CenterBook Partners LP Acquires New Holdings in Fortinet, Inc. (NASDAQ:FTNT)

CenterBook Partners LP bought a new position in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 5,045 shares of the software maker's stock, valued at approximately $486,000.

A number of other institutional investors also recently modified their holdings of FTNT. Ritholtz Wealth Management increased its position in shares of Fortinet by 38.4% during the 1st quarter. Ritholtz Wealth Management now owns 6,794 shares of the software maker's stock valued at $654,000 after purchasing an additional 1,885 shares during the last quarter. Dynamic Advisor Solutions LLC purchased a new position in Fortinet in the 1st quarter valued at approximately $216,000. Wealth Enhancement Advisory Services LLC grew its stake in Fortinet by 40.8% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 131,411 shares of the software maker's stock valued at $12,650,000 after buying an additional 38,080 shares in the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp grew its stake in Fortinet by 14.9% in the 4th quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 124,501 shares of the software maker's stock valued at $11,763,000 after buying an additional 16,139 shares in the last quarter. Finally, GAMMA Investing LLC lifted its stake in Fortinet by 18.9% in the 1st quarter. GAMMA Investing LLC now owns 20,025 shares of the software maker's stock worth $1,928,000 after purchasing an additional 3,189 shares in the last quarter. 83.71% of the stock is owned by institutional investors and hedge funds.

Fortinet Stock Up 0.5%

Shares of Fortinet stock traded up $0.50 during midday trading on Friday, hitting $105.42. The company had a trading volume of 3,639,808 shares, compared to its average volume of 4,859,919. 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 capitalization of $80.69 billion, a P/E ratio of 43.38, a P/E/G ratio of 3.62 and a beta of 1.06. The company has a 50 day moving average of $103.30 and a 200 day moving average of $101.25. Fortinet, Inc. has a 52-week low of $54.57 and a 52-week high of $114.82.

Fortinet (NASDAQ:FTNT - Get Free Report) last announced its quarterly earnings data on Wednesday, May 7th. The software maker reported $0.58 earnings per share for the quarter, topping analysts' consensus estimates of $0.53 by $0.05. Fortinet had a net margin of 30.60% and a return on equity of 148.79%. The company had revenue of $1.54 billion during the quarter, compared to analyst estimates of $1.54 billion. During the same period in the previous year, the business earned $0.43 EPS. The firm's revenue for the quarter was up 13.8% on a year-over-year basis. On average, equities analysts predict that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

Insider Buying and Selling at Fortinet

In other news, VP Michael Xie sold 3,546 shares of the company's stock in a transaction that occurred on Friday, May 2nd. The stock was sold at an average price of $106.11, for a total transaction of $376,266.06. Following the sale, the vice president directly owned 11,000,068 shares of the company's stock, valued at $1,167,217,215.48. This represents a 0.03% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Ken Xie sold 158,488 shares of the company's stock in a transaction that occurred on 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 sale, the chief executive officer directly owned 51,391,879 shares in the company, valued at $5,452,678,361.90. This trade 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.

Analysts Set New Price Targets

Several research firms have issued reports on FTNT. BMO Capital Markets lowered their target price on shares of Fortinet from $122.00 to $110.00 and set a "market perform" rating on the stock in a research note on Thursday, May 8th. Stifel Nicolaus cut their price target on shares of Fortinet from $115.00 to $95.00 and set a "hold" rating for the company in a research note on Thursday, May 8th. Scotiabank cut their price target 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. Jefferies Financial Group cut their price target on shares of Fortinet from $115.00 to $105.00 and set a "hold" rating for the company in a research note on Monday, March 31st. Finally, UBS Group decreased their price target on shares of Fortinet from $115.00 to $105.00 and set a "neutral" rating on the stock in a research note on Thursday, May 8th. One analyst has rated the stock with a sell rating, twenty have assigned a hold rating, twelve have assigned a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, Fortinet currently has an average rating of "Hold" and an average target price of $106.48.

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.