J.W. Cole Advisors Inc. boosted its position in Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 34.6% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 14,581 shares of the software maker's stock after acquiring an additional 3,751 shares during the period. J.W. Cole Advisors Inc.'s holdings in Fortinet were worth $1,404,000 at the end of the most recent quarter.
Several other hedge funds have also added to or reduced their stakes in FTNT. SJS Investment Consulting Inc. lifted its holdings in shares of Fortinet by 703.1% during the 1st quarter. SJS Investment Consulting Inc. now owns 257 shares of the software maker's stock valued at $25,000 after purchasing an additional 225 shares in the last quarter. Edmond DE Rothschild Holding S.A. acquired a new stake in Fortinet in the 4th quarter valued at approximately $27,000. ORG Partners LLC raised its position in Fortinet by 47.5% in the 1st quarter. ORG Partners LLC now owns 348 shares of the software maker's stock valued at $34,000 after buying an additional 112 shares during the last quarter. EQ Wealth Advisors LLC acquired a new stake in Fortinet in the 1st quarter valued at approximately $35,000. Finally, Mechanics Financial Corp acquired a new stake in Fortinet in the 1st quarter valued at approximately $36,000. Institutional investors own 83.71% of the company's stock.
Fortinet Stock Performance
NASDAQ FTNT traded up $0.14 on Friday, hitting $104.91. 924,589 shares of the company traded hands, compared to its average volume of 4,768,443. 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 $103.47 and its 200-day moving average price is $101.51. The company has a market capitalization of $80.30 billion, a price-to-earnings ratio of 43.19, a P/E/G ratio of 3.62 and a beta of 1.06. Fortinet, Inc. has a 52-week low of $54.57 and a 52-week high of $114.82.
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 the consensus estimate of $0.53 by $0.05. Fortinet had a return on equity of 148.79% and a net margin of 30.60%. The business had revenue of $1.54 billion during the quarter, compared to analyst estimates of $1.54 billion. During the same quarter in the previous year, the business earned $0.43 earnings per share. The company's revenue for the quarter was up 13.8% compared to the same quarter last year. Equities analysts expect that Fortinet, Inc. will post 2.09 earnings per share for the current year.
Insider Transactions at Fortinet
In other news, Director William H. Neukom bought 335 shares of the business's stock in a transaction that occurred on Friday, June 6th. The shares were purchased at an average cost of $104.22 per share, with a total value of $34,913.70. Following the transaction, the director directly owned 301,471 shares in the company, valued at approximately $31,419,307.62. The trade was a 0.11% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, VP Michael Xie sold 3,546 shares of the company'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 completion of the sale, the vice president directly owned 11,000,068 shares in the company, valued at approximately $1,167,217,215.48. The trade was a 0.03% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 17.20% of the company's stock.
Analyst Upgrades and Downgrades
A number of equities research analysts recently issued reports on the company. DZ Bank raised Fortinet from a "strong sell" rating to a "hold" rating in a research report on Thursday, May 8th. Wells Fargo & Company dropped 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. Stifel Nicolaus dropped their target price on Fortinet from $115.00 to $95.00 and set a "hold" rating on the stock in a research report on Thursday, May 8th. BMO Capital Markets lowered their price target on Fortinet from $122.00 to $110.00 and set a "market perform" rating on the stock in a research report on Thursday, May 8th. Finally, KeyCorp lowered their price target on Fortinet from $120.00 to $115.00 and set an "overweight" rating on the stock in a research report on Thursday, May 8th. One analyst has rated the stock with a sell rating, twenty have given a hold rating, twelve have issued a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, Fortinet has a consensus rating of "Hold" and an average target price of $106.48.
Check Out Our Latest Report on Fortinet
About Fortinet
(
Free Report)
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.
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