Cwm LLC Grows Holdings in Fortinet, Inc. (NASDAQ:FTNT)

Cwm LLC increased its position in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 43.5% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 133,194 shares of the software maker's stock after purchasing an additional 40,395 shares during the quarter. Cwm LLC's holdings in Fortinet were worth $12,821,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Ritholtz Wealth Management boosted its holdings in Fortinet by 38.4% during the first quarter. Ritholtz Wealth Management now owns 6,794 shares of the software maker's stock worth $654,000 after purchasing an additional 1,885 shares during the last quarter. Dynamic Advisor Solutions LLC bought a new stake in Fortinet in the first quarter worth about $216,000. Wealth Enhancement Advisory Services LLC raised its position in Fortinet by 40.8% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 131,411 shares of the software maker's stock worth $12,650,000 after acquiring an additional 38,080 shares during the period. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp raised its position in Fortinet by 14.9% in the fourth quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 124,501 shares of the software maker's stock worth $11,763,000 after acquiring an additional 16,139 shares during the period. Finally, GAMMA Investing LLC raised its position in Fortinet by 18.9% in the first quarter. GAMMA Investing LLC now owns 20,025 shares of the software maker's stock worth $1,928,000 after acquiring an additional 3,189 shares during the period. 83.71% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

FTNT has been the topic of several research reports. KeyCorp lowered 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. Jefferies Financial Group lowered their price objective on shares of 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 lowered their price objective on shares of Fortinet from $105.00 to $95.00 and set an "equal weight" rating on the stock in a research report on Thursday, May 8th. Morgan Stanley lowered their price objective on shares of Fortinet from $123.00 to $105.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 16th. Finally, Cantor Fitzgerald lowered their price objective on shares of Fortinet from $115.00 to $100.00 and set a "neutral" rating on the stock in a research report on Thursday, April 24th. One research analyst has rated the stock with a sell rating, twenty have given a hold rating, twelve have assigned a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average target price of $106.14.

Fortinet Trading Up 3.9%

NASDAQ FTNT opened at $102.97 on Tuesday. The stock's 50-day simple moving average is $103.23 and its two-hundred day simple moving average is $101.02. Fortinet, Inc. has a twelve month low of $54.57 and a twelve month high of $114.82. The company has a quick ratio of 1.29, a current ratio of 1.36 and a debt-to-equity ratio of 0.25. The company has a market capitalization of $78.82 billion, a price-to-earnings ratio of 42.37, a PEG ratio of 3.42 and a beta of 1.06.

Fortinet (NASDAQ:FTNT - Get Free Report) last announced its quarterly earnings data on Wednesday, May 7th. The software maker reported $0.58 earnings per share (EPS) for the quarter, beating 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 company had revenue of $1.54 billion during the quarter, compared to analysts' expectations of $1.54 billion. During the same quarter in the prior year, the company earned $0.43 EPS. The firm's revenue was up 13.8% on a year-over-year basis. Research analysts forecast that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

Insider Activity

In other news, VP Michael Xie sold 3,546 shares of the company's stock in a transaction on 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 sale, the vice president owned 11,000,068 shares of the company's stock, valued at approximately $1,167,217,215.48. This represents a 0.03% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director William H. Neukom acquired 335 shares of the business's stock in a transaction dated Friday, June 6th. The stock was acquired at an average cost of $104.22 per share, with a total value of $34,913.70. Following the purchase, the director directly owned 301,471 shares in the company, valued at $31,419,307.62. This represents a 0.11% increase in their position. The disclosure for this purchase can be found here. 18.00% of the stock is owned by corporate insiders.

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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