Wealthfront Advisers LLC Has $6.79 Million Stake in Fortinet, Inc. (NASDAQ:FTNT)

Wealthfront Advisers LLC increased its position in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 22.1% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 70,481 shares of the software maker's stock after acquiring an additional 12,734 shares during the period. Wealthfront Advisers LLC's holdings in Fortinet were worth $6,785,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. Eagle Capital Management LLC increased its stake in 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 increased its stake in 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. Bogart Wealth LLC increased its stake in Fortinet by 37.3% in the 1st quarter. Bogart Wealth LLC now owns 412 shares of the software maker's stock worth $40,000 after purchasing an additional 112 shares in the last quarter. Cornerstone Enterprises LLC increased its stake in 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. Finally, CIBC Private Wealth Group LLC increased its stake in Fortinet by 1.3% in the 4th quarter. CIBC Private Wealth Group LLC now owns 9,390 shares of the software maker's stock worth $902,000 after purchasing an additional 116 shares in the last quarter. 83.71% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Fortinet

In related news, VP Michael Xie sold 3,546 shares of the business's stock in a transaction on Friday, May 2nd. The stock was sold at an average price of $106.11, for a total value of $376,266.06. Following the sale, the vice president owned 11,000,068 shares of the company's stock, valued at $1,167,217,215.48. The trade was a 0.03% decrease in their position. The sale was disclosed in a 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 on Friday, May 2nd. The shares were sold at an average price of $106.10, for a total value of $16,815,576.80. Following the completion of the sale, 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. 17.20% of the stock is owned by insiders.

Fortinet Stock Performance

NASDAQ FTNT traded up $0.50 during trading on Friday, hitting $105.42. The company's stock had a trading volume of 3,639,739 shares, compared to its average volume of 4,862,855. 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 50 day moving average price of $103.14 and a 200 day moving average price of $101.18. The firm has a market cap of $80.69 billion, a P/E ratio of 43.38, a price-to-earnings-growth ratio of 3.57 and a beta of 1.06. Fortinet, Inc. has a 52 week low of $54.57 and a 52 week high of $114.82.

Fortinet (NASDAQ:FTNT - Get Free Report) last issued its quarterly earnings results 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 for the quarter, compared to the consensus estimate of $1.54 billion. Fortinet had a return on equity of 148.79% and a net margin of 30.60%. The company's revenue for the quarter was up 13.8% on a year-over-year basis. During the same period in the previous year, the business posted $0.43 EPS. Equities research analysts forecast that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on FTNT. Rosenblatt Securities restated a "buy" rating and set a $125.00 price objective on shares of Fortinet in a research report on Tuesday, June 17th. BMO Capital Markets decreased their price objective on Fortinet from $122.00 to $110.00 and set a "market perform" rating for the company in a research report on Thursday, May 8th. Robert W. Baird raised their price objective on Fortinet from $110.00 to $113.00 and gave the stock a "neutral" rating in a research report on Tuesday, May 6th. DZ Bank upgraded Fortinet from a "strong sell" rating to a "hold" rating in a research report on Thursday, May 8th. Finally, UBS Group decreased their price objective 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 research analyst has rated the stock with a sell rating, twenty have issued a hold rating, twelve have issued a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus price target of $106.48.

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.