IFP Advisors Inc Purchases 16,493 Shares of Fortinet, Inc. (NASDAQ:FTNT)

IFP Advisors Inc boosted its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 27.6% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 76,325 shares of the software maker's stock after purchasing an additional 16,493 shares during the period. IFP Advisors Inc's holdings in Fortinet were worth $7,347,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Eagle Capital Management LLC grew its holdings in Fortinet by 0.4% during the 1st quarter. Eagle Capital Management LLC now owns 26,285 shares of the software maker's stock worth $2,530,000 after acquiring an additional 109 shares during the period. ORG Partners LLC grew its holdings in Fortinet by 47.5% during the 1st quarter. ORG Partners LLC now owns 348 shares of the software maker's stock worth $34,000 after acquiring an additional 112 shares during the period. Bogart Wealth LLC grew its holdings in Fortinet by 37.3% during the 1st quarter. Bogart Wealth LLC now owns 412 shares of the software maker's stock worth $40,000 after acquiring an additional 112 shares during the period. Cornerstone Enterprises LLC grew its holdings in Fortinet by 2.3% during the 1st quarter. Cornerstone Enterprises LLC now owns 5,018 shares of the software maker's stock worth $483,000 after acquiring an additional 115 shares during the period. Finally, CIBC Private Wealth Group LLC grew its holdings in Fortinet by 1.3% during the 4th quarter. CIBC Private Wealth Group LLC now owns 9,390 shares of the software maker's stock worth $902,000 after acquiring an additional 116 shares during the period. Institutional investors own 83.71% of the company's stock.

Insider Buying and Selling

In other Fortinet news, CEO Ken Xie sold 158,488 shares of Fortinet 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 of the company's stock, valued at approximately $5,452,678,361.90. The trade was a 0.31% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director William H. Neukom purchased 335 shares of the firm's stock in a transaction on Friday, June 6th. The stock was bought at an average cost of $104.22 per share, with a total value of $34,913.70. Following the completion of the purchase, the director owned 301,471 shares of the company's stock, valued at approximately $31,419,307.62. This represents a 0.11% increase in their position. The disclosure for this purchase can be found here. 18.00% of the stock is owned by insiders.

Fortinet Price Performance

NASDAQ:FTNT traded down $1.56 during mid-day trading on Tuesday, reaching $105.38. The stock had a trading volume of 1,543,225 shares, compared to its average volume of 4,827,068. Fortinet, Inc. has a 12 month low of $54.57 and a 12 month high of $114.82. The stock has a market capitalization of $80.66 billion, a PE ratio of 43.36, a P/E/G ratio of 3.63 and a beta of 1.06. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.36 and a quick ratio of 1.29. The stock has a 50-day simple moving average of $103.30 and a two-hundred day simple moving average of $101.35.

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. Fortinet had a return on equity of 148.79% and a net margin of 30.60%. The business had revenue of $1.54 billion for the quarter, compared to analyst estimates of $1.54 billion. During the same period last year, the firm posted $0.43 earnings per share. Fortinet's revenue was up 13.8% compared to the same quarter last year. On average, equities analysts anticipate that Fortinet, Inc. will post 2.09 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on FTNT shares. Wells Fargo & Company reduced 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 report on Thursday, May 8th. Royal Bank Of Canada reduced 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 report on Thursday, May 8th. Robert W. Baird lifted their price target on shares of Fortinet from $110.00 to $113.00 and gave the stock a "neutral" rating in a research report on Tuesday, May 6th. Jefferies Financial Group reduced their price target on shares of Fortinet from $115.00 to $105.00 and set a "hold" rating on the stock in a research report on Monday, March 31st. Finally, Wolfe Research initiated coverage on shares of Fortinet in a research report 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 issued 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.com, the company currently has an average rating of "Hold" and a consensus target price of $106.48.

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.