Main Street Research LLC Buys Shares of 318,947 Fortinet, Inc. (NASDAQ:FTNT)

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

Several other institutional investors also recently bought and sold shares of FTNT. SJS Investment Consulting Inc. boosted its stake in shares of Fortinet by 703.1% during the first quarter. SJS Investment Consulting Inc. now owns 257 shares of the software maker's stock worth $25,000 after buying an additional 225 shares during the period. Edmond DE Rothschild Holding S.A. acquired a new stake in Fortinet in the fourth quarter valued at $27,000. ORG Partners LLC increased its holdings in Fortinet by 47.5% during the 1st quarter. ORG Partners LLC now owns 348 shares of the software maker's stock valued at $34,000 after acquiring an additional 112 shares in the last quarter. EQ Wealth Advisors LLC acquired a new position in shares of Fortinet during the 1st quarter worth approximately $35,000. Finally, Wayfinding Financial LLC acquired a new position in shares of Fortinet in the first quarter worth $36,000. 83.71% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

FTNT has been the subject of several recent analyst reports. Morgan Stanley lowered their price target on Fortinet from $123.00 to $105.00 and set an "overweight" rating for the company in a report on Wednesday, April 16th. DZ Bank raised shares of Fortinet from a "strong sell" rating to a "hold" rating in a research report on Thursday, May 8th. Rosenblatt Securities restated a "buy" rating and set a $125.00 price objective on shares of Fortinet in a report on Tuesday, June 17th. Wells Fargo & Company lowered their price objective on Fortinet from $105.00 to $95.00 and set an "equal weight" rating for the company in a report on Thursday, May 8th. Finally, Stephens initiated coverage on shares of Fortinet in a research report on Tuesday, April 1st. They issued an "equal weight" rating and a $108.00 price target on the stock. 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. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus price target of $105.62.

Fortinet Price Performance

FTNT traded up $0.11 during trading on Wednesday, reaching $107.65. The stock had a trading volume of 4,441,429 shares, compared to its average volume of 4,869,562. The stock has a market cap of $82.40 billion, a PE ratio of 44.30, a PEG ratio of 3.71 and a beta of 1.06. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.29 and a current ratio of 1.36. Fortinet, Inc. has a one year low of $54.57 and a one year high of $114.82. The business has a 50-day moving average of $103.37 and a 200-day moving average of $100.89.

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

Insider Transactions at Fortinet

In related news, CEO Ken Xie sold 158,488 shares of the stock in a transaction dated Friday, May 2nd. The shares were sold at an average price of $106.10, for a total transaction of $16,815,576.80. Following the sale, the chief executive officer directly owned 51,391,879 shares of the company's stock, valued at approximately $5,452,678,361.90. This represents a 0.31% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, VP Michael Xie sold 3,546 shares of the firm's stock in a transaction that occurred on Friday, May 2nd. The shares were sold at an average price of $106.11, for a total transaction of $376,266.06. Following the sale, the vice president directly owned 11,000,068 shares of the company's stock, valued at $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 own 17.20% of the company's stock.

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.