Davidson Investment Advisors Has $26.06 Million Stock Holdings in Fortinet, Inc. (NASDAQ:FTNT)

Davidson Investment Advisors increased its position in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 2.3% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 270,697 shares of the software maker's stock after acquiring an additional 6,141 shares during the period. Fortinet comprises approximately 1.3% of Davidson Investment Advisors' portfolio, making the stock its 23rd biggest holding. Davidson Investment Advisors' holdings in Fortinet were worth $26,057,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently bought and sold shares of the company. Proficio Capital Partners LLC raised its stake in shares of Fortinet by 18,353.2% during the 4th quarter. Proficio Capital Partners LLC now owns 547,323 shares of the software maker's stock worth $547,000 after purchasing an additional 544,357 shares in the last quarter. Ritholtz Wealth Management increased its holdings in Fortinet by 38.4% in the first quarter. Ritholtz Wealth Management now owns 6,794 shares of the software maker's stock worth $654,000 after buying an additional 1,885 shares during the last quarter. Dynamic Advisor Solutions LLC acquired a new position in Fortinet in the first quarter worth approximately $216,000. Wealth Enhancement Advisory Services LLC raised its position in Fortinet by 40.8% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 131,411 shares of the software maker's stock valued at $12,650,000 after acquiring an additional 38,080 shares in the last quarter. Finally, BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp lifted 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 acquiring an additional 16,139 shares during the last quarter. Institutional investors and hedge funds own 83.71% of the company's stock.

Fortinet Stock Up 3.0%

FTNT stock opened at $105.27 on Monday. 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 cap of $80.57 billion, a PE ratio of 43.32, a price-to-earnings-growth ratio of 3.64 and a beta of 1.06. The business's 50-day simple moving average is $103.23 and its 200 day simple moving average is $100.78.

Fortinet (NASDAQ:FTNT - Get Free Report) last announced its quarterly earnings data on Wednesday, May 7th. The software maker reported $0.58 EPS for the quarter, topping analysts' consensus estimates of $0.53 by $0.05. The company 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 company's quarterly revenue was up 13.8% on a year-over-year basis. During the same quarter last year, the company earned $0.43 EPS. On average, research analysts anticipate that Fortinet, Inc. will post 2.09 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on the stock. Scotiabank dropped their price target on shares of Fortinet from $135.00 to $115.00 and set a "sector outperform" rating on the stock in a research note on Thursday, May 8th. Morgan Stanley decreased their price objective on shares of Fortinet from $123.00 to $105.00 and set an "overweight" rating for the company in a report on Wednesday, April 16th. Stephens assumed coverage on shares of Fortinet in a research report on Tuesday, April 1st. They set an "equal weight" rating and a $108.00 target price on the stock. Wells Fargo & Company reduced their price target on Fortinet from $105.00 to $95.00 and set an "equal weight" rating for the company in a research report on Thursday, May 8th. Finally, KeyCorp decreased their price target on Fortinet from $120.00 to $115.00 and set an "overweight" 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 assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average target price of $105.62.

Insider Activity

In other news, CEO Ken Xie sold 158,488 shares of Fortinet stock in a transaction dated 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 sale, the chief executive officer directly owned 51,391,879 shares in the company, valued at approximately $5,452,678,361.90. The trade was a 0.31% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Michael Xie sold 3,546 shares of the stock in a transaction dated 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 transaction, the vice president directly owned 11,000,068 shares of the company's stock, valued at $1,167,217,215.48. This trade represents a 0.03% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 18.00% of the company's stock.

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.

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