Cache Advisors LLC Purchases New Shares in Fortinet, Inc. (NASDAQ:FTNT)

Cache Advisors LLC purchased a new position in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) during the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 7,285 shares of the software maker's stock, valued at approximately $688,000.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Trilogy Capital Inc. lifted its position in Fortinet by 17.8% during the 4th quarter. Trilogy Capital Inc. now owns 23,499 shares of the software maker's stock valued at $2,220,000 after purchasing an additional 3,544 shares during the period. Milestone Asset Management LLC acquired a new position in Fortinet during the 4th quarter valued at about $1,690,000. Proficio Capital Partners LLC lifted its position in Fortinet by 18,353.2% during the 4th quarter. Proficio Capital Partners LLC now owns 547,323 shares of the software maker's stock valued at $547,000 after purchasing an additional 544,357 shares during the period. Jackson Wealth Management LLC acquired a new position in Fortinet during the 4th quarter valued at about $4,731,000. Finally, YHB Investment Advisors Inc. lifted its position in Fortinet by 5.0% during the 4th quarter. YHB Investment Advisors Inc. now owns 65,797 shares of the software maker's stock valued at $6,217,000 after purchasing an additional 3,149 shares during the period. Institutional investors and hedge funds own 83.71% of the company's stock.

Analyst Ratings Changes

FTNT has been the topic of a number of research reports. Cantor Fitzgerald cut their target price on shares of Fortinet from $115.00 to $100.00 and set a "neutral" rating on the stock in a research report on Thursday, April 24th. Morgan Stanley lowered their price target on Fortinet from $123.00 to $105.00 and set an "overweight" rating for the company in a research note on Wednesday, April 16th. Roth Capital set a $103.00 price target on Fortinet and gave the company a "neutral" rating in a research note on Tuesday, April 22nd. UBS Group lowered their price target on Fortinet from $115.00 to $105.00 and set a "neutral" rating for the company in a research note on Thursday, May 8th. Finally, Needham & Company LLC reaffirmed a "hold" rating on shares of Fortinet in a research note on Friday, February 7th. One analyst has rated the stock with a sell rating, twenty have assigned a hold rating, twelve have issued a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, Fortinet currently has an average rating of "Hold" and a consensus target price of $104.80.

Insider Buying and Selling at Fortinet

In related news, Director Kenneth A. Goldman sold 1,000 shares of the stock in a transaction on Monday, March 10th. The stock was sold at an average price of $99.32, for a total value of $99,320.00. Following the completion of the sale, the director now directly owns 20,612 shares of the company's stock, valued at approximately $2,047,183.84. This represents a 4.63% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director William H. Neukom purchased 328 shares of the stock in a transaction that occurred on Thursday, March 6th. The stock was bought at an average cost of $106.33 per share, with a total value of $34,876.24. Following the completion of the transaction, the director now directly owns 300,006 shares in the company, valued at $31,899,637.98. The trade was a 0.11% increase in their position. The disclosure for this purchase can be found here. Over the last three months, insiders have sold 697,818 shares of company stock valued at $69,539,128. 17.20% of the stock is currently owned by company insiders.

Fortinet Trading Down 0.2%

FTNT traded down $0.23 during trading on Wednesday, hitting $104.51. The company's stock had a trading volume of 3,736,301 shares, compared to its average volume of 4,972,052. Fortinet, Inc. has a twelve month low of $54.57 and a twelve month high of $114.82. The company has a quick ratio of 1.39, a current ratio of 1.47 and a debt-to-equity ratio of 0.67. The stock's fifty day moving average price is $99.52 and its 200-day moving average price is $99.38. The firm has a market capitalization of $79.99 billion, a P/E ratio of 46.24, a PEG ratio of 4.19 and a beta of 1.16.

Fortinet (NASDAQ:FTNT - Get Free Report) last issued its quarterly earnings results on Wednesday, May 7th. The software maker reported $0.58 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.53 by $0.05. Fortinet had a return on equity of 256.53% and a net margin of 29.30%. The firm had revenue of $1.54 billion for the quarter, compared to analyst estimates of $1.54 billion. During the same period in the previous year, the firm earned $0.43 earnings per share. The company's revenue was up 13.8% compared to the same quarter last year. Analysts anticipate 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.