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Private Advisor Group LLC Raises Stake in Fortinet, Inc. (NASDAQ:FTNT)

Fortinet logo with Computer and Technology background

Private Advisor Group LLC grew its position in Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 56.5% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 36,474 shares of the software maker's stock after purchasing an additional 13,162 shares during the period. Private Advisor Group LLC's holdings in Fortinet were worth $3,511,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Ritholtz Wealth Management raised its position in Fortinet by 38.4% in the first quarter. Ritholtz Wealth Management now owns 6,794 shares of the software maker's stock valued at $654,000 after purchasing an additional 1,885 shares during the period. Dynamic Advisor Solutions LLC acquired a new position in Fortinet during the 1st quarter worth $216,000. Wealth Enhancement Advisory Services LLC boosted its position in shares of Fortinet by 40.8% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 131,411 shares of the software maker's stock worth $12,650,000 after acquiring an additional 38,080 shares in the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp boosted its position in shares of Fortinet by 14.9% during the 4th quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 124,501 shares of the software maker's stock worth $11,763,000 after acquiring an additional 16,139 shares in the last quarter. Finally, GAMMA Investing LLC lifted its holdings in shares of Fortinet by 18.9% in the 1st quarter. GAMMA Investing LLC now owns 20,025 shares of the software maker's stock valued at $1,928,000 after purchasing an additional 3,189 shares during the last quarter. 83.71% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Fortinet

In other Fortinet news, VP Michael Xie sold 3,546 shares of the 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 completion of the sale, the vice president owned 11,000,068 shares of the company's stock, valued at $1,167,217,215.48. This represents a 0.03% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Ken Xie sold 158,488 shares of the stock in a transaction on Friday, May 2nd. The shares were sold at an average price of $106.10, for a total transaction of $16,815,576.80. Following the sale, the chief executive officer directly owned 51,391,879 shares of the company's stock, valued at $5,452,678,361.90. The trade was a 0.31% decrease in their position. The disclosure for this sale can be found here. 17.20% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on FTNT shares. Morgan Stanley cut their target price on Fortinet from $123.00 to $105.00 and set an "overweight" rating for the company in a research note on Wednesday, April 16th. 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 report on Thursday, May 8th. Royal Bank Of Canada cut their price objective on Fortinet from $110.00 to $105.00 and set a "sector perform" rating for the company in a research report on Thursday, May 8th. Scotiabank lowered their target price on shares of Fortinet from $135.00 to $115.00 and set a "sector outperform" rating on the stock in a research report on Thursday, May 8th. Finally, UBS Group cut their price target 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. One investment analyst has rated the stock with a sell rating, twenty have given a hold rating, twelve have assigned a buy rating and two have given a strong buy rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Hold" and a consensus target price of $106.48.

Read Our Latest Research Report on Fortinet

Fortinet Price Performance

Fortinet stock traded up $0.20 during midday trading on Friday, reaching $104.97. 924,589 shares of the stock were exchanged, compared to its average volume of 4,768,443. The company's fifty day moving average is $103.47 and its 200-day moving average is $101.51. The firm has a market cap of $80.35 billion, a PE ratio of 43.19, a PEG ratio of 3.62 and a beta of 1.06. Fortinet, Inc. has a 52 week low of $54.57 and a 52 week high of $114.82. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.29 and a current ratio of 1.36.

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

About Fortinet

(Free Report)

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.

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Institutional Ownership by Quarter for Fortinet (NASDAQ:FTNT)

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