Fortinet, Inc. (NASDAQ:FTNT) Shares Acquired by Lmcg Investments LLC

Lmcg Investments LLC lifted its position in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 28.5% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 52,623 shares of the software maker's stock after acquiring an additional 11,657 shares during the quarter. Lmcg Investments LLC's holdings in Fortinet were worth $5,065,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of FTNT. Eagle Capital Management LLC boosted its stake in shares of Fortinet by 1.6% during the 4th quarter. Eagle Capital Management LLC now owns 26,176 shares of the software maker's stock worth $2,473,000 after acquiring an additional 404 shares in the last quarter. Brighton Jones LLC boosted its stake in shares of Fortinet by 2.2% during the 4th quarter. Brighton Jones LLC now owns 10,327 shares of the software maker's stock worth $976,000 after acquiring an additional 221 shares in the last quarter. CENTRAL TRUST Co boosted its stake in shares of Fortinet by 52.3% during the 4th quarter. CENTRAL TRUST Co now owns 4,739 shares of the software maker's stock worth $448,000 after acquiring an additional 1,627 shares in the last quarter. Trust Point Inc. boosted its stake in shares of Fortinet by 22.1% during the 4th quarter. Trust Point Inc. now owns 3,462 shares of the software maker's stock worth $327,000 after acquiring an additional 626 shares in the last quarter. Finally, Columbus Macro LLC boosted its stake in shares of Fortinet by 29.2% during the 4th quarter. Columbus Macro LLC now owns 3,908 shares of the software maker's stock worth $369,000 after acquiring an additional 883 shares in the last quarter. Hedge funds and other institutional investors own 83.71% of the company's stock.

Insiders Place Their Bets

In other news, CEO Ken Xie sold 206,000 shares of Fortinet stock in a transaction that occurred on Monday, March 10th. The stock was sold at an average price of $96.93, for a total transaction of $19,967,580.00. Following the sale, the chief executive officer now owns 51,391,879 shares of the company's stock, valued at approximately $4,981,414,831.47. The trade was a 0.40% decrease 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 Fortinet stock in a transaction that occurred on Friday, May 2nd. The shares were sold at an average price of $106.11, for a total value of $376,266.06. Following the sale, the vice president now directly owns 11,000,068 shares in the company, valued at approximately $1,167,217,215.48. This trade represents a 0.03% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 697,818 shares of company stock valued at $69,539,128 over the last quarter. Insiders own 18.00% of the company's stock.

Fortinet Stock Performance

NASDAQ FTNT traded up $1.88 during trading hours on Thursday, reaching $103.50. The company's stock had a trading volume of 3,367,742 shares, compared to its average volume of 4,973,853. The company has a current ratio of 1.47, a quick ratio of 1.39 and a debt-to-equity ratio of 0.67. The business has a 50-day simple moving average of $100.02 and a 200 day simple moving average of $99.69. Fortinet, Inc. has a 52 week low of $54.57 and a 52 week high of $114.82. The stock has a market cap of $79.22 billion, a PE ratio of 45.80, a PEG ratio of 4.19 and a beta of 1.06.

Fortinet (NASDAQ:FTNT - Get Free Report) last issued its earnings results on Wednesday, May 7th. The software maker reported $0.58 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.53 by $0.05. Fortinet had a net margin of 29.30% and a return on equity of 256.53%. The firm had revenue of $1.54 billion for the quarter, compared to analysts' expectations of $1.54 billion. During the same quarter last year, the company posted $0.43 earnings per share. Fortinet's revenue was up 13.8% on a year-over-year basis. Equities research analysts predict that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on FTNT. Susquehanna increased their price target on Fortinet from $90.00 to $110.00 and gave the stock a "neutral" rating in a research note on Monday, February 10th. Wolfe Research initiated coverage on Fortinet in a research note on Monday, May 12th. They set a "peer perform" rating on the stock. The Goldman Sachs Group increased their target price on Fortinet from $114.00 to $130.00 and gave the stock a "buy" rating in a research report on Friday, February 7th. Cantor Fitzgerald cut their target price on Fortinet from $115.00 to $100.00 and set a "neutral" rating on the stock in a research report on Thursday, April 24th. Finally, Rosenblatt Securities increased their target price on Fortinet from $115.00 to $125.00 and gave the stock a "buy" rating in a research report on Friday, February 7th. One investment analyst has rated the stock with a sell rating, twenty have issued a hold rating, twelve have given a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus price target of $104.80.

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.