Edgestream Partners L.P. Has $4.99 Million Stock Holdings in Fortinet, Inc. (NASDAQ:FTNT)

Edgestream Partners L.P. lessened its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 18.8% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 51,806 shares of the software maker's stock after selling 11,982 shares during the period. Edgestream Partners L.P.'s holdings in Fortinet were worth $4,987,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently made changes to their positions in FTNT. Ritholtz Wealth Management raised its holdings in Fortinet by 38.4% during the first quarter. Ritholtz Wealth Management now owns 6,794 shares of the software maker's stock worth $654,000 after purchasing an additional 1,885 shares in the last quarter. Dynamic Advisor Solutions LLC bought a new stake in Fortinet during the first quarter worth approximately $216,000. Wealth Enhancement Advisory Services LLC raised its holdings 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 worth $12,650,000 after purchasing an additional 38,080 shares in the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp raised its holdings in Fortinet by 14.9% during the fourth quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 124,501 shares of the software maker's stock worth $11,763,000 after purchasing an additional 16,139 shares in the last quarter. Finally, GAMMA Investing LLC raised its holdings in Fortinet by 18.9% during the first quarter. GAMMA Investing LLC now owns 20,025 shares of the software maker's stock worth $1,928,000 after purchasing an additional 3,189 shares in the last quarter. Institutional investors own 83.71% of the company's stock.

Fortinet Stock Up 0.5%

Shares of Fortinet stock traded up $0.50 on Friday, hitting $105.42. 3,639,808 shares of the company traded hands, compared to its average volume of 4,859,915. The company has a 50-day moving average price of $103.30 and a 200 day moving average price of $101.25. The company has a quick ratio of 1.29, a current ratio of 1.36 and a debt-to-equity ratio of 0.25. Fortinet, Inc. has a 12-month low of $54.57 and a 12-month high of $114.82. The company has a market cap of $80.69 billion, a PE ratio of 43.38, a PEG ratio of 3.62 and a beta of 1.06.

Fortinet (NASDAQ:FTNT - Get Free Report) last issued its quarterly earnings data on Wednesday, May 7th. The software maker reported $0.58 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.53 by $0.05. The firm had revenue of $1.54 billion during the quarter, compared to analysts' expectations of $1.54 billion. Fortinet had a net margin of 30.60% and a return on equity of 148.79%. Fortinet's revenue for the quarter was up 13.8% on a year-over-year basis. During the same period in the prior year, the company posted $0.43 earnings per share. Sell-side analysts predict that Fortinet, Inc. will post 2.09 earnings per share for the current year.

Insider Buying and Selling

In other Fortinet news, Director William H. Neukom acquired 335 shares of the firm's stock in a transaction that occurred on Friday, June 6th. The stock was purchased at an average cost of $104.22 per share, for a total transaction of $34,913.70. Following the completion of the acquisition, the director owned 301,471 shares of the company's stock, valued at approximately $31,419,307.62. This trade represents a 0.11% increase in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, VP Michael Xie sold 3,546 shares of the company's stock in a transaction 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 of the company's stock, valued at $1,167,217,215.48. This represents a 0.03% 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 corporate insiders.

Analysts Set New Price Targets

Several equities research analysts recently commented on the company. KeyCorp dropped their target price on Fortinet from $120.00 to $115.00 and set an "overweight" rating on the stock in a report on Thursday, May 8th. Wall Street Zen raised Fortinet from a "hold" rating to a "buy" rating in a report on Saturday, July 12th. DZ Bank raised Fortinet from a "strong sell" rating to a "hold" rating in a report on Thursday, May 8th. Morgan Stanley dropped their price target on Fortinet from $123.00 to $105.00 and set an "overweight" rating on the stock in a report on Wednesday, April 16th. Finally, Royal Bank Of Canada dropped 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. One research analyst has rated the stock with a sell rating, twenty have issued a hold rating, twelve have issued a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Hold" and an average price target of $106.48.

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.