Fragasso Financial Advisors Inc Takes $1.38 Million Position in Fortinet, Inc. (NASDAQ:FTNT)

Fragasso Financial Advisors Inc purchased a new stake in Fortinet, Inc. (NASDAQ:FTNT - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm purchased 14,308 shares of the software maker's stock, valued at approximately $1,377,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in FTNT. Eagle Capital Management LLC lifted its position in shares of Fortinet by 1.6% during the 4th quarter. Eagle Capital Management LLC now owns 26,176 shares of the software maker's stock worth $2,473,000 after purchasing an additional 404 shares during the last quarter. Brighton Jones LLC lifted its position in shares of Fortinet by 2.2% during the 4th quarter. Brighton Jones LLC now owns 10,327 shares of the software maker's stock worth $976,000 after purchasing an additional 221 shares during the last quarter. PFG Investments LLC purchased a new stake in shares of Fortinet during the 4th quarter worth $208,000. Strategic Blueprint LLC purchased a new stake in shares of Fortinet during the 4th quarter worth $214,000. Finally, Caprock Group LLC purchased a new stake in Fortinet in the fourth quarter valued at $2,302,000. Hedge funds and other institutional investors own 83.71% of the company's stock.

Insider Activity at Fortinet

In related news, Director Kenneth A. Goldman sold 1,000 shares of the company's stock in a transaction that occurred on Monday, March 10th. The shares were sold at an average price of $99.32, for a total transaction of $99,320.00. Following the completion of the transaction, the director now owns 20,612 shares of the company's stock, valued at approximately $2,047,183.84. This represents a 4.63% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Ken Xie sold 206,000 shares of the company's stock in a transaction that occurred on Monday, March 10th. The stock was sold at an average price of $96.93, for a total transaction of $19,967,580.00. Following the transaction, the chief executive officer now directly owns 51,391,879 shares of the company's stock, valued at $4,981,414,831.47. This trade represents a 0.40% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 697,818 shares of company stock valued at $69,539,128. Company insiders own 18.00% of the company's stock.

Fortinet Price Performance

Shares of NASDAQ FTNT traded up $1.94 on Thursday, hitting $103.56. The company's stock had a trading volume of 1,004,792 shares, compared to its average volume of 4,959,354. Fortinet, Inc. has a 12-month low of $54.57 and a 12-month high of $114.82. The company has a market capitalization of $79.27 billion, a price-to-earnings ratio of 45.82, a price-to-earnings-growth ratio of 4.19 and a beta of 1.06. The company has a debt-to-equity ratio of 0.67, a current ratio of 1.47 and a quick ratio of 1.39. The stock has a 50 day moving average of $99.87 and a 200-day moving average of $99.61.

Fortinet (NASDAQ:FTNT - Get Free Report) last announced its quarterly earnings results on Wednesday, May 7th. The software maker reported $0.58 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.53 by $0.05. Fortinet had a net margin of 29.30% and a return on equity of 256.53%. The company had revenue of $1.54 billion for the quarter, compared to the consensus estimate of $1.54 billion. During the same quarter in the prior year, the firm earned $0.43 earnings per share. The company's revenue for the quarter was up 13.8% compared to the same quarter last year. As a group, research analysts predict that Fortinet, Inc. will post 2.09 EPS for the current year.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on the stock. DZ Bank raised shares of Fortinet from a "strong sell" rating to a "hold" rating 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 for the company in a research report on Thursday, May 8th. KeyCorp dropped their price objective on shares of Fortinet from $120.00 to $115.00 and set an "overweight" rating on the stock in a research note on Thursday, May 8th. Morgan Stanley dropped their price objective on shares of Fortinet from $123.00 to $105.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 16th. Finally, Piper Sandler restated an "overweight" rating and issued a $135.00 price objective (up from $120.00) on shares of Fortinet in a research note on Friday, February 7th. One equities research analyst has rated the stock with a sell rating, twenty have given a hold rating, twelve have assigned a buy rating and two have issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price of $104.80.

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.