Fortinet, Inc. (NASDAQ:FTNT) Shares Acquired by Brown Advisory Inc.

Brown Advisory Inc. increased its stake in Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 2.5% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 106,280 shares of the software maker's stock after acquiring an additional 2,544 shares during the period. Brown Advisory Inc.'s holdings in Fortinet were worth $10,231,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its stake in Fortinet by 1.1% in the fourth 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 lifted its stake 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 during the last quarter. Invesco Ltd. lifted its stake in Fortinet by 31.3% in the fourth quarter. Invesco Ltd. now owns 8,388,693 shares of the software maker's stock worth $792,564,000 after purchasing an additional 2,000,888 shares during the last quarter. Norges Bank bought a new stake in Fortinet in the fourth quarter worth about $724,048,000. Finally, Arrowstreet Capital Limited Partnership lifted its stake in Fortinet by 39.3% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 7,622,253 shares of the software maker's stock worth $720,150,000 after purchasing an additional 2,151,811 shares during the last quarter. Hedge funds and other institutional investors own 83.71% of the company's stock.

Fortinet Price Performance

Shares of FTNT traded down $1.14 during mid-day trading on Friday, hitting $99.06. 4,128,922 shares of the company were exchanged, compared to its average volume of 4,878,779. 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 company has a 50 day moving average of $103.23 and a 200-day moving average of $100.99. The stock has a market cap of $75.82 billion, a price-to-earnings ratio of 40.77, a price-to-earnings-growth ratio of 3.42 and a beta of 1.06.

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 for the quarter, topping the consensus estimate of $0.53 by $0.05. Fortinet had a net margin of 30.60% and a return on equity of 148.79%. The firm had revenue of $1.54 billion during the quarter, compared to the consensus estimate of $1.54 billion. During the same quarter in the prior year, the firm earned $0.43 EPS. The company's revenue for the quarter was up 13.8% on a year-over-year basis. Analysts expect that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

Wall Street Analyst Weigh In

FTNT has been the subject of several analyst reports. Scotiabank decreased their price objective on shares of Fortinet from $135.00 to $115.00 and set a "sector outperform" rating for the company in a research note on Thursday, May 8th. Robert W. Baird raised their price objective 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. Roth Capital set a $103.00 price target on shares of Fortinet and gave the company a "neutral" rating in a research note on Tuesday, April 22nd. Wall Street Zen raised shares of Fortinet from a "hold" rating to a "buy" rating in a research note on Saturday. Finally, Morgan Stanley decreased their price target on shares of Fortinet from $123.00 to $105.00 and set an "overweight" rating for the company in a research note on Wednesday, April 16th. One analyst has rated the stock with a sell rating, twenty have issued a hold rating, twelve have issued a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Hold" and an average price target of $105.62.

Insider Activity at Fortinet

In other Fortinet news, Director William H. Neukom acquired 335 shares of the firm's stock in a transaction that occurred on Friday, June 6th. The shares were purchased at an average cost of $104.22 per share, for a total transaction 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. The trade was a 0.11% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Ken Xie sold 158,488 shares of the 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 transaction, the chief executive officer directly owned 51,391,879 shares of the company's stock, valued at $5,452,678,361.90. The trade was a 0.31% decrease in their position. The disclosure for this sale can be found here. 17.20% of the stock is currently owned by insiders.

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.