Asset Advisors Investment Management LLC Has $1.66 Million Stock Holdings in Fortinet, Inc. (NASDAQ:FTNT)

Asset Advisors Investment Management LLC lifted its holdings in Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 150.6% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 17,280 shares of the software maker's stock after purchasing an additional 10,385 shares during the period. Asset Advisors Investment Management LLC's holdings in Fortinet were worth $1,663,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently added to or reduced their stakes in the business. Mechanics Financial Corp purchased a new position in shares of Fortinet during the 1st quarter worth approximately $36,000. Cullen Frost Bankers Inc. lifted its position in Fortinet by 1.8% in the 1st quarter. Cullen Frost Bankers Inc. now owns 15,726 shares of the software maker's stock worth $1,514,000 after buying an additional 272 shares in the last quarter. Parcion Private Wealth LLC grew its stake in Fortinet by 51.2% in the 1st quarter. Parcion Private Wealth LLC now owns 11,600 shares of the software maker's stock valued at $1,117,000 after buying an additional 3,927 shares during the last quarter. Sage Mountain Advisors LLC grew its position in Fortinet by 0.7% in the 1st quarter. Sage Mountain Advisors LLC now owns 68,946 shares of the software maker's stock worth $6,637,000 after purchasing an additional 498 shares during the last quarter. Finally, PAX Financial Group LLC lifted its holdings in shares of Fortinet by 24.4% during the 1st quarter. PAX Financial Group LLC now owns 55,550 shares of the software maker's stock worth $5,347,000 after acquiring an additional 10,911 shares during the period. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Fortinet Price Performance

NASDAQ:FTNT traded up $0.50 during trading hours on Friday, hitting $105.42. 3,639,808 shares of the stock traded hands, compared to its average volume of 4,862,857. Fortinet, Inc. has a 1 year low of $54.57 and a 1 year high of $114.82. The stock has a 50 day moving average price of $103.14 and a 200 day moving average price of $101.18. 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 company has a market cap of $80.69 billion, a price-to-earnings ratio of 43.38, a price-to-earnings-growth ratio of 3.57 and a beta of 1.06.

Fortinet (NASDAQ:FTNT - Get Free Report) last released 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 company had revenue of $1.54 billion during the quarter, compared to analyst estimates of $1.54 billion. Fortinet had a net margin of 30.60% and a return on equity of 148.79%. The firm's revenue for the quarter was up 13.8% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.43 earnings per share. Sell-side analysts forecast that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

Analyst Ratings Changes

Several research firms have recently weighed in on FTNT. BMO Capital Markets reduced their price target on shares of Fortinet from $122.00 to $110.00 and set a "market perform" rating for the company in a report on Thursday, May 8th. DZ Bank raised shares of Fortinet from a "strong sell" rating to a "hold" rating in a research note on Thursday, May 8th. UBS Group lowered their price objective on shares of Fortinet from $115.00 to $105.00 and set a "neutral" rating for the company in a research note on Thursday, May 8th. Cantor Fitzgerald upped their price objective on shares of Fortinet from $100.00 to $110.00 and gave the company a "neutral" rating in a report on Wednesday. Finally, Wall Street Zen raised shares of Fortinet from a "hold" rating to a "buy" rating in a research note on Saturday, July 12th. One equities 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 assigned a strong buy rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Hold" and an average price target of $106.48.

Insiders Place Their Bets

In other Fortinet news, 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 completion of the sale, the chief executive officer owned 51,391,879 shares in the company, valued at approximately $5,452,678,361.90. The trade was a 0.31% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Michael Xie sold 3,546 shares of the 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 completion of the transaction, 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 disclosure for this sale can be found here. Insiders own 17.20% of the company's stock.

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.