CapWealth Advisors LLC purchased a new stake in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 68,635 shares of the software maker's stock, valued at approximately $6,607,000.
A number of other institutional investors have also bought and sold shares of the company. Brown Advisory Inc. boosted its position in Fortinet by 2.5% during the first quarter. Brown Advisory Inc. now owns 106,280 shares of the software maker's stock valued at $10,231,000 after acquiring an additional 2,544 shares during the last quarter. China Universal Asset Management Co. Ltd. boosted its position in Fortinet by 41.8% during the first quarter. China Universal Asset Management Co. Ltd. now owns 36,393 shares of the software maker's stock valued at $3,503,000 after acquiring an additional 10,720 shares during the last quarter. Davidson Investment Advisors boosted its position in Fortinet by 2.3% during the first quarter. Davidson Investment Advisors now owns 270,697 shares of the software maker's stock valued at $26,057,000 after acquiring an additional 6,141 shares during the last quarter. Interchange Capital Partners LLC boosted its position in Fortinet by 21.1% during the first quarter. Interchange Capital Partners LLC now owns 5,369 shares of the software maker's stock valued at $517,000 after acquiring an additional 934 shares during the last quarter. Finally, Crossmark Global Holdings Inc. boosted its position in Fortinet by 39.8% during the first quarter. Crossmark Global Holdings Inc. now owns 223,252 shares of the software maker's stock valued at $21,490,000 after acquiring an additional 63,515 shares during the last quarter. Institutional investors own 83.71% of the company's stock.
Insider Activity
In related news, Director William H. Neukom bought 335 shares of Fortinet stock in a transaction dated Friday, June 6th. The stock was purchased at an average cost of $104.22 per share, with a total value of $34,913.70. Following the transaction, the director directly 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 ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Ken Xie sold 158,488 shares of the stock in a transaction that occurred on Friday, May 2nd. The shares were 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. This represents a 0.31% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 17.20% of the company's stock.
Wall Street Analyst Weigh In
A number of equities analysts have recently issued reports on FTNT shares. Roth Capital set a $103.00 price objective on shares of Fortinet and gave the stock a "neutral" rating in a research report on Tuesday, April 22nd. Scotiabank cut their price objective on shares of Fortinet from $135.00 to $115.00 and set a "sector outperform" rating on the stock in a research report on Thursday, May 8th. Wolfe Research started coverage on shares of Fortinet in a research report on Monday, May 12th. They set a "peer perform" rating on the stock. Jefferies Financial Group cut their price objective 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 cut their price objective on shares of Fortinet from $115.00 to $95.00 and set a "hold" rating on the stock in a research report on Thursday, May 8th. One research analyst has rated the stock with a sell rating, twenty-one have assigned a hold rating, eleven have given a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and an average price target of $105.62.
View Our Latest Report on Fortinet
Fortinet Stock Down 1.1%
NASDAQ:FTNT traded down $1.14 on Friday, hitting $99.06. The stock had a trading volume of 4,128,922 shares, compared to its average volume of 4,876,859. 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 stock has a market cap of $75.82 billion, a P/E ratio of 40.77, a price-to-earnings-growth ratio of 3.46 and a beta of 1.06. Fortinet, Inc. has a 1 year low of $54.57 and a 1 year high of $114.82. The firm's fifty day simple moving average is $103.23 and its two-hundred day simple moving average is $100.97.
Fortinet (NASDAQ:FTNT - Get Free Report) last posted its quarterly earnings data on Wednesday, May 7th. The software maker reported $0.58 EPS for the quarter, beating the consensus estimate of $0.53 by $0.05. The firm had revenue of $1.54 billion during 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 company's revenue for the quarter was up 13.8% on a year-over-year basis. During the same quarter last year, the business posted $0.43 EPS. Analysts predict that Fortinet, Inc. will post 2.09 earnings per share for the current year.
Fortinet Company Profile
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Free Report)
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.
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