4,000 Shares in Fortinet, Inc. (NASDAQ:FTNT) Purchased by Koshinski Asset Management Inc.

Koshinski Asset Management Inc. purchased a new stake in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) during the first quarter, according to the company in its most recent disclosure with the SEC. The firm purchased 4,000 shares of the software maker's stock, valued at approximately $385,000.

A number of other large investors have also recently made changes to their positions in the stock. Spinnaker Trust purchased a new stake in Fortinet during the first quarter valued at $433,000. MorganRosel Wealth Management LLC purchased a new stake in Fortinet during the first quarter valued at $183,000. Northwest Wealth Management LLC increased its position in Fortinet by 36.3% during the first quarter. Northwest Wealth Management LLC now owns 2,956 shares of the software maker's stock valued at $285,000 after acquiring an additional 788 shares during the last quarter. Amalgamated Bank increased its position in Fortinet by 1.5% during the first quarter. Amalgamated Bank now owns 135,973 shares of the software maker's stock valued at $13,089,000 after acquiring an additional 1,985 shares during the last quarter. Finally, Essex Financial Services Inc. increased its position in Fortinet by 11.1% during the first quarter. Essex Financial Services Inc. now owns 2,763 shares of the software maker's stock valued at $266,000 after acquiring an additional 276 shares during the last quarter. 83.71% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the company. Wall Street Zen lowered Fortinet from a "buy" rating to a "hold" rating in a report on Saturday, June 28th. UBS Group cut their price objective on Fortinet from $115.00 to $105.00 and set a "neutral" rating for the company in a research note on Thursday, May 8th. KeyCorp decreased their target price on shares of Fortinet from $120.00 to $115.00 and set an "overweight" rating on the stock in a research note on Thursday, May 8th. Wells Fargo & Company lowered their price target on shares of Fortinet from $105.00 to $95.00 and set an "equal weight" rating on the stock in a report on Thursday, May 8th. Finally, Roth Capital set a $103.00 price objective on shares of Fortinet and gave the stock 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 issued a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, Fortinet presently has a consensus rating of "Hold" and a consensus target price of $105.62.

Insider Activity

In other news, Director William H. Neukom purchased 335 shares of the business's stock in a transaction on Friday, June 6th. The shares were acquired at an average cost of $104.22 per share, with a total value of $34,913.70. Following the completion of the acquisition, 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 transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Ken Xie sold 158,488 shares of the company's stock in a transaction on Friday, May 2nd. The stock was sold at an average price of $106.10, for a total value of $16,815,576.80. Following the transaction, the chief executive officer directly owned 51,391,879 shares in the company, valued at approximately $5,452,678,361.90. The trade was a 0.31% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 18.00% of the company's stock.

Fortinet Trading Up 3.0%

Fortinet stock traded up $3.06 during trading hours on Friday, hitting $105.27. The company had a trading volume of 2,864,114 shares, compared to its average volume of 4,864,683. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.29 and a current ratio of 1.36. The firm has a market cap of $80.57 billion, a P/E ratio of 43.32, a P/E/G ratio of 3.64 and a beta of 1.06. The company has a 50-day moving average price of $103.23 and a two-hundred day moving average price of $100.74. Fortinet, Inc. has a 1 year low of $54.57 and a 1 year high of $114.82.

Fortinet (NASDAQ:FTNT - Get Free Report) last issued its earnings results on Wednesday, May 7th. The software maker reported $0.58 earnings per share for the quarter, beating analysts' consensus estimates of $0.53 by $0.05. The business 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%. Fortinet's revenue was up 13.8% on a year-over-year basis. During the same period in the previous year, the company posted $0.43 EPS. On average, sell-side analysts anticipate that Fortinet, Inc. will post 2.09 earnings per share for the current 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.