YHB Investment Advisors Inc. Has $6.58 Million Stock Position in Fortinet, Inc. (NASDAQ:FTNT)

YHB Investment Advisors Inc. increased its stake in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 3.9% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 68,354 shares of the software maker's stock after purchasing an additional 2,557 shares during the quarter. YHB Investment Advisors Inc.'s holdings in Fortinet were worth $6,580,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of the stock. SJS Investment Consulting Inc. boosted its stake in shares of Fortinet by 703.1% in the 1st quarter. SJS Investment Consulting Inc. now owns 257 shares of the software maker's stock valued at $25,000 after purchasing an additional 225 shares during the last quarter. Edmond DE Rothschild Holding S.A. acquired a new position in Fortinet in the fourth quarter valued at approximately $27,000. ORG Partners LLC lifted its holdings in Fortinet by 47.5% in the first quarter. ORG Partners LLC now owns 348 shares of the software maker's stock valued at $34,000 after buying an additional 112 shares during the period. EQ Wealth Advisors LLC bought a new position in Fortinet in the first quarter valued at approximately $35,000. Finally, Oarsman Capital Inc. grew 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 acquiring an additional 272 shares during the period. 83.71% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on FTNT. DZ Bank raised Fortinet from a "strong sell" rating to a "hold" rating in a research note on Thursday, May 8th. Jefferies Financial Group reduced their target price on Fortinet from $115.00 to $105.00 and set a "hold" rating on the stock in a report on Monday, March 31st. Wolfe Research assumed coverage on Fortinet in a research report on Monday, May 12th. They set a "peer perform" rating for the company. Morgan Stanley cut their price target on shares of Fortinet from $123.00 to $105.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 16th. Finally, Scotiabank reduced their price objective on shares of Fortinet from $135.00 to $115.00 and set a "sector outperform" rating on the stock in a research note on Thursday, May 8th. One analyst has rated the stock with a sell rating, twenty have issued a hold rating, twelve have issued a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of "Hold" and an average target price of $104.80.

Fortinet Stock Down 0.7%

Shares of NASDAQ FTNT traded down $0.73 during midday trading on Wednesday, reaching $103.69. The company's stock had a trading volume of 2,791,906 shares, compared to its average volume of 4,885,323. The stock has a 50 day simple moving average of $102.10 and a 200-day simple moving average of $100.36. 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 stock has a market capitalization of $79.37 billion, a price-to-earnings ratio of 42.67, a PEG ratio of 3.56 and a beta of 1.06. Fortinet, Inc. has a fifty-two week low of $54.57 and a fifty-two week high of $114.82.

Fortinet (NASDAQ:FTNT - Get Free Report) last released its earnings results on Wednesday, May 7th. The software maker reported $0.58 earnings per share 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 business had revenue of $1.54 billion during the quarter, compared to the consensus estimate of $1.54 billion. During the same quarter last year, the firm earned $0.43 earnings per share. The firm's revenue for the quarter was up 13.8% compared to the same quarter last year. Equities research analysts predict that Fortinet, Inc. will post 2.09 earnings per share for the current year.

Insider Activity at Fortinet

In other news, VP Michael Xie sold 3,546 shares of the stock in a transaction that occurred 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 sale, the vice president now owns 11,000,068 shares of the company's stock, valued at approximately $1,167,217,215.48. This represents a 0.03% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director William H. Neukom bought 335 shares of the stock in a transaction that occurred on Friday, June 6th. The shares were purchased at an average price of $104.22 per share, for a total transaction of $34,913.70. Following the completion of the acquisition, the director now owns 301,471 shares of the company's stock, valued at $31,419,307.62. The trade was a 0.11% increase in their position. The disclosure for this purchase can be found here. 18.00% of the stock is owned by company insiders.

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.