Main Street Research LLC Invests $30.70 Million in Fortinet, Inc. (NASDAQ:FTNT)

Main Street Research LLC bought a new stake in Fortinet, Inc. (NASDAQ:FTNT - Free Report) during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm bought 318,947 shares of the software maker's stock, valued at approximately $30,702,000. Fortinet accounts for about 2.0% of Main Street Research LLC's portfolio, making the stock its 26th biggest holding.

Several other hedge funds have also recently added to or reduced their stakes in the business. SJS Investment Consulting Inc. lifted its position in Fortinet by 703.1% in the first quarter. SJS Investment Consulting Inc. now owns 257 shares of the software maker's stock worth $25,000 after purchasing an additional 225 shares during the period. Edmond DE Rothschild Holding S.A. bought a new stake in shares of Fortinet in the 4th quarter worth $27,000. ORG Partners LLC lifted its holdings in shares of Fortinet by 47.5% in the first quarter. ORG Partners LLC now owns 348 shares of the software maker's stock valued at $34,000 after buying an additional 112 shares during the period. EQ Wealth Advisors LLC acquired a new position in Fortinet during the first quarter worth about $35,000. Finally, Wayfinding Financial LLC bought a new stake in Fortinet in the first quarter worth about $36,000. Institutional investors own 83.71% of the company's stock.

Fortinet Stock Performance

Shares of NASDAQ:FTNT traded down $6.67 during trading on Thursday, reaching $100.98. The stock had a trading volume of 2,713,835 shares, compared to its average volume of 4,862,123. The firm has a market capitalization of $77.29 billion, a price-to-earnings ratio of 41.59, 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. Fortinet, Inc. has a 52 week low of $54.57 and a 52 week high of $114.82. The stock has a fifty day simple moving average of $103.45 and a two-hundred day simple moving average of $100.94.

Fortinet (NASDAQ:FTNT - Get Free Report) last announced its earnings results on Wednesday, May 7th. The software maker reported $0.58 earnings per share 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 firm had revenue of $1.54 billion during the quarter, compared to the consensus estimate of $1.54 billion. During the same quarter in the prior year, the company earned $0.43 EPS. The firm's revenue for the quarter was up 13.8% compared to the same quarter last year. As a group, analysts anticipate that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

Insider Transactions at Fortinet

In other Fortinet news, CEO Ken Xie sold 158,488 shares of the company's stock in a transaction that occurred 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 completion of the transaction, the chief executive officer owned 51,391,879 shares of the company's stock, valued at $5,452,678,361.90. This represents a 0.31% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director William H. Neukom purchased 335 shares of the stock in a transaction on Friday, June 6th. The stock was acquired at an average cost of $104.22 per share, for a total transaction of $34,913.70. Following the acquisition, the director directly owned 301,471 shares in the company, valued at approximately $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. Insiders own 17.20% of the company's stock.

Analyst Ratings Changes

FTNT has been the topic of several recent research reports. Stifel Nicolaus lowered their price objective on shares of Fortinet from $115.00 to $95.00 and set a "hold" rating on the stock in a research note on Thursday, May 8th. Royal Bank Of Canada cut their price objective on Fortinet from $110.00 to $105.00 and set a "sector perform" rating for the company in a research report on Thursday, May 8th. Wolfe Research initiated coverage on Fortinet in a research note on Monday, May 12th. They set a "peer perform" rating for the company. Wall Street Zen lowered Fortinet from a "buy" rating to a "hold" rating in a research report on Saturday, June 28th. Finally, KeyCorp decreased their price target on Fortinet from $120.00 to $115.00 and set an "overweight" rating for the company in a research report on Thursday, May 8th. One analyst has rated the stock with a sell rating, twenty-one have issued a hold rating, eleven have given a buy rating and two have assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus target price of $105.62.

Fortinet Company 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.