Fortinet, Inc. (NASDAQ:FTNT) Shares Bought by D.A. Davidson & CO.

D.A. Davidson & CO. lifted its stake in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 18.4% in the first quarter, according to its most recent filing with the SEC. The fund owned 32,348 shares of the software maker's stock after acquiring an additional 5,027 shares during the period. D.A. Davidson & CO.'s holdings in Fortinet were worth $3,114,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in the stock. Vanguard Group Inc. grew its holdings in Fortinet by 1.1% in the fourth quarter. Vanguard Group Inc. now owns 68,115,470 shares of the software maker's stock worth $6,435,550,000 after purchasing an additional 730,994 shares during the period. Geode Capital Management LLC boosted its holdings in Fortinet by 2.6% in the fourth quarter. Geode Capital Management LLC now owns 15,270,913 shares of the software maker's stock worth $1,440,648,000 after purchasing an additional 387,901 shares during the last quarter. Invesco Ltd. boosted its holdings in Fortinet by 31.3% in the fourth quarter. Invesco Ltd. now owns 8,388,693 shares of the software maker's stock worth $792,564,000 after purchasing an additional 2,000,888 shares during the last quarter. Norges Bank purchased a new stake in Fortinet in the fourth quarter worth approximately $724,048,000. Finally, Arrowstreet Capital Limited Partnership raised its position in Fortinet by 39.3% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 7,622,253 shares of the software maker's stock worth $720,150,000 after acquiring an additional 2,151,811 shares during the period. 83.71% of the stock is owned by institutional investors.

Insider Activity

In related news, Director William H. Neukom acquired 335 shares of the firm's stock in a transaction dated Friday, June 6th. The stock was acquired at an average price of $104.22 per share, with a total value of $34,913.70. Following the acquisition, 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 transaction was disclosed in a legal filing with the SEC, 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 stock was 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 directly owned 11,000,068 shares of the company's stock, valued at $1,167,217,215.48. The trade was a 0.03% decrease in their position. The disclosure for this sale can be found here. Insiders own 17.20% of the company's stock.

Fortinet Stock Performance

FTNT stock traded up $3.06 during midday trading on Friday, reaching $105.27. The stock had a trading volume of 2,864,114 shares, compared to its average volume of 4,864,683. The stock has a market cap of $80.57 billion, a PE ratio of 43.32, a P/E/G ratio of 3.64 and a beta of 1.06. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.29 and a current ratio of 1.36. The firm has a fifty day simple moving average of $103.23 and a two-hundred day simple moving average of $100.74. Fortinet, Inc. has a 52-week low of $54.57 and a 52-week 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 for the quarter, beating analysts' consensus estimates of $0.53 by $0.05. The business had revenue of $1.54 billion during the quarter, compared to analyst estimates of $1.54 billion. Fortinet had a return on equity of 148.79% and a net margin of 30.60%. The company's revenue was up 13.8% on a year-over-year basis. During the same quarter last year, the business posted $0.43 EPS. As a group, equities research analysts anticipate that Fortinet, Inc. will post 2.09 EPS for the current year.

Analyst Ratings Changes

Several research firms recently weighed in on FTNT. DZ Bank raised shares of Fortinet from a "strong sell" rating to a "hold" rating in a research note on Thursday, May 8th. Royal Bank Of Canada reduced their price target on Fortinet from $110.00 to $105.00 and set a "sector perform" rating on the stock in a report on Thursday, May 8th. Robert W. Baird increased their price target on Fortinet from $110.00 to $113.00 and gave the stock a "neutral" rating in a report on Tuesday, May 6th. Cantor Fitzgerald reduced their price target on Fortinet from $115.00 to $100.00 and set a "neutral" rating on the stock in a report on Thursday, April 24th. Finally, UBS Group reduced their price target on Fortinet from $115.00 to $105.00 and set a "neutral" rating on the stock in a report on Thursday, May 8th. One analyst has rated the stock with a sell rating, twenty-one have given a hold rating, eleven have assigned a buy rating and two have assigned a strong buy rating to the company's stock. According to data from MarketBeat, Fortinet has an average rating of "Hold" and a consensus 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.