Castle Rock Wealth Management LLC Takes $1.18 Million Position in Fortinet, Inc. (NASDAQ:FTNT)

Castle Rock Wealth Management LLC acquired a new position in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 12,481 shares of the software maker's stock, valued at approximately $1,179,000.

Several other institutional investors also recently modified their holdings of the stock. Siemens Fonds Invest GmbH grew its stake in Fortinet by 2.2% in the 4th quarter. Siemens Fonds Invest GmbH now owns 39,453 shares of the software maker's stock worth $3,753,000 after buying an additional 864 shares in the last quarter. Universal Beteiligungs und Servicegesellschaft mbH purchased a new position in Fortinet in the fourth quarter worth $74,962,000. Jefferies Financial Group Inc. grew its position in Fortinet by 48.7% in the fourth quarter. Jefferies Financial Group Inc. now owns 41,728 shares of the software maker's stock worth $3,942,000 after acquiring an additional 13,669 shares in the last quarter. Integrated Advisors Network LLC increased its stake in Fortinet by 0.3% in the fourth quarter. Integrated Advisors Network LLC now owns 79,687 shares of the software maker's stock valued at $7,529,000 after acquiring an additional 201 shares during the last quarter. Finally, American Trust raised its position in Fortinet by 20.5% during the fourth quarter. American Trust now owns 3,828 shares of the software maker's stock valued at $362,000 after purchasing an additional 652 shares in the last quarter. 83.71% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on FTNT shares. Scotiabank reduced their price objective on Fortinet from $135.00 to $115.00 and set a "sector outperform" rating on the stock in a research report on Thursday, May 8th. Cantor Fitzgerald reduced their price target 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. Roth Capital set a $103.00 price objective on shares of Fortinet and gave the stock a "neutral" rating in a report on Tuesday, April 22nd. Wall Street Zen raised shares of Fortinet from a "hold" rating to a "buy" rating in a report on Tuesday, May 20th. Finally, Piper Sandler reiterated an "overweight" rating and issued a $135.00 target price (up previously from $120.00) on shares of Fortinet in a research report on Friday, February 7th. One research analyst has rated the stock with a sell rating, twenty have given a hold rating, twelve have issued a buy rating and two have assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, Fortinet currently has an average rating of "Hold" and a consensus target price of $104.80.

Insider Transactions at Fortinet

In other Fortinet news, VP Michael Xie sold 326,784 shares of Fortinet stock in a transaction on Tuesday, March 11th. The stock was sold at an average price of $98.17, for a total transaction of $32,080,385.28. Following the completion of the transaction, the vice president now owns 11,000,068 shares in the company, valued at approximately $1,079,876,675.56. The trade was a 2.89% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Ken Xie sold 158,488 shares of Fortinet stock in a transaction dated Friday, May 2nd. The stock was sold at an average price of $106.10, for a total value of $16,815,576.80. Following the completion of the transaction, the chief executive officer now directly owns 51,391,879 shares of the company's stock, valued at approximately $5,452,678,361.90. This represents a 0.31% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 697,818 shares of company stock valued at $69,539,128 in the last three months. 17.20% of the stock is currently owned by company insiders.

Fortinet Trading Down 0.0%

Shares of NASDAQ FTNT traded down $0.02 during midday trading on Friday, hitting $102.02. 17,092,383 shares of the company traded hands, compared to its average volume of 5,021,307. The stock has a 50-day moving average price of $99.68 and a 200 day moving average price of $99.45. The company has a debt-to-equity ratio of 0.67, a quick ratio of 1.39 and a current ratio of 1.47. The firm has a market cap of $78.09 billion, a P/E ratio of 45.14, a P/E/G ratio of 4.19 and a beta of 1.16. Fortinet, Inc. has a 12-month low of $54.57 and a 12-month high of $114.82.

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, beating the consensus estimate of $0.53 by $0.05. The company had revenue of $1.54 billion for the quarter, compared to analyst estimates of $1.54 billion. Fortinet had a return on equity of 256.53% and a net margin of 29.30%. The firm's revenue was up 13.8% on a year-over-year basis. During the same period in the previous year, the company posted $0.43 earnings per share. As a group, analysts expect that Fortinet, Inc. will post 2.09 earnings per share 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.