Parcion Private Wealth LLC Grows Holdings in Fortinet, Inc. (NASDAQ:FTNT)

Parcion Private Wealth LLC lifted its position in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 51.2% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 11,600 shares of the software maker's stock after buying an additional 3,927 shares during the quarter. Parcion Private Wealth LLC's holdings in Fortinet were worth $1,117,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of the company. Vanguard Group Inc. lifted its position in Fortinet by 1.1% during the fourth quarter. Vanguard Group Inc. now owns 68,115,470 shares of the software maker's stock valued at $6,435,550,000 after buying an additional 730,994 shares in the last quarter. Geode Capital Management LLC lifted its position in Fortinet by 2.6% during the 4th quarter. Geode Capital Management LLC now owns 15,270,913 shares of the software maker's stock worth $1,440,648,000 after acquiring an additional 387,901 shares in the last quarter. Invesco Ltd. lifted its holdings in Fortinet by 31.3% in the 4th quarter. Invesco Ltd. now owns 8,388,693 shares of the software maker's stock worth $792,564,000 after buying an additional 2,000,888 shares in the last quarter. Norges Bank purchased a new position in shares of Fortinet during the 4th quarter valued at approximately $724,048,000. Finally, Arrowstreet Capital Limited Partnership increased its stake in shares of Fortinet by 39.3% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 7,622,253 shares of the software maker's stock worth $720,150,000 after buying an additional 2,151,811 shares during the last quarter. Institutional investors and hedge funds own 83.71% of the company's stock.

Fortinet Stock Performance

FTNT stock traded up $1.44 during mid-day trading on Thursday, hitting $104.88. 2,087,807 shares of the company were exchanged, compared to its average volume of 4,871,977. The company has a current ratio of 1.36, a quick ratio of 1.29 and a debt-to-equity ratio of 0.25. The stock has a market capitalization of $80.27 billion, a PE ratio of 43.14, a price-to-earnings-growth ratio of 3.62 and a beta of 1.06. The business has a 50 day simple moving average of $102.99 and a 200-day simple moving average of $101.11. Fortinet, Inc. has a 1-year low of $54.57 and a 1-year high of $114.82.

Fortinet (NASDAQ:FTNT - Get Free Report) last issued its quarterly earnings data on Wednesday, May 7th. The software maker reported $0.58 earnings per share for the quarter, topping analysts' consensus estimates of $0.53 by $0.05. The business had revenue of $1.54 billion for the quarter, compared to analyst estimates of $1.54 billion. Fortinet had a return on equity of 148.79% and a net margin of 30.60%. Fortinet's quarterly revenue was up 13.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.43 EPS. On average, equities analysts forecast that Fortinet, Inc. will post 2.09 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of analysts have weighed in on FTNT shares. KeyCorp dropped their target price on shares of Fortinet from $120.00 to $115.00 and set an "overweight" rating on the stock in a report on Thursday, May 8th. Roth Capital set a $103.00 price objective on shares of Fortinet and gave the stock a "neutral" rating in a report on Tuesday, April 22nd. Wells Fargo & Company dropped their price target 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. Scotiabank reduced their price objective on Fortinet from $135.00 to $115.00 and set a "sector outperform" rating for the company in a research report on Thursday, May 8th. Finally, Jefferies Financial Group lowered their target price on Fortinet from $115.00 to $105.00 and set a "hold" rating on the stock in a research report on Monday, March 31st. One equities research analyst has rated the stock with a sell rating, twenty have issued a hold rating, twelve have given a buy rating and two have given a strong buy rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus price target of $106.48.

Insider Activity at Fortinet

In related news, 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 value of $16,815,576.80. Following the completion of the sale, the chief executive officer owned 51,391,879 shares of the company's stock, valued at approximately $5,452,678,361.90. This trade represents a 0.31% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, VP Michael Xie sold 3,546 shares of the business's stock in a transaction 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 sale, the vice president directly owned 11,000,068 shares in the company, valued at $1,167,217,215.48. The trade was a 0.03% decrease in their position. The disclosure for this sale can be found here. 17.20% of the stock is 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.