Crestwood Advisors Group LLC Makes New $351,000 Investment in Fortinet, Inc. (NASDAQ:FTNT)

Crestwood Advisors Group LLC acquired a new stake in Fortinet, Inc. (NASDAQ:FTNT - Free Report) during the 1st quarter, according to its most recent filing with the SEC. The institutional investor acquired 3,650 shares of the software maker's stock, valued at approximately $351,000.

Other large investors have also recently bought and sold shares of the company. Kingsman Wealth Management Inc. acquired a new stake in Fortinet during the first quarter worth approximately $1,487,000. OneAscent Wealth Management LLC grew its stake in shares of Fortinet by 9.9% during the first quarter. OneAscent Wealth Management LLC now owns 4,348 shares of the software maker's stock worth $419,000 after buying an additional 392 shares during the last quarter. Lindbrook Capital LLC grew its stake in shares of Fortinet by 48.7% during the first quarter. Lindbrook Capital LLC now owns 3,347 shares of the software maker's stock worth $322,000 after buying an additional 1,096 shares during the last quarter. Teachers Retirement System of The State of Kentucky grew its stake in shares of Fortinet by 4.8% during the first quarter. Teachers Retirement System of The State of Kentucky now owns 49,166 shares of the software maker's stock worth $4,733,000 after buying an additional 2,245 shares during the last quarter. Finally, J.W. Cole Advisors Inc. increased its stake in shares of Fortinet by 34.6% in the first quarter. J.W. Cole Advisors Inc. now owns 14,581 shares of the software maker's stock valued at $1,404,000 after buying an additional 3,751 shares during the period. Institutional investors and hedge funds own 83.71% of the company's stock.

Analyst Ratings Changes

Several brokerages have issued reports on FTNT. Cantor Fitzgerald increased their price target on Fortinet from $100.00 to $110.00 and gave the stock a "neutral" rating in a report on Wednesday, July 16th. UBS Group lowered their target price on shares of Fortinet from $115.00 to $105.00 and set a "neutral" rating on the stock in a report on Thursday, May 8th. Stifel Nicolaus lowered their target price on shares of Fortinet from $115.00 to $95.00 and set a "hold" rating on the stock in a report on Thursday, May 8th. Wall Street Zen raised shares of Fortinet from a "hold" rating to a "buy" rating in a research report on Saturday, July 12th. Finally, Royal Bank Of Canada reduced their price objective on shares of Fortinet from $110.00 to $105.00 and set a "sector perform" rating for the company in a research report on Thursday, May 8th. One investment analyst has rated the stock with a sell rating, twenty have issued a hold rating, twelve have assigned a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus target price of $106.48.

Insider Activity

In other Fortinet news, CEO Ken Xie sold 158,488 shares of the business's stock in a transaction dated Friday, May 2nd. The stock was 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 in the company, valued at approximately $5,452,678,361.90. The trade was a 0.31% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Michael Xie sold 3,546 shares of the company's stock in a transaction dated Friday, May 2nd. The shares were sold at an average price of $106.11, for a total value of $376,266.06. Following the completion of the transaction, the vice president owned 11,000,068 shares in the company, valued at $1,167,217,215.48. This represents a 0.03% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 17.20% of the company's stock.

Fortinet Stock Performance

Fortinet stock traded up $0.05 during mid-day trading on Friday, reaching $104.82. 2,087,821 shares of the company traded hands, compared to its average volume of 4,777,030. The company has a market capitalization of $80.23 billion, a price-to-earnings ratio of 43.14, a price-to-earnings-growth ratio of 3.62 and a beta of 1.06. Fortinet, Inc. has a fifty-two week low of $54.57 and a fifty-two week high of $114.82. The firm's fifty day moving average is $103.47 and its two-hundred day moving average is $101.51. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.36 and a quick ratio of 1.29.

Fortinet (NASDAQ:FTNT - Get Free Report) last posted its quarterly earnings results on Wednesday, May 7th. The software maker reported $0.58 EPS for the quarter, topping the consensus estimate 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 analysts' expectations of $1.54 billion. During the same quarter in the previous year, the business posted $0.43 EPS. The firm's revenue was up 13.8% on a year-over-year basis. On average, equities research analysts expect that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

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.