Congress Asset Management Co. Has $26.22 Million Position in Fortinet, Inc. (NASDAQ:FTNT)

Congress Asset Management Co. lessened its position in Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 1.9% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 272,422 shares of the software maker's stock after selling 5,289 shares during the period. Congress Asset Management Co.'s holdings in Fortinet were worth $26,223,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also bought and sold shares of the company. Procyon Advisors LLC bought a new stake in shares of Fortinet in the 1st quarter valued at about $1,273,000. Affinity Wealth Management LLC bought a new stake in shares of Fortinet in the 1st quarter valued at about $4,254,000. Generali Investments Management Co LLC bought a new stake in shares of Fortinet in the 1st quarter valued at about $563,000. Enclave Advisors LLC grew its position in shares of Fortinet by 5.8% in the 1st quarter. Enclave Advisors LLC now owns 17,243 shares of the software maker's stock valued at $1,660,000 after buying an additional 950 shares during the last quarter. Finally, Retirement Planning Group LLC grew its position in shares of Fortinet by 2.6% in the 1st quarter. Retirement Planning Group LLC now owns 5,589 shares of the software maker's stock valued at $538,000 after buying an additional 139 shares during the last quarter. Institutional investors and hedge funds own 83.71% of the company's stock.

Fortinet Stock Performance

Shares of Fortinet stock opened at $104.94 on Friday. The company has a market cap of $80.32 billion, a PE ratio of 46.43, a price-to-earnings-growth ratio of 4.19 and a beta of 1.06. Fortinet, Inc. has a 52 week low of $54.57 and a 52 week high of $114.82. The business has a 50 day moving average price of $100.18 and a 200-day moving average price of $99.84. The company has a quick ratio of 1.39, a current ratio of 1.47 and a debt-to-equity ratio of 0.67.

Fortinet (NASDAQ:FTNT - Get Free Report) last issued 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 during the quarter, compared to the consensus estimate of $1.54 billion. Fortinet had a return on equity of 256.53% and a net margin of 29.30%. The company's quarterly revenue was up 13.8% compared to the same quarter last year. During the same period in the prior year, the business posted $0.43 earnings per share. Equities analysts anticipate that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

Insider Activity at Fortinet

In other Fortinet news, Director William H. Neukom purchased 335 shares of the firm's stock in a transaction that occurred on Friday, June 6th. The stock was bought at an average cost of $104.22 per share, with a total value of $34,913.70. Following the completion of the transaction, the director now owns 301,471 shares of the company's stock, valued at $31,419,307.62. The trade was a 0.11% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Ken Xie sold 206,000 shares of the stock in a transaction that occurred on Monday, March 10th. The shares were sold at an average price of $96.93, for a total value of $19,967,580.00. Following the sale, the chief executive officer now directly owns 51,391,879 shares of the company's stock, valued at $4,981,414,831.47. The trade was a 0.40% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 697,818 shares of company stock valued at $69,539,128. 18.00% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on FTNT shares. Stifel Nicolaus reduced their price target on Fortinet from $115.00 to $95.00 and set a "hold" rating on the stock in a research report on Thursday, May 8th. Jefferies Financial Group cut their target price on Fortinet from $115.00 to $105.00 and set a "hold" rating on the stock in a research report on Monday, March 31st. Wells Fargo & Company cut their target price on Fortinet from $105.00 to $95.00 and set an "equal weight" rating on the stock in a research report on Thursday, May 8th. Royal Bank of Canada cut their target price on Fortinet from $110.00 to $105.00 and set a "sector perform" rating on the stock in a research report on Thursday, May 8th. Finally, KeyCorp cut their target price on 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 have assigned a hold rating, twelve have issued a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of "Hold" and an average price target of $104.80.

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.

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