Florida Financial Advisors LLC Acquires New Shares in Fortinet, Inc. (NASDAQ:FTNT)

Florida Financial Advisors LLC bought a new stake in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm bought 6,231 shares of the software maker's stock, valued at approximately $600,000.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Eagle Capital Management LLC boosted its position in shares of Fortinet by 0.4% in the 1st quarter. Eagle Capital Management LLC now owns 26,285 shares of the software maker's stock worth $2,530,000 after purchasing an additional 109 shares in the last quarter. ORG Partners LLC boosted its position in shares of 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 purchasing an additional 112 shares in the last quarter. Cornerstone Enterprises LLC boosted its position in shares of 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 purchasing an additional 115 shares in the last quarter. CIBC Private Wealth Group LLC lifted its position in Fortinet by 1.3% during 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 during the period. Finally, Strategic Blueprint LLC lifted its position in Fortinet by 5.2% during the 1st 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 analysts have commented on FTNT shares. Stifel Nicolaus lowered their price target on Fortinet from $115.00 to $95.00 and set a "hold" rating for the company in a research report on Thursday, May 8th. DZ Bank raised Fortinet from a "strong sell" rating to a "hold" rating in a research report on Thursday, May 8th. Wall Street Zen raised Fortinet from a "hold" rating to a "buy" rating in a research report on Saturday. Jefferies Financial Group lowered their price target on Fortinet from $115.00 to $105.00 and set a "hold" rating for the company in a research report on Monday, March 31st. Finally, UBS Group lowered their price target on Fortinet from $115.00 to $105.00 and set a "neutral" rating for the company in a research report on Thursday, May 8th. One analyst has rated the stock with a sell rating, twenty have issued a hold rating, twelve have given a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus target price of $106.14.

Insider Transactions at Fortinet

In related news, Director William H. Neukom bought 335 shares of the stock in a transaction dated Friday, June 6th. The shares were acquired at an average cost of $104.22 per share, for a total transaction of $34,913.70. Following the acquisition, the director directly owned 301,471 shares in the company, valued at approximately $31,419,307.62. This trade represents a 0.11% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Ken Xie sold 158,488 shares of the business's stock in a transaction that occurred on 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 owned 51,391,879 shares in the company, valued at approximately $5,452,678,361.90. This represents a 0.31% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 18.00% of the company's stock.

Fortinet Price Performance

Shares of Fortinet stock traded up $1.96 on Tuesday, hitting $104.93. The company's stock had a trading volume of 4,171,987 shares, compared to its average volume of 4,884,513. Fortinet, Inc. has a 1 year low of $54.57 and a 1 year high of $114.82. The firm has a fifty day moving average price of $103.07 and a 200-day moving average price of $101.09. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.29 and a current ratio of 1.36. The company has a market capitalization of $80.32 billion, a price-to-earnings ratio of 43.18, a price-to-earnings-growth ratio of 3.55 and a beta of 1.06.

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. Fortinet had a return on equity of 148.79% and a net margin of 30.60%. 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 earned $0.43 EPS. Fortinet's quarterly revenue was up 13.8% on a year-over-year basis. As a group, sell-side analysts anticipate that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

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.