CFC Planning Co LLC Takes Position in Fortinet, Inc. (NASDAQ:FTNT)

CFC Planning Co LLC acquired a new stake in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 5,811 shares of the software maker's stock, valued at approximately $559,000.

A number of other institutional investors also recently modified their holdings of FTNT. SJS Investment Consulting Inc. raised its position in Fortinet by 703.1% during the 1st quarter. SJS Investment Consulting Inc. now owns 257 shares of the software maker's stock valued at $25,000 after purchasing an additional 225 shares during the last quarter. Edmond DE Rothschild Holding S.A. bought a new stake in Fortinet in the fourth quarter valued at $27,000. ORG Partners LLC increased its position in Fortinet by 47.5% during the 1st quarter. ORG Partners LLC now owns 348 shares of the software maker's stock valued at $34,000 after purchasing an additional 112 shares during the period. EQ Wealth Advisors LLC bought a new position in Fortinet in the 1st quarter worth $35,000. Finally, Wayfinding Financial LLC bought a new stake in shares of Fortinet during the 1st quarter valued at about $36,000. 83.71% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several analysts have weighed in on the company. Jefferies Financial Group cut their price objective on Fortinet from $115.00 to $105.00 and set a "hold" rating on the stock in a research report on Monday, March 31st. DZ Bank upgraded Fortinet from a "strong sell" rating to a "hold" rating in a research note on Thursday, May 8th. Morgan Stanley reduced their price target on Fortinet from $123.00 to $105.00 and set an "overweight" rating for the company in a report on Wednesday, April 16th. Robert W. Baird upped their price target on shares of Fortinet from $110.00 to $113.00 and gave the stock a "neutral" rating in a research note on Tuesday, May 6th. Finally, KeyCorp cut their price objective on shares of Fortinet from $120.00 to $115.00 and set an "overweight" 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 issued 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, Fortinet has a consensus rating of "Hold" and an average price target of $105.62.

Fortinet Price Performance

FTNT stock traded down $1.14 during midday trading on Friday, hitting $99.06. The company's stock had a trading volume of 4,128,922 shares, compared to its average volume of 4,876,859. The company has a quick ratio of 1.29, a current ratio of 1.36 and a debt-to-equity ratio of 0.25. Fortinet, Inc. has a 12 month low of $54.57 and a 12 month high of $114.82. The company has a 50 day moving average of $103.37 and a two-hundred day moving average of $100.96. The firm has a market capitalization of $75.82 billion, a price-to-earnings ratio of 40.77, a price-to-earnings-growth ratio of 3.46 and a beta of 1.06.

Fortinet (NASDAQ:FTNT - Get Free Report) last issued its earnings results 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. 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%. Fortinet's revenue for the quarter was up 13.8% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.43 earnings per share. On average, analysts expect that Fortinet, Inc. will post 2.09 EPS for the current year.

Insider Activity

In other Fortinet news, VP Michael Xie sold 3,546 shares of Fortinet stock in a transaction that occurred on Friday, May 2nd. The stock was sold at an average price of $106.11, for a total value of $376,266.06. Following the sale, the vice president owned 11,000,068 shares of the company's stock, valued at $1,167,217,215.48. The trade was a 0.03% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director William H. Neukom bought 335 shares of the stock in a transaction dated Friday, June 6th. The shares were purchased at an average price of $104.22 per share, with a total value of $34,913.70. Following the completion of the transaction, the director directly owned 301,471 shares in the company, valued at approximately $31,419,307.62. The trade was a 0.11% increase in their position. The disclosure for this purchase can be found here. Company insiders own 17.20% of the company's stock.

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.