PAX Financial Group LLC Acquires 10,911 Shares of Fortinet, Inc. (NASDAQ:FTNT)

PAX Financial Group LLC grew its holdings in Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 24.4% in the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 55,550 shares of the software maker's stock after buying an additional 10,911 shares during the quarter. Fortinet accounts for approximately 0.9% of PAX Financial Group LLC's holdings, making the stock its 27th biggest holding. PAX Financial Group LLC's holdings in Fortinet were worth $5,347,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Ritholtz Wealth Management grew its stake in Fortinet by 38.4% during the first quarter. Ritholtz Wealth Management now owns 6,794 shares of the software maker's stock worth $654,000 after buying an additional 1,885 shares during the last quarter. Dynamic Advisor Solutions LLC bought a new stake in Fortinet during the first quarter worth about $216,000. Wealth Enhancement Advisory Services LLC grew its stake in shares of Fortinet by 40.8% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 131,411 shares of the software maker's stock valued at $12,650,000 after purchasing an additional 38,080 shares during the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp grew its stake in shares of Fortinet by 14.9% during the fourth quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 124,501 shares of the software maker's stock valued at $11,763,000 after purchasing an additional 16,139 shares during the last quarter. Finally, GAMMA Investing LLC grew its stake in shares of Fortinet by 18.9% during the first quarter. GAMMA Investing LLC now owns 20,025 shares of the software maker's stock valued at $1,928,000 after purchasing an additional 3,189 shares during the last quarter. Institutional investors and hedge funds own 83.71% of the company's stock.

Analysts Set New Price Targets

Several research firms have recently commented on FTNT. Scotiabank decreased their price target on shares of Fortinet from $135.00 to $115.00 and set a "sector outperform" rating on the stock in a research note on Thursday, May 8th. Royal Bank Of Canada decreased their price target on shares of Fortinet from $110.00 to $105.00 and set a "sector perform" rating on the stock in a research note on Thursday, May 8th. Wall Street Zen raised shares of Fortinet from a "hold" rating to a "buy" rating in a research note on Saturday. BMO Capital Markets decreased their price target 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. Finally, Wolfe Research began coverage on shares of Fortinet in a research note on Monday, May 12th. They set a "peer perform" rating on the stock. 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 given a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price of $106.48.

Fortinet Stock Performance

Shares of FTNT traded down $1.49 during midday trading on Wednesday, reaching $103.44. The stock had a trading volume of 3,509,297 shares, compared to its average volume of 4,881,918. The firm has a 50 day simple moving average of $102.99 and a 200-day simple moving average of $101.11. Fortinet, Inc. has a one year low of $54.57 and a one year high of $114.82. The firm has a market cap of $79.18 billion, a PE ratio of 42.57, a P/E/G ratio of 3.62 and a beta of 1.06. The company has a current ratio of 1.36, a quick ratio of 1.29 and a debt-to-equity ratio of 0.25.

Fortinet (NASDAQ:FTNT - Get Free Report) last announced its quarterly earnings data on Wednesday, May 7th. The software maker reported $0.58 EPS for the quarter, beating analysts' consensus estimates of $0.53 by $0.05. Fortinet had a net margin of 30.60% and a return on equity of 148.79%. The company had revenue of $1.54 billion during the quarter, compared to the consensus estimate of $1.54 billion. During the same quarter last year, the firm posted $0.43 EPS. The company'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 EPS for the current year.

Insider Buying and Selling

In related news, VP Michael Xie sold 3,546 shares of Fortinet stock in a transaction dated 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 sale, the vice president owned 11,000,068 shares of the company's stock, valued at approximately $1,167,217,215.48. The trade was a 0.03% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Ken Xie sold 158,488 shares of Fortinet stock in a transaction dated 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 sale, the chief executive officer directly owned 51,391,879 shares of the company's stock, valued at $5,452,678,361.90. The trade was a 0.31% decrease in their position. The disclosure for this sale can be found here. 17.20% of the stock is currently owned by insiders.

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.