Cache Advisors LLC Takes $688,000 Position in Fortinet, Inc. (NASDAQ:FTNT)

Cache Advisors LLC purchased a new position in Fortinet, Inc. (NASDAQ:FTNT - Free Report) in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 7,285 shares of the software maker's stock, valued at approximately $688,000.

Other hedge funds have also recently modified their holdings of the company. Edmond DE Rothschild Holding S.A. purchased a new position in shares of Fortinet in the fourth quarter worth $27,000. Oarsman Capital Inc. increased its position in Fortinet by 188.9% during the fourth quarter. Oarsman Capital Inc. now owns 416 shares of the software maker's stock valued at $39,000 after acquiring an additional 272 shares during the last quarter. Graney & King LLC purchased a new stake in Fortinet during the fourth quarter valued at $43,000. Banque Transatlantique SA purchased a new stake in Fortinet during the fourth quarter valued at $43,000. Finally, Golden State Wealth Management LLC purchased a new stake in Fortinet during the fourth quarter valued at $46,000. Hedge funds and other institutional investors own 83.71% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts have issued reports on FTNT shares. Royal Bank of Canada cut their price target on Fortinet from $110.00 to $105.00 and set a "sector perform" rating for the company in a report on Thursday, May 8th. Cantor Fitzgerald cut their price target on Fortinet from $115.00 to $100.00 and set a "neutral" rating for the company in a report on Thursday, April 24th. Wells Fargo & Company cut their price target on Fortinet from $105.00 to $95.00 and set an "equal weight" rating for the company in a report on Thursday, May 8th. Wall Street Zen raised Fortinet from a "hold" rating to a "buy" rating in a report on Tuesday, May 20th. Finally, Stephens started coverage on Fortinet in a report on Tuesday, April 1st. They set an "equal weight" rating and a $108.00 price target for the company. One investment 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 company's stock. According to MarketBeat, the stock presently has a consensus rating of "Hold" and an average price target of $104.80.

Insider Transactions at Fortinet

In other Fortinet news, CEO Ken Xie sold 206,000 shares of the firm's stock in a transaction on Monday, March 10th. The stock was sold at an average price of $96.93, for a total transaction of $19,967,580.00. Following the transaction, the chief executive officer now directly owns 51,391,879 shares in the company, valued at $4,981,414,831.47. This trade represents a 0.40% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director William H. Neukom acquired 328 shares of Fortinet stock in a transaction on Thursday, March 6th. The shares were purchased at an average price of $106.33 per share, for a total transaction of $34,876.24. Following the completion of the acquisition, the director now directly owns 300,006 shares in the company, valued at $31,899,637.98. This trade represents a 0.11% increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last three months, insiders have sold 697,818 shares of company stock worth $69,539,128. 17.20% of the stock is currently owned by company insiders.

Fortinet Price Performance

Fortinet stock traded down $2.86 during midday trading on Thursday, reaching $101.66. 1,952,306 shares of the stock traded hands, compared to its average volume of 4,960,832. 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 1.39, a current ratio of 1.47 and a debt-to-equity ratio of 0.67. The stock's fifty day moving average is $99.63 and its 200-day moving average is $99.41. The stock has a market cap of $77.81 billion, a P/E ratio of 45.07, a PEG ratio of 4.19 and a beta of 1.16.

Fortinet (NASDAQ:FTNT - Get Free Report) last issued 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. Fortinet had a return on equity of 256.53% and a net margin of 29.30%. The business had revenue of $1.54 billion for the quarter, compared to the consensus estimate of $1.54 billion. During the same period in the prior year, the business posted $0.43 earnings per share. The company's quarterly revenue was up 13.8% compared to the same quarter last year. As a group, equities research analysts anticipate that Fortinet, Inc. will post 2.09 EPS for the current year.

Fortinet Company 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.