Fiduciary Financial Group LLC Acquires New Holdings in Fortinet, Inc. (NASDAQ:FTNT)

Fiduciary Financial Group LLC bought a new position in Fortinet, Inc. (NASDAQ:FTNT - Free Report) during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 4,109 shares of the software maker's stock, valued at approximately $396,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Eagle Capital Management LLC boosted its holdings in shares of Fortinet by 1.6% during the fourth quarter. Eagle Capital Management LLC now owns 26,176 shares of the software maker's stock worth $2,473,000 after purchasing an additional 404 shares during the period. Brighton Jones LLC lifted its stake in shares of Fortinet by 2.2% in the 4th quarter. Brighton Jones LLC now owns 10,327 shares of the software maker's stock valued at $976,000 after purchasing an additional 221 shares during the period. Golden State Wealth Management LLC bought a new stake in shares of Fortinet during the 4th quarter valued at $46,000. Wilmington Savings Fund Society FSB grew its holdings in Fortinet by 79.5% in the fourth quarter. Wilmington Savings Fund Society FSB now owns 6,472 shares of the software maker's stock worth $611,000 after purchasing an additional 2,867 shares during the period. Finally, Quotient Wealth Partners LLC bought a new position in Fortinet during the 4th quarter valued at approximately $202,000. 83.71% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other Fortinet news, VP Michael Xie sold 3,546 shares of the firm's stock in a transaction that occurred on Friday, May 2nd. The shares were 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 now directly owns 11,000,068 shares of the company's stock, valued at approximately $1,167,217,215.48. This trade represents a 0.03% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director William H. Neukom acquired 335 shares of the company's stock in a transaction dated Friday, June 6th. The stock was acquired 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 now directly owns 301,471 shares in the company, valued at approximately $31,419,307.62. The trade was a 0.11% increase in their ownership of the stock. The disclosure for this purchase can be found here. 17.20% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on FTNT shares. Stephens initiated coverage on shares of Fortinet in a report on Tuesday, April 1st. They set an "equal weight" rating and a $108.00 price target on the stock. Wells Fargo & Company decreased their target price on shares of Fortinet from $105.00 to $95.00 and set an "equal weight" rating on the stock in a research note on Thursday, May 8th. Cantor Fitzgerald dropped their price target on Fortinet from $115.00 to $100.00 and set a "neutral" rating for the company in a research note on Thursday, April 24th. Morgan Stanley reduced their price objective on shares of Fortinet from $123.00 to $105.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 16th. Finally, Robert W. Baird upped their target price on shares of Fortinet from $110.00 to $113.00 and gave the stock a "neutral" rating in a research report on Tuesday, May 6th. One investment analyst has rated the stock with a sell rating, twenty have assigned a hold rating, twelve have given a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average price target of $104.80.

Fortinet Trading Down 0.1%

Shares of NASDAQ FTNT traded down $0.09 during midday trading on Thursday, reaching $101.93. The company had a trading volume of 753,094 shares, compared to its average volume of 4,961,331. The firm's fifty day moving average price is $100.85 and its 200-day moving average price is $99.97. The company has a quick ratio of 1.39, a current ratio of 1.47 and a debt-to-equity ratio of 0.67. The stock has a market cap of $78.02 billion, a PE ratio of 45.10, a price-to-earnings-growth ratio of 4.19 and a beta of 1.06. Fortinet, Inc. has a one year low of $54.57 and a one year high of $114.82.

Fortinet (NASDAQ:FTNT - Get Free Report) last announced its earnings results on Wednesday, May 7th. The software maker reported $0.58 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.53 by $0.05. Fortinet had a net margin of 29.30% and a return on equity of 256.53%. The company had revenue of $1.54 billion during the quarter, compared to analyst estimates of $1.54 billion. During the same period in the previous year, the business posted $0.43 earnings per share. The firm's quarterly revenue was up 13.8% compared to the same quarter last year. On average, equities research analysts anticipate that Fortinet, Inc. will post 2.09 earnings per share for the current 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.