Jackson Wealth Management LLC Purchases 14,833 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Jackson Wealth Management LLC increased its stake in Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 29.6% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 64,909 shares of the software maker's stock after acquiring an additional 14,833 shares during the period. Jackson Wealth Management LLC's holdings in Fortinet were worth $6,248,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of FTNT. Norges Bank purchased a new position in Fortinet in the fourth quarter valued at approximately $724,048,000. Schroder Investment Management Group acquired a new position in shares of Fortinet during the fourth quarter worth $389,867,000. FMR LLC lifted its position in shares of Fortinet by 77.2% during the fourth quarter. FMR LLC now owns 6,531,705 shares of the software maker's stock worth $617,115,000 after purchasing an additional 2,846,475 shares in the last quarter. Arrowstreet Capital Limited Partnership lifted its position in shares of Fortinet by 39.3% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 7,622,253 shares of the software maker's stock worth $720,150,000 after purchasing an additional 2,151,811 shares in the last quarter. Finally, Bessemer Group Inc. lifted its position in shares of Fortinet by 72.6% during the fourth quarter. Bessemer Group Inc. now owns 4,906,439 shares of the software maker's stock worth $463,561,000 after purchasing an additional 2,064,016 shares in the last quarter. 83.71% of the stock is owned by institutional investors and hedge funds.

Fortinet Trading Down 0.2%

FTNT stock traded down $0.20 during midday trading on Tuesday, reaching $106.45. The stock had a trading volume of 2,143,793 shares, compared to its average volume of 4,854,029. The business has a fifty day simple moving average of $103.31 and a two-hundred day simple moving average of $100.84. The company has a quick ratio of 1.29, a current ratio of 1.36 and a debt-to-equity ratio of 0.25. The firm has a market cap of $81.48 billion, a price-to-earnings ratio of 43.81, a PEG ratio of 3.64 and a beta of 1.06. Fortinet, Inc. has a twelve month low of $54.57 and a twelve month high of $114.82.

Fortinet (NASDAQ:FTNT - Get Free Report) last announced its quarterly earnings data on Wednesday, May 7th. The software maker reported $0.58 EPS for the quarter, topping analysts' consensus estimates of $0.53 by $0.05. The firm had revenue of $1.54 billion during the quarter, compared to analyst estimates of $1.54 billion. Fortinet had a return on equity of 148.79% and a net margin of 30.60%. The company's revenue was up 13.8% on a year-over-year basis. During the same period last year, the company earned $0.43 earnings per share. As a group, research analysts expect that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the stock. Stephens assumed 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. Rosenblatt Securities reaffirmed a "buy" rating and issued a $125.00 price target on shares of Fortinet in a report on Tuesday, June 17th. BMO Capital Markets cut their price target on shares of Fortinet from $122.00 to $110.00 and set a "market perform" rating on the stock in a report on Thursday, May 8th. Robert W. Baird boosted their target price on shares of Fortinet from $110.00 to $113.00 and gave the company a "neutral" rating in a research note on Tuesday, May 6th. Finally, Roth Capital set a $103.00 target price on shares of Fortinet and gave the company a "neutral" rating in a research note on Tuesday, April 22nd. One investment analyst has rated the stock with a sell rating, twenty-one have issued a hold rating, eleven have given a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, Fortinet presently has an average rating of "Hold" and an average price target of $105.62.

Insider Activity at Fortinet

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