Fortinet, Inc. (NASDAQ:FTNT) Shares Bought by Hennion & Walsh Asset Management Inc.

Hennion & Walsh Asset Management Inc. raised its position in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 6.6% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 56,758 shares of the software maker's stock after purchasing an additional 3,533 shares during the period. Hennion & Walsh Asset Management Inc.'s holdings in Fortinet were worth $5,464,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also made changes to their positions in FTNT. Edmond DE Rothschild Holding S.A. purchased a new position in shares of Fortinet in the 4th quarter valued at $27,000. Oarsman Capital Inc. boosted its position in Fortinet by 188.9% during the fourth quarter. Oarsman Capital Inc. now owns 416 shares of the software maker's stock valued at $39,000 after purchasing an additional 272 shares in the last quarter. Graney & King LLC purchased a new position in Fortinet in the fourth quarter valued at about $43,000. Banque Transatlantique SA bought a new position in Fortinet in the fourth quarter worth about $43,000. Finally, Golden State Wealth Management LLC purchased a new stake in shares of Fortinet during the fourth quarter valued at about $46,000. Institutional investors own 83.71% of the company's stock.

Fortinet Price Performance

FTNT stock traded up $1.88 during mid-day trading on Thursday, reaching $103.50. 3,367,742 shares of the company's stock were exchanged, compared to its average volume of 4,968,438. The company has a debt-to-equity ratio of 0.67, a current ratio of 1.47 and a quick ratio of 1.39. Fortinet, Inc. has a 12-month low of $54.57 and a 12-month high of $114.82. The stock's 50 day moving average is $99.87 and its 200 day moving average is $99.61. The company has a market cap of $79.22 billion, a price-to-earnings ratio of 45.80, a price-to-earnings-growth ratio of 4.19 and a beta of 1.06.

Fortinet (NASDAQ:FTNT - Get Free Report) last announced its earnings results 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 return on equity of 256.53% and a net margin of 29.30%. The firm had revenue of $1.54 billion for the quarter, compared to analyst estimates of $1.54 billion. During the same quarter last year, the firm posted $0.43 EPS. The business's revenue was up 13.8% on a year-over-year basis. On average, research analysts expect that Fortinet, Inc. will post 2.09 EPS for the current year.

Wall Street Analysts Forecast Growth

FTNT has been the topic of a number of analyst reports. Scotiabank cut 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 report on Thursday, May 8th. Susquehanna increased their price objective on Fortinet from $90.00 to $110.00 and gave the company a "neutral" rating in a report on Monday, February 10th. Wall Street Zen raised Fortinet from a "hold" rating to a "buy" rating in a research report on Tuesday, May 20th. Wells Fargo & Company reduced their target price on Fortinet from $105.00 to $95.00 and set an "equal weight" rating on the stock in a research report on Thursday, May 8th. Finally, Stifel Nicolaus lowered 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. One investment analyst has rated the stock with a sell rating, twenty have assigned a hold rating, twelve have assigned a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of "Hold" and a consensus price target of $104.80.

Insider Activity

In related news, VP Michael Xie sold 326,784 shares of the firm's stock in a transaction dated Tuesday, March 11th. The shares were sold at an average price of $98.17, for a total value of $32,080,385.28. Following the transaction, the vice president now directly owns 11,000,068 shares of the company's stock, valued at approximately $1,079,876,675.56. This trade represents a 2.89% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Ken Xie sold 206,000 shares of the business'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 value of $19,967,580.00. Following the sale, the chief executive officer now owns 51,391,879 shares of the company's stock, valued at approximately $4,981,414,831.47. This trade represents a 0.40% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 697,818 shares of company stock worth $69,539,128 over the last 90 days. 18.00% of the stock is currently owned by company insiders.

Fortinet Company 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.