D.A. Davidson & CO. Grows Position in Fortinet, Inc. (NASDAQ:FTNT)

D.A. Davidson & CO. grew its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 18.4% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 32,348 shares of the software maker's stock after purchasing 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 quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in FTNT. Norges Bank purchased a new position in shares of Fortinet during the 4th quarter worth $724,048,000. Schroder Investment Management Group purchased a new stake in Fortinet in the 4th quarter valued at about $389,867,000. FMR LLC raised its holdings in Fortinet by 77.2% in the 4th quarter. FMR LLC now owns 6,531,705 shares of the software maker's stock valued at $617,115,000 after buying an additional 2,846,475 shares during the period. Arrowstreet Capital Limited Partnership raised its holdings in Fortinet by 39.3% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 7,622,253 shares of the software maker's stock valued at $720,150,000 after buying an additional 2,151,811 shares during the period. Finally, Bessemer Group Inc. raised its holdings in Fortinet by 72.6% in the 4th quarter. Bessemer Group Inc. now owns 4,906,439 shares of the software maker's stock valued at $463,561,000 after buying an additional 2,064,016 shares during the period. Institutional investors and hedge funds own 83.71% of the company's stock.

Insider Activity

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

Fortinet Stock Down 0.5%

FTNT traded down $0.48 on Tuesday, reaching $106.17. The company's stock had a trading volume of 1,824,111 shares, compared to its average volume of 4,852,761. The stock has a 50 day moving average of $103.31 and a two-hundred day moving average of $100.84. 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 $81.26 billion, a price-to-earnings ratio of 43.69, a P/E/G ratio of 3.64 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.

Fortinet (NASDAQ:FTNT - Get Free Report) last announced its quarterly 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. 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 148.79% and a net margin of 30.60%. The firm's quarterly revenue was up 13.8% compared to the same quarter last year. During the same period in the prior year, the company posted $0.43 earnings per share. As a group, analysts forecast that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on FTNT shares. BMO Capital Markets reduced their price objective on shares of Fortinet from $122.00 to $110.00 and set a "market perform" rating on the stock in a report on Thursday, May 8th. Wall Street Zen lowered shares of Fortinet from a "buy" rating to a "hold" rating in a research note on Saturday, June 28th. KeyCorp cut their price target on shares of Fortinet from $120.00 to $115.00 and set an "overweight" rating on the stock in a research note on Thursday, May 8th. Wolfe Research began coverage on shares of Fortinet in a research note on Monday, May 12th. They set a "peer perform" rating on the stock. Finally, Cantor Fitzgerald cut their price target on shares of Fortinet from $115.00 to $100.00 and set a "neutral" rating on the stock in a research note on Thursday, April 24th. One equities research analyst has rated the stock with a sell rating, twenty-one have assigned a hold rating, eleven have given a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus target price of $105.62.

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.