318,947 Shares in Fortinet, Inc. (NASDAQ:FTNT) Purchased by Main Street Research LLC

Main Street Research LLC bought a new position in Fortinet, Inc. (NASDAQ:FTNT - Free Report) during the first quarter, according to its most recent Form 13F filing with the SEC. The firm bought 318,947 shares of the software maker's stock, valued at approximately $30,702,000. Fortinet makes up approximately 2.0% of Main Street Research LLC's investment portfolio, making the stock its 26th biggest position.

A number of other institutional investors have also bought and sold shares of the business. Vanguard Group Inc. lifted its stake in Fortinet by 1.1% in the 4th quarter. Vanguard Group Inc. now owns 68,115,470 shares of the software maker's stock worth $6,435,550,000 after purchasing an additional 730,994 shares in the last quarter. Geode Capital Management LLC lifted its stake in Fortinet by 2.6% in the 4th quarter. Geode Capital Management LLC now owns 15,270,913 shares of the software maker's stock worth $1,440,648,000 after purchasing an additional 387,901 shares in the last quarter. Invesco Ltd. lifted its stake in Fortinet by 31.3% in the 4th quarter. Invesco Ltd. now owns 8,388,693 shares of the software maker's stock worth $792,564,000 after purchasing an additional 2,000,888 shares in the last quarter. Norges Bank purchased a new stake in shares of Fortinet during the 4th quarter valued at approximately $724,048,000. Finally, Arrowstreet Capital Limited Partnership lifted its holdings in Fortinet by 39.3% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 7,622,253 shares of the software maker's stock valued at $720,150,000 after acquiring an additional 2,151,811 shares during the last quarter. 83.71% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

FTNT has been the subject of several recent analyst reports. BMO Capital Markets cut their target price on Fortinet from $122.00 to $110.00 and set a "market perform" rating for the company in a research note on Thursday, May 8th. DZ Bank upgraded shares of Fortinet from a "strong sell" rating to a "hold" rating in a report on Thursday, May 8th. Jefferies Financial Group dropped their price target on shares of Fortinet from $115.00 to $105.00 and set a "hold" rating for the company in a research report on Monday, March 31st. Royal Bank Of Canada decreased their price objective on shares of Fortinet from $110.00 to $105.00 and set a "sector perform" rating on the stock in a report on Thursday, May 8th. Finally, Cantor Fitzgerald dropped their target price on shares of Fortinet from $115.00 to $100.00 and set a "neutral" rating for the company in a report on Thursday, April 24th. One research analyst has rated the stock with a sell rating, twenty-one have given a hold rating, eleven have given a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, the company has an average rating of "Hold" and an average target price of $105.62.

Insider Transactions at Fortinet

In other news, VP Michael Xie sold 3,546 shares of the stock in a transaction dated 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 owned 11,000,068 shares in the company, valued at approximately $1,167,217,215.48. This represents a 0.03% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director William H. Neukom purchased 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 completion of the acquisition, the director directly owned 301,471 shares of the company's stock, valued at $31,419,307.62. This represents a 0.11% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders own 17.20% of the company's stock.

Fortinet Stock Performance

FTNT traded down $0.33 on Friday, reaching $99.87. The company had a trading volume of 608,584 shares, compared to its average volume of 4,861,273. Fortinet, Inc. has a 1 year low of $54.57 and a 1 year high of $114.82. The stock has a market capitalization of $76.45 billion, a PE ratio of 41.16, a P/E/G ratio of 3.71 and a beta of 1.06. 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 stock has a 50-day moving average price of $103.37 and a 200-day moving average price of $100.96.

Fortinet (NASDAQ:FTNT - Get Free Report) last announced 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. Fortinet had a net margin of 30.60% and a return on equity of 148.79%. The firm had revenue of $1.54 billion during the quarter, compared to analysts' expectations of $1.54 billion. During the same period in the previous year, the company earned $0.43 earnings per share. Fortinet's quarterly revenue was up 13.8% compared to the same quarter last year. As a group, research analysts forecast that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

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.