst has rated the stock with a sell rating, twenty-one have assigned a hold rating, eleven have given a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average price target of $105.62.

Insider Buying and Selling at Fortinet

In other Fortinet news, Director William H. Neukom purchased 335 shares of the stock in a transaction on Friday, June 6th. The stock was acquired 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 in the company, valued at $31,419,307.62. The trade was a 0.11% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Ken Xie sold 158,488 shares of Fortinet stock in a transaction that occurred 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 completion of the sale, the chief executive officer owned 51,391,879 shares of the company's stock, valued at $5,452,678,361.90. This trade represents a 0.31% decrease in their ownership of the stock. The disclosure for this sale can be found here. 18.00% of the stock is owned by corporate insiders.

Fortinet Stock Performance

Fortinet stock traded down $0.22 during midday trading on Wednesday, hitting $102.21. The stock had a trading volume of 3,747,901 shares, compared to its average volume of 4,857,395. The company has a current ratio of 1.36, a quick ratio of 1.29 and a debt-to-equity ratio of 0.25. The firm's fifty day moving average is $102.96 and its two-hundred day moving average is $100.57. The company has a market capitalization of $78.23 billion, a PE ratio of 42.06, a P/E/G ratio of 3.65 and a beta of 1.06. Fortinet, Inc. has a 52-week low of $54.57 and a 52-week high of $114.82.

Fortinet (NASDAQ:FTNT - Get Free Report) last released its quarterly 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 company had revenue of $1.54 billion for the quarter, compared to the consensus estimate of $1.54 billion. Fortinet had a net margin of 30.60% and a return on equity of 148.79%. Fortinet's revenue was up 13.8% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.43 earnings per share. On average, research analysts forecast that Fortinet, Inc. will post 2.09 EPS for the current year.

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.