Bosman Wealth Management LLC Invests $1.17 Million in Fortinet, Inc. (NASDAQ:FTNT)

Bosman Wealth Management LLC purchased a new stake in Fortinet, Inc. (NASDAQ:FTNT - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The fund purchased 12,129 shares of the software maker's stock, valued at approximately $1,168,000. Fortinet makes up 1.2% of Bosman Wealth Management LLC's holdings, making the stock its 25th biggest holding.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in FTNT. Vanguard Group Inc. increased its stake in shares of Fortinet by 1.1% during the 4th quarter. Vanguard Group Inc. now owns 68,115,470 shares of the software maker's stock worth $6,435,550,000 after purchasing an additional 730,994 shares during the last quarter. Geode Capital Management LLC boosted its holdings in Fortinet by 2.6% in the fourth quarter. Geode Capital Management LLC now owns 15,270,913 shares of the software maker's stock worth $1,440,648,000 after purchasing an additional 387,901 shares in the last quarter. Invesco Ltd. increased its position in Fortinet by 31.3% during the fourth quarter. Invesco Ltd. now owns 8,388,693 shares of the software maker's stock worth $792,564,000 after buying an additional 2,000,888 shares during the last quarter. Norges Bank acquired a new position in Fortinet during the fourth quarter worth $724,048,000. Finally, Arrowstreet Capital Limited Partnership raised its holdings in Fortinet by 39.3% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 7,622,253 shares of the software maker's stock valued at $720,150,000 after buying an additional 2,151,811 shares in the last quarter. Institutional investors own 83.71% of the company's stock.

Fortinet Stock Performance

FTNT traded down $1.14 during trading on Friday, reaching $99.06. 4,128,922 shares of the company's stock were exchanged, compared to its average volume of 4,876,859. The company has a market capitalization of $75.82 billion, a P/E ratio of 40.77, a PEG ratio of 3.46 and a beta of 1.06. The company has a quick ratio of 1.29, a current ratio of 1.36 and a debt-to-equity ratio of 0.25. The business has a 50 day moving average price of $103.37 and a 200 day moving average price of $100.96. Fortinet, Inc. has a fifty-two week low of $54.57 and a fifty-two week high of $114.82.

Fortinet (NASDAQ:FTNT - Get Free Report) last released its quarterly earnings data on Wednesday, May 7th. The software maker reported $0.58 EPS for the quarter, topping 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 net margin of 30.60% and a return on equity of 148.79%. The firm's revenue for the quarter was up 13.8% compared to the same quarter last year. During the same period last year, the firm earned $0.43 EPS. As a group, analysts predict that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

Insider Buying and Selling at Fortinet

In related news, CEO Ken Xie sold 158,488 shares of the firm's 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 transaction, the chief executive officer owned 51,391,879 shares in the company, valued at $5,452,678,361.90. This trade represents a 0.31% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Michael Xie sold 3,546 shares of the business's 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 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 disclosure for this sale can be found here. Company insiders own 17.20% of the company's stock.

Analyst Ratings Changes

Several analysts have recently issued reports on FTNT shares. Scotiabank decreased their price target 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. Royal Bank Of Canada decreased their target price on Fortinet from $110.00 to $105.00 and set a "sector perform" rating for the company in a research report on Thursday, May 8th. KeyCorp lowered 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. Jefferies Financial Group dropped their price target 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, Stifel Nicolaus decreased their price objective on shares of Fortinet from $115.00 to $95.00 and set a "hold" rating for the company in a report on Thursday, May 8th. One equities research analyst has rated the stock with a sell rating, twenty-one have issued a hold rating, eleven have assigned a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and an average price target of $105.62.

About Fortinet

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.