CFC Planning Co LLC Makes New Investment in Fortinet, Inc. (NASDAQ:FTNT)

CFC Planning Co LLC bought a new position in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund bought 5,811 shares of the software maker's stock, valued at approximately $559,000.

Several other institutional investors have also recently made changes to their positions in the company. SJS Investment Consulting Inc. boosted its stake in Fortinet by 703.1% in the first quarter. SJS Investment Consulting Inc. now owns 257 shares of the software maker's stock valued at $25,000 after acquiring an additional 225 shares during the period. Edmond DE Rothschild Holding S.A. bought a new stake in Fortinet in the fourth quarter worth $27,000. ORG Partners LLC raised its position in shares of Fortinet by 47.5% during the first quarter. ORG Partners LLC now owns 348 shares of the software maker's stock valued at $34,000 after buying an additional 112 shares during the last quarter. EQ Wealth Advisors LLC acquired a new position in Fortinet in the first quarter worth about $35,000. Finally, Wayfinding Financial LLC acquired a new position in Fortinet in the first quarter worth about $36,000. Hedge funds and other institutional investors own 83.71% of the company's stock.

Analyst Ratings Changes

Several analysts have recently commented on FTNT shares. Roth Capital set a $103.00 price target on shares of Fortinet and gave the company a "neutral" rating in a research note on Tuesday, April 22nd. Royal Bank Of Canada dropped their price target on Fortinet from $110.00 to $105.00 and set a "sector perform" rating on the stock in a research note on Thursday, May 8th. Wells Fargo & Company decreased their price objective on shares of Fortinet from $105.00 to $95.00 and set an "equal weight" rating for the company in a research report on Thursday, May 8th. Jefferies Financial Group cut their price objective on shares of Fortinet from $115.00 to $105.00 and set a "hold" rating for the company in a report on Monday, March 31st. Finally, DZ Bank upgraded shares of Fortinet from a "strong sell" rating to a "hold" rating in a research report on Thursday, May 8th. One investment analyst has rated the stock with a sell rating, twenty-one have given a hold rating, eleven have given a buy rating and two have issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, Fortinet currently has an average rating of "Hold" and a consensus price target of $105.62.

Insider Transactions at Fortinet

In other Fortinet news, 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 completion of the sale, the chief executive officer directly owned 51,391,879 shares of the company's stock, valued at $5,452,678,361.90. This trade represents a 0.31% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director William H. Neukom bought 335 shares of the business's stock in a transaction that occurred on Friday, June 6th. The stock was acquired at an average cost of $104.22 per share, with a total value of $34,913.70. Following the completion of the acquisition, the director owned 301,471 shares of the company's stock, valued at $31,419,307.62. This represents a 0.11% increase in their position. The disclosure for this purchase can be found here. Insiders own 17.20% of the company's stock.

Fortinet Price Performance

FTNT stock opened at $100.20 on Friday. Fortinet, Inc. has a 12 month low of $54.57 and a 12 month high of $114.82. The firm has a 50 day moving average of $103.37 and a 200-day moving average of $100.96. The firm has a market capitalization of $76.70 billion, a P/E ratio of 41.23, a price-to-earnings-growth ratio of 3.71 and a beta of 1.06. The company has a current ratio of 1.36, a quick ratio of 1.29 and a debt-to-equity ratio of 0.25.

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

About Fortinet

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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