D.A. Davidson & CO. Buys 5,027 Shares of Fortinet, Inc. (NASDAQ:FTNT)

D.A. Davidson & CO. raised its stake in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 18.4% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 32,348 shares of the software maker's stock after buying an additional 5,027 shares during the quarter. D.A. Davidson & CO.'s holdings in Fortinet were worth $3,114,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Eagle Capital Management LLC raised its holdings in Fortinet by 1.6% during the 4th quarter. Eagle Capital Management LLC now owns 26,176 shares of the software maker's stock worth $2,473,000 after buying an additional 404 shares during the period. Brighton Jones LLC raised its holdings in shares of 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 during the period. Proficio Capital Partners LLC lifted its position in Fortinet by 18,353.2% in the 4th quarter. Proficio Capital Partners LLC now owns 547,323 shares of the software maker's stock valued at $547,000 after acquiring an additional 544,357 shares in the last quarter. Assetmark Inc. boosted its stake in Fortinet by 692.3% in the 4th quarter. Assetmark Inc. now owns 96,913 shares of the software maker's stock worth $9,156,000 after purchasing an additional 84,681 shares during the period. Finally, M&T Bank Corp increased its holdings in Fortinet by 12.0% during the 4th quarter. M&T Bank Corp now owns 37,126 shares of the software maker's stock worth $3,508,000 after purchasing an additional 3,987 shares in the last quarter. 83.71% of the stock is owned by institutional investors.

Fortinet Price Performance

Shares of FTNT stock traded up $0.99 during trading hours on Monday, reaching $106.65. The company's stock had a trading volume of 4,762,165 shares, compared to its average volume of 4,864,274. Fortinet, Inc. has a fifty-two week low of $54.57 and a fifty-two week high of $114.82. The firm's 50 day simple moving average is $103.23 and its 200-day simple moving average is $100.78. 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 $81.63 billion, a price-to-earnings ratio of 43.89, a PEG ratio of 3.64 and a beta of 1.06.

Fortinet (NASDAQ:FTNT - Get Free Report) last released its earnings results 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 return on equity of 148.79% and a net margin of 30.60%. The firm had revenue of $1.54 billion for the quarter, compared to analysts' expectations of $1.54 billion. During the same quarter in the previous year, the business posted $0.43 earnings per share. The business's revenue for the quarter 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.

Insider Activity at Fortinet

In other Fortinet news, Director William H. Neukom bought 335 shares of Fortinet stock in a transaction on Friday, June 6th. The shares were purchased at an average cost of $104.22 per share, with a total value of $34,913.70. Following the acquisition, the director directly owned 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 acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Ken Xie sold 158,488 shares of the company's stock in a transaction that occurred 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 completion of the transaction, the chief executive officer owned 51,391,879 shares of the company's stock, valued at approximately $5,452,678,361.90. This trade represents a 0.31% decrease in their ownership of the stock. The disclosure for this sale can be found here. 18.00% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on FTNT shares. Stephens started coverage on Fortinet in a research report on Tuesday, April 1st. They issued an "equal weight" rating and a $108.00 target price on the stock. DZ Bank raised shares of Fortinet from a "strong sell" rating to a "hold" rating in a research report on Thursday, May 8th. Stifel Nicolaus reduced their target price 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. UBS Group lowered their price target on shares of Fortinet from $115.00 to $105.00 and set a "neutral" rating on the stock in a research note on Thursday, May 8th. 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 note on Thursday, May 8th. One investment analyst has rated the stock with a sell rating, twenty-one have assigned a hold rating, eleven have issued a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, Fortinet has a consensus rating of "Hold" and an average target price of $105.62.

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.