Koshinski Asset Management Inc. Purchases New Stake in Fortinet, Inc. (NASDAQ:FTNT)

Koshinski Asset Management Inc. acquired a new position in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) in the 1st quarter, according to its most recent Form 13F filing with the SEC. The firm acquired 4,000 shares of the software maker's stock, valued at approximately $385,000.

Several other hedge funds and other institutional investors also recently modified their holdings of FTNT. Eagle Capital Management LLC increased its holdings in shares of Fortinet by 1.6% in the 4th quarter. Eagle Capital Management LLC now owns 26,176 shares of the software maker's stock valued at $2,473,000 after acquiring an additional 404 shares during the last quarter. Brighton Jones LLC boosted its holdings in Fortinet by 2.2% in the fourth 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 period. Proficio Capital Partners LLC increased its stake in Fortinet by 18,353.2% during the fourth quarter. Proficio Capital Partners LLC now owns 547,323 shares of the software maker's stock valued at $547,000 after purchasing an additional 544,357 shares during the last quarter. Private Trust Co. NA raised its holdings in shares of Fortinet by 95.0% during the fourth quarter. Private Trust Co. NA now owns 630 shares of the software maker's stock worth $60,000 after purchasing an additional 307 shares during the period. Finally, Smartleaf Asset Management LLC raised its holdings in shares of Fortinet by 35.1% during the fourth quarter. Smartleaf Asset Management LLC now owns 3,907 shares of the software maker's stock worth $372,000 after purchasing an additional 1,014 shares during the period. Institutional investors own 83.71% of the company's stock.

Insider Activity

In other news, VP Michael Xie sold 3,546 shares of the stock in a transaction 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 completion of the sale, the vice president owned 11,000,068 shares in the company, valued at $1,167,217,215.48. This represents a 0.03% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director William H. Neukom bought 335 shares of the firm's stock in a transaction dated Friday, June 6th. The stock was acquired at an average cost of $104.22 per share, with a total value of $34,913.70. Following the transaction, the director owned 301,471 shares of the company's stock, valued at $31,419,307.62. This trade represents a 0.11% increase in their ownership of the stock. The disclosure for this purchase can be found here. 17.20% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several research firms have recently commented on FTNT. Stifel Nicolaus decreased their price target on shares of Fortinet from $115.00 to $95.00 and set a "hold" rating for the company in a report on Thursday, May 8th. Wells Fargo & Company decreased their target price on Fortinet from $105.00 to $95.00 and set an "equal weight" rating for the company in a research note on Thursday, May 8th. Royal Bank Of Canada lowered their target price on Fortinet from $110.00 to $105.00 and set a "sector perform" rating for the company in a report on Thursday, May 8th. UBS Group cut their price target on Fortinet from $115.00 to $105.00 and set a "neutral" rating on the stock in a report on Thursday, May 8th. Finally, Roth Capital set a $103.00 price objective on Fortinet and gave the company a "neutral" rating in a research report on Tuesday, April 22nd. One equities research analyst has rated the stock with a sell rating, twenty-one have given a hold rating, eleven have issued a buy rating and two have issued a strong buy rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and an average target price of $105.62.

Fortinet Price Performance

NASDAQ:FTNT opened at $102.21 on Thursday. Fortinet, Inc. has a 52-week low of $54.57 and a 52-week high of $114.82. 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 $78.23 billion, a P/E ratio of 42.06, a PEG ratio of 3.53 and a beta of 1.06. The business's 50-day moving average price is $103.07 and its 200 day moving average price is $100.58.

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 (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 company had revenue of $1.54 billion for the quarter, compared to analysts' expectations of $1.54 billion. During the same quarter in the prior year, the company earned $0.43 earnings per share. The firm's revenue was up 13.8% on a year-over-year basis. As a group, sell-side analysts predict that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

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.

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