Evergreen Private Wealth LLC Raises Stock Position in Fortinet, Inc. (NASDAQ:FTNT)

Evergreen Private Wealth LLC raised its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 14.8% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 20,907 shares of the software maker's stock after purchasing an additional 2,698 shares during the quarter. Evergreen Private Wealth LLC's holdings in Fortinet were worth $2,013,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also bought and sold shares of the company. Eagle Capital Management LLC boosted its stake in Fortinet by 0.4% during the first quarter. Eagle Capital Management LLC now owns 26,285 shares of the software maker's stock worth $2,530,000 after buying an additional 109 shares during the period. ORG Partners LLC increased its stake in Fortinet by 47.5% in the 1st quarter. ORG Partners LLC now owns 348 shares of the software maker's stock worth $34,000 after buying an additional 112 shares during the period. Cornerstone Enterprises LLC grew its stake in Fortinet by 2.3% in the 1st quarter. Cornerstone Enterprises LLC now owns 5,018 shares of the software maker's stock worth $483,000 after acquiring an additional 115 shares in the last quarter. CIBC Private Wealth Group LLC grew its stake in Fortinet by 1.3% in the 4th quarter. CIBC Private Wealth Group LLC now owns 9,390 shares of the software maker's stock worth $902,000 after acquiring an additional 116 shares in the last quarter. Finally, Strategic Blueprint LLC lifted its stake in Fortinet by 5.2% in the first quarter. Strategic Blueprint LLC now owns 2,387 shares of the software maker's stock worth $230,000 after acquiring an additional 119 shares during the period. Institutional investors own 83.71% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on FTNT. Barclays set a $110.00 price objective on shares of Fortinet and gave the stock an "equal weight" rating in a research note on Monday. UBS Group cut their price objective on shares of Fortinet from $115.00 to $105.00 and set a "neutral" rating on the stock in a report on Thursday, May 8th. KeyCorp cut their price objective on shares of Fortinet from $120.00 to $115.00 and set an "overweight" rating on the stock in a report on Thursday, May 8th. Roth Capital set a $103.00 price objective on shares of Fortinet and gave the company a "neutral" rating in a report on Tuesday, April 22nd. Finally, BMO Capital Markets dropped their target price on Fortinet from $122.00 to $110.00 and set a "market perform" rating on the stock in a research report on Thursday, May 8th. One research analyst has rated the stock with a sell rating, twenty have given a hold rating, twelve have issued a buy rating and two have issued a strong buy rating to the company's stock. According to MarketBeat, Fortinet has an average rating of "Hold" and a consensus price target of $106.48.

Insider Transactions at Fortinet

In other news, CEO Ken Xie sold 158,488 shares of Fortinet stock in a transaction on Friday, May 2nd. The stock was sold at an average price of $106.10, for a total transaction of $16,815,576.80. Following the transaction, the chief executive officer owned 51,391,879 shares in the company, valued at $5,452,678,361.90. The trade was a 0.31% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Michael Xie sold 3,546 shares of Fortinet stock in a transaction on Friday, May 2nd. The stock was sold at an average price of $106.11, for a total value of $376,266.06. Following the transaction, the vice president owned 11,000,068 shares in the company, valued at approximately $1,167,217,215.48. This represents 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 Price Performance

FTNT stock traded up $1.74 during midday trading on Thursday, reaching $105.18. The stock had a trading volume of 1,107,739 shares, compared to its average volume of 4,867,188. The company's fifty day simple moving average is $102.99 and its 200 day simple moving average is $101.11. The company has a current ratio of 1.36, a quick ratio of 1.29 and a debt-to-equity ratio of 0.25. The company has a market cap of $80.51 billion, a price-to-earnings ratio of 43.23, a price-to-earnings-growth ratio of 3.62 and a beta of 1.06. 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 announced 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 company had revenue of $1.54 billion for 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 firm's revenue for the quarter was up 13.8% on a year-over-year basis. During the same quarter last year, the firm posted $0.43 EPS. As a group, sell-side analysts predict that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

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.