Davidson Capital Management Inc. Has $3.11 Million Stake in Fortinet, Inc. (NASDAQ:FTNT)

Davidson Capital Management Inc. lessened its stake in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 26.1% during the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 32,285 shares of the software maker's stock after selling 11,396 shares during the period. Fortinet comprises approximately 0.8% of Davidson Capital Management Inc.'s investment portfolio, making the stock its 21st largest holding. Davidson Capital Management Inc.'s holdings in Fortinet were worth $3,108,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also bought and sold shares of FTNT. Proficio Capital Partners LLC raised its stake in Fortinet by 18,353.2% in the fourth quarter. Proficio Capital Partners LLC now owns 547,323 shares of the software maker's stock valued at $547,000 after buying an additional 544,357 shares during the period. Ritholtz Wealth Management raised its stake in Fortinet by 38.4% in the first quarter. Ritholtz Wealth Management now owns 6,794 shares of the software maker's stock valued at $654,000 after buying an additional 1,885 shares during the period. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp raised its stake 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 valued at $11,763,000 after buying an additional 16,139 shares during the period. Assenagon Asset Management S.A. raised its stake in Fortinet by 4.0% in the first quarter. Assenagon Asset Management S.A. now owns 17,739 shares of the software maker's stock valued at $1,708,000 after buying an additional 677 shares during the period. Finally, West Family Investments Inc. bought a new stake in Fortinet in the fourth quarter valued at approximately $234,000. Institutional investors own 83.71% of the company's stock.

Wall Street Analyst Weigh In

Several research firms have issued reports on FTNT. Stephens began 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. Robert W. Baird increased their target price on Fortinet from $110.00 to $113.00 and gave the stock a "neutral" rating in a research note on Tuesday, May 6th. Wolfe Research started coverage on Fortinet in a research note on Monday, May 12th. They set a "peer perform" rating on the stock. UBS Group lowered their target price on Fortinet from $115.00 to $105.00 and set a "neutral" rating on the stock in a research note on Thursday, May 8th. Finally, Morgan Stanley lowered their target price on Fortinet from $123.00 to $105.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 16th. One research analyst has rated the stock with a sell rating, twenty have issued a hold rating, twelve have assigned a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus price target of $104.80.

Insider Activity at Fortinet

In related news, Director William H. Neukom bought 335 shares of the business's 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 now owns 301,471 shares of the company's stock, valued at $31,419,307.62. This represents a 0.11% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Ken Xie sold 158,488 shares of Fortinet stock in a transaction dated Friday, May 2nd. The stock was sold at an average price of $106.10, for a total value of $16,815,576.80. Following the transaction, the chief executive officer now directly owns 51,391,879 shares in the company, valued at $5,452,678,361.90. The trade was a 0.31% decrease in their ownership of the stock. The disclosure for this sale can be found here. 17.20% of the stock is currently owned by company insiders.

Fortinet Price Performance

Shares of FTNT traded down $0.97 during midday trading on Friday, hitting $99.85. The company's stock had a trading volume of 6,943,980 shares, compared to its average volume of 4,945,177. Fortinet, Inc. has a one year low of $54.57 and a one year high of $114.82. The company's fifty day simple moving average is $101.86 and its two-hundred day simple moving average is $100.28. 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 stock has a market capitalization of $76.43 billion, a price-to-earnings ratio of 41.09, a price-to-earnings-growth ratio of 3.48 and a beta of 1.06.

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 the consensus estimate of $0.53 by $0.05. Fortinet had a return on equity of 148.79% and a net margin of 30.60%. The company had revenue of $1.54 billion for the quarter, compared to the consensus estimate of $1.54 billion. During the same quarter last year, the business posted $0.43 EPS. Fortinet's revenue for the quarter was up 13.8% on a year-over-year basis. As a group, equities analysts expect that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

Fortinet 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.