Moran Wealth Management LLC Takes Position in Fortinet, Inc. (NASDAQ:FTNT)

Moran Wealth Management LLC acquired a new stake in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 97,778 shares of the software maker's stock, valued at approximately $9,412,000.

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

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on the stock. Stephens started coverage on shares of Fortinet in a research note on Tuesday, April 1st. They set an "equal weight" rating and a $108.00 price objective on the stock. 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 report on Monday, March 31st. BMO Capital Markets cut their price target on Fortinet from $122.00 to $110.00 and set a "market perform" rating on the stock in a report on Thursday, May 8th. Cantor Fitzgerald reduced their price objective on Fortinet from $115.00 to $100.00 and set a "neutral" rating for the company in a research report on Thursday, April 24th. Finally, Robert W. Baird upped their price objective on Fortinet from $110.00 to $113.00 and gave the stock a "neutral" rating in a research note on Tuesday, May 6th. One investment analyst has rated the stock with a sell rating, twenty have given a hold rating, twelve have assigned a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Hold" and an average target price of $104.80.

Fortinet Trading Down 0.7%

Shares of NASDAQ FTNT traded down $0.73 during mid-day trading on Wednesday, hitting $103.69. 2,791,881 shares of the company traded hands, compared to its average volume of 4,885,322. The business has a 50 day moving average of $102.10 and a two-hundred day moving average of $100.36. The stock has a market capitalization of $79.37 billion, a price-to-earnings ratio of 42.67, a PEG ratio of 3.56 and a beta of 1.06. Fortinet, Inc. has a 1 year low of $54.57 and a 1 year high of $114.82. 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 (NASDAQ:FTNT - Get Free Report) last released its quarterly earnings results on Wednesday, May 7th. The software maker reported $0.58 earnings per share (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 business had revenue of $1.54 billion for the quarter, compared to analyst estimates of $1.54 billion. During the same quarter in the previous year, the business earned $0.43 earnings per share. The firm's revenue was up 13.8% compared to the same quarter last year. On average, sell-side analysts anticipate that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

Insider Activity at Fortinet

In related news, CEO Ken Xie sold 158,488 shares of Fortinet stock in a transaction on Friday, May 2nd. The stock was sold at an average price of $106.10, for a total transaction of $16,815,576.80. Following the completion of the sale, the chief executive officer now owns 51,391,879 shares of the company's stock, valued at approximately $5,452,678,361.90. This trade represents a 0.31% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Michael Xie sold 3,546 shares of the company's stock in a transaction dated Friday, May 2nd. The stock was sold at an average price of $106.11, for a total value of $376,266.06. Following the completion of the transaction, the vice president now directly owns 11,000,068 shares in the company, valued at approximately $1,167,217,215.48. The trade was a 0.03% decrease in their ownership of the stock. The disclosure for this sale can be found here. 18.00% of the stock is currently owned by insiders.

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.