Crossmark Global Holdings Inc. Boosts Holdings in Fortinet, Inc. (NASDAQ:FTNT)

Crossmark Global Holdings Inc. boosted its position in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 39.8% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 223,252 shares of the software maker's stock after acquiring an additional 63,515 shares during the quarter. Crossmark Global Holdings Inc.'s holdings in Fortinet were worth $21,490,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of FTNT. SJS Investment Consulting Inc. boosted its holdings in shares of Fortinet by 703.1% in the first quarter. SJS Investment Consulting Inc. now owns 257 shares of the software maker's stock worth $25,000 after buying an additional 225 shares during the last quarter. Edmond DE Rothschild Holding S.A. purchased a new position in shares of Fortinet during the 4th quarter worth $27,000. ORG Partners LLC boosted its stake in shares of Fortinet by 47.5% during the 1st quarter. ORG Partners LLC now owns 348 shares of the software maker's stock worth $34,000 after acquiring an additional 112 shares during the last quarter. EQ Wealth Advisors LLC purchased a new stake in shares of Fortinet in the 1st quarter worth $35,000. Finally, Wayfinding Financial LLC bought a new position in Fortinet in the 1st quarter worth $36,000. 83.71% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research analysts have recently commented on FTNT shares. Stephens started coverage on Fortinet in a research note on Tuesday, April 1st. They issued an "equal weight" rating and a $108.00 price objective on the stock. 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 note on Thursday, May 8th. Wolfe Research started coverage on shares of Fortinet in a research note on Monday, May 12th. They set a "peer perform" rating on the stock. Roth Capital set a $103.00 price target on Fortinet and gave the stock a "neutral" rating in a research note on Tuesday, April 22nd. Finally, Robert W. Baird boosted their price objective on Fortinet from $110.00 to $113.00 and gave the company a "neutral" rating in a research report on Tuesday, May 6th. One research analyst has rated the stock with a sell rating, twenty-one have assigned a hold rating, eleven have assigned a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, Fortinet has an average rating of "Hold" and an average price target of $105.62.

Insiders Place Their Bets

In other news, Director William H. Neukom purchased 335 shares of the business's stock in a transaction dated Friday, June 6th. The shares were purchased at an average price of $104.22 per share, for a total transaction of $34,913.70. Following the completion of the purchase, the director owned 301,471 shares in the company, valued at approximately $31,419,307.62. This represents a 0.11% increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. Also, VP Michael Xie sold 3,546 shares of the company'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 directly owned 11,000,068 shares of the company's stock, valued at approximately $1,167,217,215.48. This trade represents a 0.03% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 17.20% of the company's stock.

Fortinet Trading Down 6.9%

Shares of FTNT traded down $7.45 during trading hours on Thursday, reaching $100.20. 5,964,612 shares of the company traded hands, compared to its average volume of 4,885,454. The stock's fifty day moving average price is $103.45 and its 200 day moving average price is $100.94. 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 firm has a market cap of $76.69 billion, a price-to-earnings ratio of 41.23, a PEG ratio of 3.71 and a beta of 1.06. Fortinet, Inc. has a 12-month low of $54.57 and a 12-month high of $114.82.

Fortinet (NASDAQ:FTNT - Get Free Report) last released its quarterly earnings data on Wednesday, May 7th. The software maker reported $0.58 earnings per share (EPS) for the quarter, beating 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 period in the previous year, the company earned $0.43 EPS. The firm's quarterly revenue was up 13.8% on a year-over-year basis. Sell-side analysts forecast that Fortinet, Inc. will post 2.09 earnings per share for the current 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.