Fortinet, Inc. (NASDAQ:FTNT) Shares Acquired by Inspire Advisors LLC

Key Points

• Inspire Advisors LLC increased its holdings in Fortinet by 283.3% in Q1, owning 36,303 shares worth $3,495,000, making it the firm's 27th largest holding.
• Wall Street analysts have a consensus rating of "Hold" for Fortinet, with a current price target averaging at $106.48.
• Fortinet reported a 13.8% year-over-year revenue increase with quarterly earnings of $0.58 per share, outperforming estimates, and has a net margin of 30.60%.

Inspire Advisors LLC increased its position in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 283.3% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 36,303 shares of the software maker's stock after acquiring an additional 26,831 shares during the period. Fortinet comprises 0.4% of Inspire Advisors LLC's holdings, making the stock its 27th largest holding. Inspire Advisors LLC's holdings in Fortinet were worth $3,495,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in FTNT. Ritholtz Wealth Management grew its holdings in shares of Fortinet by 38.4% during the first quarter. Ritholtz Wealth Management now owns 6,794 shares of the software maker's stock valued at $654,000 after buying an additional 1,885 shares during the last quarter. Dynamic Advisor Solutions LLC acquired a new position in shares of Fortinet during the first quarter valued at about $216,000. Wealth Enhancement Advisory Services LLC grew its holdings in shares of Fortinet by 40.8% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 131,411 shares of the software maker's stock valued at $12,650,000 after buying an additional 38,080 shares during the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp grew its holdings in shares of Fortinet by 14.9% during the fourth quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 124,501 shares of the software maker's stock valued at $11,763,000 after buying an additional 16,139 shares during the last quarter. Finally, GAMMA Investing LLC boosted its holdings in Fortinet by 18.9% during the first quarter. GAMMA Investing LLC now owns 20,025 shares of the software maker's stock worth $1,928,000 after purchasing an additional 3,189 shares during the last quarter. Institutional investors and hedge funds own 83.71% of the company's stock.

Fortinet Stock Performance

FTNT traded up $0.06 on Monday, reaching $104.88. The stock had a trading volume of 2,128,329 shares, compared to its average volume of 3,793,362. Fortinet, Inc. has a 12-month low of $54.57 and a 12-month high of $114.82. 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 business's 50-day moving average price is $103.48 and its two-hundred day moving average price is $101.72. The company has a market cap of $80.28 billion, a P/E ratio of 46.79, a price-to-earnings-growth ratio of 3.61 and a beta of 1.06.

Fortinet (NASDAQ:FTNT - Get Free Report) last posted its quarterly earnings results on Wednesday, May 7th. The software maker reported $0.58 earnings per share for the quarter, beating the consensus estimate 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 analysts' expectations of $1.54 billion. During the same quarter in the prior year, the company posted $0.43 EPS. The business's revenue for the quarter was up 13.8% on a year-over-year basis. Sell-side analysts forecast that Fortinet, Inc. will post 2.09 earnings per share for the current year.

Insider Buying and Selling

In related news, VP Michael Xie sold 3,546 shares of Fortinet 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 sale, the vice president directly owned 11,000,068 shares in the company, valued at $1,167,217,215.48. This trade represents a 0.03% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director William H. Neukom bought 335 shares of the business's stock in a transaction dated 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 transaction, the director directly owned 301,471 shares of the company's stock, valued at approximately $31,419,307.62. This represents a 0.11% increase in their position. The disclosure for this purchase can be found here. Insiders own 18.00% of the company's stock.

Analysts Set New Price Targets

A number of research firms have weighed in on FTNT. Barclays set a $110.00 target price on shares of Fortinet and gave the company an "equal weight" rating in a research note on Monday, July 14th. Robert W. Baird raised their target price on shares of Fortinet from $110.00 to $113.00 and gave the stock a "neutral" rating in a research report on Tuesday, May 6th. Morgan Stanley decreased their price objective on shares of Fortinet from $123.00 to $105.00 and set an "overweight" rating for the company in a report on Wednesday, April 16th. KeyCorp decreased their target price on Fortinet from $120.00 to $115.00 and set an "overweight" rating on the stock in a research note on Thursday, May 8th. Finally, Rosenblatt Securities restated a "buy" rating and set a $125.00 target price on shares of Fortinet in a research report on Monday. 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 assigned a strong buy rating to the company. According to data from MarketBeat, Fortinet presently has a consensus rating of "Hold" and an average price target of $107.00.

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.