Fulcrum Capital LLC Raises Position in Fortinet, Inc. (NASDAQ:FTNT)

Fulcrum Capital LLC raised its stake in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 2.0% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 128,494 shares of the software maker's stock after purchasing an additional 2,474 shares during the quarter. Fortinet accounts for 2.7% of Fulcrum Capital LLC's portfolio, making the stock its 10th largest holding. Fulcrum Capital LLC's holdings in Fortinet were worth $12,369,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of the stock. Edmond DE Rothschild Holding S.A. bought a new position in Fortinet during the fourth quarter worth about $27,000. Oarsman Capital Inc. raised its holdings in Fortinet by 188.9% during the 4th quarter. Oarsman Capital Inc. now owns 416 shares of the software maker's stock worth $39,000 after buying an additional 272 shares during the period. Graney & King LLC acquired a new stake in shares of Fortinet in the 4th quarter valued at about $43,000. Banque Transatlantique SA bought a new stake in shares of Fortinet in the fourth quarter valued at about $43,000. Finally, Golden State Wealth Management LLC acquired a new stake in shares of Fortinet in the fourth quarter valued at approximately $46,000. 83.71% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

FTNT has been the subject of several analyst reports. Cantor Fitzgerald decreased their target price on shares of Fortinet from $115.00 to $100.00 and set a "neutral" rating for the company in a research note on Thursday, April 24th. Jefferies Financial Group decreased their price objective on shares of Fortinet from $115.00 to $105.00 and set a "hold" rating for the company in a research report on Monday, March 31st. Wolfe Research assumed coverage on shares of Fortinet in a report on Monday, May 12th. They issued a "peer perform" rating on the stock. Needham & Company LLC reiterated a "hold" rating on shares of Fortinet in a report on Friday, February 7th. Finally, DZ Bank upgraded Fortinet from a "strong sell" rating to a "hold" rating in a research note on Thursday, May 8th. One investment analyst has rated the stock with a sell rating, twenty have assigned a hold rating, twelve have issued a buy rating and two have given a strong buy rating to the company's stock. According to data from MarketBeat, Fortinet has a consensus rating of "Hold" and a consensus price target of $104.80.

Insider Activity

In other Fortinet news, Director William H. Neukom purchased 328 shares of the company's stock in a transaction that occurred on Thursday, March 6th. The shares were acquired at an average price of $106.33 per share, with a total value of $34,876.24. Following the transaction, the director now owns 300,006 shares in the company, valued at $31,899,637.98. The trade was a 0.11% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Michael Xie sold 326,784 shares of the stock in a transaction dated Tuesday, March 11th. The shares were sold at an average price of $98.17, for a total transaction of $32,080,385.28. Following the completion of the sale, the vice president now owns 11,000,068 shares of the company's stock, valued at approximately $1,079,876,675.56. This represents a 2.89% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 697,818 shares of company stock worth $69,539,128 in the last three months. Company insiders own 18.00% of the company's stock.

Fortinet Trading Down 1.2%

NASDAQ FTNT traded down $1.21 during trading hours on Wednesday, hitting $101.67. 1,293,898 shares of the company's stock were exchanged, compared to its average volume of 4,961,513. Fortinet, Inc. has a 1-year low of $54.57 and a 1-year high of $114.82. 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 50-day simple moving average of $99.77 and a 200 day simple moving average of $99.59. The firm has a market cap of $77.82 billion, a price-to-earnings ratio of 44.99, a PEG ratio of 4.19 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, beating the consensus estimate 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 29.30% and a return on equity of 256.53%. Fortinet's revenue for the quarter was up 13.8% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.43 EPS. On average, equities analysts forecast that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

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.