Burney Co. Buys 19,276 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Burney Co. raised its position in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 5.3% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 381,184 shares of the software maker's stock after buying an additional 19,276 shares during the quarter. Fortinet accounts for 1.3% of Burney Co.'s portfolio, making the stock its 10th largest position. Burney Co.'s holdings in Fortinet were worth $36,693,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently bought and sold shares of the company. Norges Bank purchased a new stake in shares of Fortinet in the fourth quarter worth approximately $724,048,000. Schroder Investment Management Group acquired a new stake in shares of Fortinet in the fourth quarter worth $389,867,000. FMR LLC grew its stake in shares of Fortinet by 77.2% in the fourth quarter. FMR LLC now owns 6,531,705 shares of the software maker's stock worth $617,115,000 after acquiring an additional 2,846,475 shares during the last quarter. Arrowstreet Capital Limited Partnership lifted its position in 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 purchasing an additional 2,151,811 shares during the period. Finally, Bessemer Group Inc. lifted its position in Fortinet by 72.6% in the fourth quarter. Bessemer Group Inc. now owns 4,906,439 shares of the software maker's stock worth $463,561,000 after purchasing an additional 2,064,016 shares during the period. 83.71% of the stock is owned by hedge funds and other institutional investors.

Fortinet Stock Up 0.0%

Shares of Fortinet stock traded up $0.05 on Friday, reaching $104.82. 2,087,815 shares of the company were exchanged, compared to its average volume of 4,776,813. Fortinet, Inc. has a one year low of $54.57 and a one year high of $114.82. The company has a market capitalization of $80.23 billion, a price-to-earnings ratio of 43.14, a PEG ratio of 3.62 and a beta of 1.06. 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 company has a 50-day moving average of $103.47 and a 200 day moving average of $101.51.

Fortinet (NASDAQ:FTNT - Get Free Report) last posted its earnings results 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%. The firm's revenue was up 13.8% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.43 EPS. On average, equities research analysts forecast that Fortinet, Inc. will post 2.09 earnings per share for the current year.

Insider Buying and Selling

In other Fortinet news, VP Michael Xie sold 3,546 shares of the company's 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 transaction, the vice president directly 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 through this hyperlink. Also, CEO Ken Xie sold 158,488 shares of the company's 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 transaction, the chief executive officer directly owned 51,391,879 shares in the company, valued at approximately $5,452,678,361.90. This represents a 0.31% decrease in their ownership of the stock. The disclosure for this sale can be found here. 17.20% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several brokerages recently commented on FTNT. Barclays set a $110.00 target price on Fortinet and gave the stock an "equal weight" rating in a research report on Monday, July 14th. Stephens initiated coverage on Fortinet in a report on Tuesday, April 1st. They set an "equal weight" rating and a $108.00 price objective for the company. UBS Group cut their price target on Fortinet from $115.00 to $105.00 and set a "neutral" rating for the company in a report on Thursday, May 8th. Stifel Nicolaus cut their price target on Fortinet from $115.00 to $95.00 and set a "hold" rating for the company in a report on Thursday, May 8th. Finally, Robert W. Baird upped their target price on shares of Fortinet from $110.00 to $113.00 and gave the company a "neutral" rating in a research report on Tuesday, May 6th. One equities research analyst has rated the stock with a sell rating, twenty have given a hold rating, twelve have given a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average price target of $106.48.

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.