Focus Partners Advisor Solutions LLC Acquires 5,439 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Focus Partners Advisor Solutions LLC boosted its holdings in Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 42.8% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 18,146 shares of the software maker's stock after purchasing an additional 5,439 shares during the quarter. Focus Partners Advisor Solutions LLC's holdings in Fortinet were worth $1,714,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in the business. Assenagon Asset Management S.A. boosted its stake in Fortinet by 6.8% during the fourth quarter. Assenagon Asset Management S.A. now owns 17,062 shares of the software maker's stock worth $1,612,000 after acquiring an additional 1,085 shares in the last quarter. Ballentine Partners LLC raised its holdings in shares of Fortinet by 2.1% during the fourth quarter. Ballentine Partners LLC now owns 7,706 shares of the software maker's stock valued at $728,000 after purchasing an additional 156 shares during the period. Atomi Financial Group Inc. raised its holdings in shares of Fortinet by 16.3% during the fourth quarter. Atomi Financial Group Inc. now owns 9,485 shares of the software maker's stock valued at $896,000 after purchasing an additional 1,326 shares during the period. Simon Quick Advisors LLC bought a new position in shares of Fortinet during the 4th quarter worth about $221,000. Finally, Nisa Investment Advisors LLC increased its position in Fortinet by 39.1% in the 4th quarter. Nisa Investment Advisors LLC now owns 160,481 shares of the software maker's stock valued at $15,162,000 after buying an additional 45,092 shares in the last quarter. 83.71% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research analysts have issued reports on FTNT shares. Royal Bank of Canada cut 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. Wells Fargo & Company lowered their target price on Fortinet from $105.00 to $95.00 and set an "equal weight" rating on the stock in a research report on Thursday, May 8th. DZ Bank raised shares of Fortinet from a "strong sell" rating to a "hold" rating in a research report on Thursday, May 8th. 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 objective on the stock. Finally, BMO Capital Markets dropped their price objective on shares of Fortinet from $122.00 to $110.00 and set a "market perform" rating on the stock in a research note on Thursday, May 8th. One investment analyst has rated the stock with a sell rating, twenty have issued 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, the stock currently has a consensus rating of "Hold" and a consensus price target of $104.80.

Insider Transactions at Fortinet

In related news, Director William H. Neukom bought 328 shares of the business's stock in a transaction on Thursday, March 6th. The stock was acquired at an average price of $106.33 per share, for a total transaction of $34,876.24. Following the purchase, the director now directly owns 300,006 shares in the company, valued at $31,899,637.98. This trade represents a 0.11% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Keith Jensen sold 17,660 shares of the company's stock in a transaction dated Wednesday, February 26th. The shares were sold at an average price of $109.18, for a total value of $1,928,118.80. Following the sale, the chief financial officer now owns 4,736 shares in the company, valued at approximately $517,076.48. This represents a 78.85% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 715,478 shares of company stock worth $71,467,247 over the last quarter. Corporate insiders own 17.20% of the company's stock.

Fortinet Price Performance

Shares of NASDAQ FTNT opened at $103.62 on Friday. The company has a current ratio of 1.47, a quick ratio of 1.39 and a debt-to-equity ratio of 0.67. The stock has a fifty day simple moving average of $99.16 and a two-hundred day simple moving average of $98.85. Fortinet, Inc. has a 1-year low of $54.57 and a 1-year high of $114.82. The firm has a market cap of $79.31 billion, a price-to-earnings ratio of 45.85, a price-to-earnings-growth ratio of 4.19 and a beta of 1.16.

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

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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