Cerity Partners LLC Has $33.54 Million Holdings in Fortinet, Inc. (NASDAQ:FTNT)

Cerity Partners LLC increased its position in Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 25.7% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 348,400 shares of the software maker's stock after buying an additional 71,170 shares during the period. Cerity Partners LLC's holdings in Fortinet were worth $33,537,000 as of its most recent SEC filing.

A number of other institutional investors have also modified their holdings of the company. Eagle Capital Management LLC grew its holdings in Fortinet by 1.6% in the fourth quarter. Eagle Capital Management LLC now owns 26,176 shares of the software maker's stock valued at $2,473,000 after purchasing an additional 404 shares during the period. Brighton Jones LLC boosted its stake in shares of Fortinet by 2.2% in the fourth quarter. Brighton Jones LLC now owns 10,327 shares of the software maker's stock valued at $976,000 after purchasing an additional 221 shares during the period. Proficio Capital Partners LLC boosted its stake in shares of Fortinet by 95.3% in the fourth quarter. Proficio Capital Partners LLC now owns 5,793 shares of the software maker's stock valued at $547,000 after purchasing an additional 2,827 shares during the period. Sequoia Financial Advisors LLC raised its holdings in Fortinet by 30.4% in the fourth quarter. Sequoia Financial Advisors LLC now owns 15,714 shares of the software maker's stock valued at $1,485,000 after acquiring an additional 3,659 shares in the last quarter. Finally, EverSource Wealth Advisors LLC raised its holdings in Fortinet by 243.0% in the fourth quarter. EverSource Wealth Advisors LLC now owns 2,480 shares of the software maker's stock valued at $234,000 after acquiring an additional 1,757 shares in the last quarter. Institutional investors and hedge funds own 83.71% of the company's stock.

Fortinet Price Performance

Shares of FTNT traded down $1.49 during midday trading on Wednesday, reaching $103.44. The stock had a trading volume of 3,509,297 shares, compared to its average volume of 4,879,031. 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 current ratio of 1.36 and a quick ratio of 1.29. The firm's 50 day moving average price is $103.07 and its 200-day moving average price is $101.09. The company has a market capitalization of $79.18 billion, a P/E ratio of 42.57, a P/E/G ratio of 3.55 and a beta of 1.06.

Fortinet (NASDAQ:FTNT - Get Free Report) last posted its quarterly earnings data on Wednesday, May 7th. The software maker reported $0.58 EPS for the quarter, beating analysts' consensus estimates 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 30.60% and a return on equity of 148.79%. The business's quarterly revenue was up 13.8% on a year-over-year basis. During the same period in the prior year, the firm earned $0.43 earnings per share. On average, analysts forecast that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

Insider Activity

In other news, VP Michael Xie sold 3,546 shares of the business's 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 transaction, the vice president directly owned 11,000,068 shares in the company, valued at $1,167,217,215.48. The trade was a 0.03% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Ken Xie sold 158,488 shares of the business's 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 transaction, the chief executive officer 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. 18.00% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several analysts recently issued reports on FTNT shares. 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 report on Wednesday, April 16th. Stephens started coverage on shares of Fortinet in a report on Tuesday, April 1st. They issued an "equal weight" rating and a $108.00 price target on the stock. Cantor Fitzgerald upped their price target on shares of Fortinet from $100.00 to $110.00 and gave the company a "neutral" rating in a report on Wednesday. Wolfe Research started coverage on shares of Fortinet in a report on Monday, May 12th. They issued a "peer perform" rating on the stock. Finally, Wells Fargo & Company cut their price target on shares of Fortinet from $105.00 to $95.00 and set an "equal weight" rating on the stock in a report on Thursday, May 8th. One equities 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 stock. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus 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.