LVW Advisors LLC Invests $241,000 in Fortinet, Inc. (NASDAQ:FTNT)

LVW Advisors LLC purchased a new stake in Fortinet, Inc. (NASDAQ:FTNT - Free Report) during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 2,501 shares of the software maker's stock, valued at approximately $241,000.

Other institutional investors have also recently added to or reduced their stakes in the company. Manchester Capital Management LLC lifted its position in shares of Fortinet by 13.5% during the fourth quarter. Manchester Capital Management LLC now owns 843 shares of the software maker's stock valued at $80,000 after buying an additional 100 shares during the last quarter. Fielder Capital Group LLC raised its stake in shares of Fortinet by 1.6% in the fourth quarter. Fielder Capital Group LLC now owns 6,904 shares of the software maker's stock worth $652,000 after purchasing an additional 111 shares during the last quarter. Sheaff Brock Investment Advisors LLC grew its holdings in Fortinet by 1.4% during the fourth quarter. Sheaff Brock Investment Advisors LLC now owns 8,346 shares of the software maker's stock worth $789,000 after acquiring an additional 114 shares during the period. CIBC Private Wealth Group LLC grew its holdings in Fortinet by 1.3% during the fourth quarter. CIBC Private Wealth Group LLC now owns 9,390 shares of the software maker's stock worth $902,000 after acquiring an additional 116 shares during the period. Finally, Evergreen Capital Management LLC grew its holdings in Fortinet by 2.0% in the fourth quarter. Evergreen Capital Management LLC now owns 6,240 shares of the software maker's stock valued at $590,000 after purchasing an additional 124 shares during the period. 83.71% of the stock is owned by institutional investors and hedge funds.

Fortinet Stock Up 1.9%

Fortinet stock traded up $1.88 during midday trading on Thursday, hitting $103.50. 3,367,742 shares of the company's stock were exchanged, compared to its average volume of 4,968,438. The company has a debt-to-equity ratio of 0.67, a quick ratio of 1.39 and a current ratio of 1.47. Fortinet, Inc. has a 12 month low of $54.57 and a 12 month high of $114.82. The firm has a 50-day moving average of $99.87 and a two-hundred day moving average of $99.61. The company has a market cap of $79.22 billion, a PE ratio of 45.80, a P/E/G ratio of 4.19 and a beta of 1.06.

Fortinet (NASDAQ:FTNT - Get Free Report) last released its quarterly 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 for the quarter, compared to analysts' expectations of $1.54 billion. Fortinet had a net margin of 29.30% and a return on equity of 256.53%. The company's revenue was up 13.8% compared to the same quarter last year. During the same period last year, the business earned $0.43 EPS. As a group, analysts expect that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

FTNT has been the topic of a number of analyst reports. The Goldman Sachs Group lifted their price objective on Fortinet from $114.00 to $130.00 and gave the stock a "buy" rating in a research report on Friday, February 7th. Stifel Nicolaus dropped their price objective on Fortinet from $115.00 to $95.00 and set a "hold" rating for the company in a research note on Thursday, May 8th. Jefferies Financial Group lowered their target price on Fortinet from $115.00 to $105.00 and set a "hold" rating for the company in a research note on Monday, March 31st. Morgan Stanley lowered their price objective on Fortinet from $123.00 to $105.00 and set an "overweight" rating for the company in a research report on Wednesday, April 16th. Finally, Piper Sandler reissued an "overweight" rating and issued a $135.00 target price (up from $120.00) on shares of Fortinet in a report on Friday, February 7th. One equities research analyst has rated the stock with a sell rating, twenty have issued a hold rating, twelve have issued a buy rating and two have assigned a strong buy rating to the company's stock. According to data from MarketBeat, Fortinet currently has a consensus rating of "Hold" and an average target price of $104.80.

Insider Activity at Fortinet

In other Fortinet news, VP Michael Xie sold 326,784 shares of the business's stock in a transaction dated Tuesday, March 11th. The shares were sold at an average price of $98.17, for a total transaction of $32,080,385.28. Following the sale, the vice president now directly owns 11,000,068 shares in the company, valued at $1,079,876,675.56. This represents a 2.89% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Ken Xie sold 158,488 shares of the company's stock in a transaction that occurred on Friday, May 2nd. The shares were sold at an average price of $106.10, for a total value of $16,815,576.80. Following the completion of the transaction, the chief executive officer now directly owns 51,391,879 shares of the company's stock, valued at $5,452,678,361.90. This trade represents a 0.31% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 697,818 shares of company stock valued at $69,539,128. 18.00% of the stock is owned by company insiders.

About Fortinet

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.