BLB&B Advisors LLC Buys Shares of 4,976 Fortinet, Inc. (NASDAQ:FTNT)

BLB&B Advisors LLC purchased a new position in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm purchased 4,976 shares of the software maker's stock, valued at approximately $479,000.

Other hedge funds also recently modified their holdings of the company. SJS Investment Consulting Inc. boosted its stake 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 purchasing an additional 225 shares during the last quarter. Edmond DE Rothschild Holding S.A. acquired a new stake in shares of Fortinet in the fourth quarter worth approximately $27,000. ORG Partners LLC boosted its position in shares of Fortinet by 47.5% in the first quarter. ORG Partners LLC now owns 348 shares of the software maker's stock worth $34,000 after acquiring an additional 112 shares during the last quarter. EQ Wealth Advisors LLC acquired a new stake in shares of Fortinet in the first quarter worth approximately $35,000. Finally, Oarsman Capital Inc. boosted its position in shares of Fortinet by 188.9% in the fourth quarter. Oarsman Capital Inc. now owns 416 shares of the software maker's stock worth $39,000 after acquiring an additional 272 shares during the last quarter. 83.71% of the stock is owned by institutional investors and hedge funds.

Fortinet Stock Up 3.0%

Shares of FTNT traded up $3.06 during mid-day trading on Friday, reaching $105.27. 2,864,114 shares of the stock traded hands, compared to its average volume of 4,864,683. The firm has a market cap of $80.57 billion, a price-to-earnings ratio of 43.32, a P/E/G ratio of 3.64 and a beta of 1.06. The stock has a fifty day simple moving average of $103.23 and a 200 day simple moving average of $100.74. Fortinet, Inc. has a 12-month low of $54.57 and a 12-month high of $114.82. The company has a quick ratio of 1.29, a current ratio of 1.36 and a debt-to-equity ratio of 0.25.

Fortinet (NASDAQ:FTNT - Get Free Report) last posted its quarterly earnings data 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 analyst estimates of $1.54 billion. Fortinet had a net margin of 30.60% and a return on equity of 148.79%. The business's quarterly revenue was up 13.8% on a year-over-year basis. During the same quarter last year, the firm posted $0.43 earnings per share. Sell-side analysts expect that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

Analysts Set New Price Targets

Several research firms recently issued reports on FTNT. Robert W. Baird raised their target price on shares of Fortinet from $110.00 to $113.00 and gave the stock a "neutral" rating in a research report on Tuesday, May 6th. KeyCorp decreased their target price on shares of Fortinet from $120.00 to $115.00 and set an "overweight" rating on the stock in a research report on Thursday, May 8th. BMO Capital Markets decreased their target price on shares of Fortinet from $122.00 to $110.00 and set a "market perform" rating on the stock in a research report on Thursday, May 8th. Jefferies Financial Group decreased their target price on shares of Fortinet from $115.00 to $105.00 and set a "hold" rating on the stock in a research report on Monday, March 31st. Finally, Roth Capital set a $103.00 target price on shares of Fortinet and gave the stock a "neutral" rating in a research report on Tuesday, April 22nd. One equities research analyst has rated the stock with a sell rating, twenty-one have issued a hold rating, eleven have issued a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, Fortinet has a consensus rating of "Hold" and an average price target of $105.62.

Insider Buying and Selling

In related news, 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 sale, the vice president owned 11,000,068 shares in the company, valued at approximately $1,167,217,215.48. The trade was a 0.03% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Ken Xie sold 158,488 shares of Fortinet 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 completion of the sale, the chief executive officer owned 51,391,879 shares of the company's stock, valued at approximately $5,452,678,361.90. This trade represents a 0.31% decrease in their position. The disclosure for this sale can be found here. Insiders own 17.20% of the company's stock.

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.