Fagan Associates Inc. Has $6.47 Million Holdings in Fortinet, Inc. (NASDAQ:FTNT)

Fagan Associates Inc. raised its stake in Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 14.8% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 67,215 shares of the software maker's stock after buying an additional 8,650 shares during the period. Fagan Associates Inc.'s holdings in Fortinet were worth $6,470,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in FTNT. SJS Investment Consulting Inc. raised its position in shares of Fortinet by 703.1% during the first quarter. SJS Investment Consulting Inc. now owns 257 shares of the software maker's stock worth $25,000 after acquiring an additional 225 shares during the last quarter. Edmond DE Rothschild Holding S.A. bought a new stake in Fortinet during the 4th quarter worth approximately $27,000. ORG Partners LLC increased its holdings in Fortinet by 47.5% during the 1st quarter. ORG Partners LLC now owns 348 shares of the software maker's stock worth $34,000 after purchasing an additional 112 shares in the last quarter. EQ Wealth Advisors LLC bought a new stake in Fortinet during the 1st quarter worth approximately $35,000. Finally, Wayfinding Financial LLC bought a new stake in Fortinet during the 1st quarter worth approximately $36,000. Institutional investors and hedge funds own 83.71% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts recently commented on the company. Rosenblatt Securities reiterated a "buy" rating and issued a $125.00 price objective on shares of Fortinet in a research note on Tuesday, June 17th. Wolfe Research began coverage on Fortinet in a research note on Monday, May 12th. They issued a "peer perform" rating on the stock. UBS Group reduced their price objective on Fortinet from $115.00 to $105.00 and set a "neutral" rating on the stock in a research note on Thursday, May 8th. Stephens assumed coverage on Fortinet in a research note on Tuesday, April 1st. They issued an "equal weight" rating and a $108.00 target price on the stock. Finally, Wall Street Zen upgraded shares of Fortinet from a "hold" rating to a "buy" rating in a report on Saturday, July 12th. One equities research analyst has rated the stock with a sell rating, twenty have assigned a hold rating, twelve have assigned a buy rating and two have issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average target price of $106.48.

Fortinet Stock Performance

Shares of Fortinet stock traded up $1.46 on Monday, reaching $106.88. 361,280 shares of the stock were exchanged, compared to its average volume of 4,827,894. 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 firm has a market capitalization of $81.81 billion, a price-to-earnings ratio of 44.08, a PEG ratio of 3.63 and a beta of 1.06. The business has a 50 day moving average price of $103.30 and a two-hundred day moving average price of $101.35.

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

Insider Activity at Fortinet

In other news, Director William H. Neukom bought 335 shares of the business's stock in a transaction dated Friday, June 6th. The shares were acquired at an average price of $104.22 per share, for a total transaction of $34,913.70. Following the completion of the transaction, 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 ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Ken Xie sold 158,488 shares of the firm's 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 directly owned 51,391,879 shares in the company, valued at approximately $5,452,678,361.90. This represents a 0.31% decrease in their position. The disclosure for this sale can be found here. 18.00% of the stock is currently owned by insiders.

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.

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