Concurrent Investment Advisors LLC Boosts Position in Fortinet, Inc. (NASDAQ:FTNT)

Concurrent Investment Advisors LLC boosted its position in Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 329.6% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 11,469 shares of the software maker's stock after acquiring an additional 8,799 shares during the period. Concurrent Investment Advisors LLC's holdings in Fortinet were worth $1,104,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Eagle Capital Management LLC boosted its stake in Fortinet by 1.6% during the fourth quarter. Eagle Capital Management LLC now owns 26,176 shares of the software maker's stock worth $2,473,000 after acquiring an additional 404 shares in the last quarter. Brighton Jones LLC boosted its stake in Fortinet by 2.2% during the fourth quarter. Brighton Jones LLC now owns 10,327 shares of the software maker's stock worth $976,000 after acquiring an additional 221 shares in the last quarter. Proficio Capital Partners LLC raised its holdings in Fortinet by 95.3% in the fourth quarter. Proficio Capital Partners LLC now owns 5,793 shares of the software maker's stock worth $547,000 after buying an additional 2,827 shares during the last quarter. Callan Family Office LLC purchased a new position in Fortinet in the fourth quarter worth about $364,000. Finally, Personal CFO Solutions LLC purchased a new position in Fortinet in the fourth quarter worth about $274,000. Institutional investors own 83.71% of the company's stock.

Insider Activity at Fortinet

In related news, CEO Ken Xie sold 158,488 shares of the company's stock in a transaction 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 sale, the chief executive officer 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, VP Michael Xie sold 3,546 shares of the firm's stock in a transaction dated Friday, May 2nd. The stock was sold at an average price of $106.11, for a total transaction of $376,266.06. Following the completion of the sale, the vice president owned 11,000,068 shares of the company's stock, valued at $1,167,217,215.48. This trade represents a 0.03% decrease in their position. The disclosure for this sale can be found here. 17.20% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on FTNT shares. BMO Capital Markets decreased their target price on shares of Fortinet from $122.00 to $110.00 and set a "market perform" rating for the company in a report on Thursday, May 8th. DZ Bank raised shares of Fortinet from a "strong sell" rating to a "hold" rating in a report on Thursday, May 8th. Stifel Nicolaus decreased their price objective on shares of Fortinet from $115.00 to $95.00 and set a "hold" rating for the company in a report 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 report on Thursday, May 8th. Finally, Morgan Stanley decreased their price objective on shares of Fortinet from $123.00 to $105.00 and set an "overweight" rating for the company in a report on Wednesday, April 16th. One research analyst has rated the stock with a sell rating, twenty have assigned a hold rating, twelve have issued a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus target price of $105.62.

Fortinet Price Performance

Shares of NASDAQ:FTNT traded down $1.14 during midday trading on Friday, reaching $99.06. 4,128,922 shares of the company were exchanged, compared to its average volume of 4,878,779. The company has a current ratio of 1.36, a quick ratio of 1.29 and a debt-to-equity ratio of 0.25. The business's fifty day moving average is $103.23 and its two-hundred day moving average is $100.99. Fortinet, Inc. has a one year low of $54.57 and a one year high of $114.82. The stock has a market cap of $75.82 billion, a PE ratio of 40.77, a price-to-earnings-growth ratio of 3.42 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. Fortinet had a net margin of 30.60% and a return on equity of 148.79%. The firm had revenue of $1.54 billion during the quarter, compared to analyst estimates of $1.54 billion. During the same quarter in the prior year, the business earned $0.43 earnings per share. Fortinet's revenue for the quarter was up 13.8% on a year-over-year basis. As a group, analysts predict that Fortinet, Inc. will post 2.09 earnings per share for the current 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.