Moran Wealth Management LLC Acquires Shares of 97,778 Fortinet, Inc. (NASDAQ:FTNT)

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

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Proficio Capital Partners LLC lifted its position in shares of Fortinet by 18,353.2% in the 4th quarter. Proficio Capital Partners LLC now owns 547,323 shares of the software maker's stock worth $547,000 after purchasing an additional 544,357 shares during the period. Ritholtz Wealth Management lifted its position in shares of Fortinet by 38.4% during the 1st quarter. Ritholtz Wealth Management now owns 6,794 shares of the software maker's stock valued at $654,000 after acquiring an additional 1,885 shares during the period. Dynamic Advisor Solutions LLC acquired a new position in shares of Fortinet during the 1st quarter valued at $216,000. Wealth Enhancement Advisory Services LLC lifted its position in shares of Fortinet by 40.8% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 131,411 shares of the software maker's stock valued at $12,650,000 after acquiring an additional 38,080 shares during the period. Finally, BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp lifted its position in shares of Fortinet by 14.9% during the 4th quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 124,501 shares of the software maker's stock valued at $11,763,000 after acquiring an additional 16,139 shares during the period. Institutional investors and hedge funds own 83.71% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the stock. Wolfe Research assumed coverage on shares of Fortinet in a research report on Monday, May 12th. They set a "peer perform" rating on the stock. Jefferies Financial Group dropped their target price on shares of Fortinet from $115.00 to $105.00 and set a "hold" rating on the stock in a research report on Monday, March 31st. Cantor Fitzgerald dropped their target price on shares of Fortinet from $115.00 to $100.00 and set a "neutral" rating on the stock in a research report on Thursday, April 24th. Stephens assumed coverage on shares of Fortinet in a research report on Tuesday, April 1st. They set an "equal weight" rating and a $108.00 target price on the stock. Finally, DZ Bank upgraded shares of Fortinet from a "strong sell" rating to a "hold" rating in a research report on Thursday, May 8th. One equities research analyst has rated the stock with a sell rating, twenty-one have assigned a hold rating, eleven have assigned a buy rating and two have given a strong buy rating to the company's stock. Based on data from MarketBeat.com, Fortinet has a consensus rating of "Hold" and a consensus price target of $105.62.

Insider Activity at Fortinet

In other Fortinet news, CEO Ken Xie sold 158,488 shares of the company's 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 now directly owns 51,391,879 shares of the company's stock, valued at $5,452,678,361.90. This 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 available through this link. Also, Director William H. Neukom acquired 335 shares of the company's stock in a transaction on Friday, June 6th. The shares were acquired at an average cost of $104.22 per share, for a total transaction of $34,913.70. Following the completion of the acquisition, the director now owns 301,471 shares of the company's stock, valued at approximately $31,419,307.62. The trade was a 0.11% increase in their ownership of the stock. The disclosure for this purchase can be found here. 17.20% of the stock is owned by company insiders.

Fortinet Stock Down 0.7%

Shares of NASDAQ FTNT traded down $0.75 during trading on Friday, hitting $103.11. The stock had a trading volume of 5,705,689 shares, compared to its average volume of 4,859,876. Fortinet, Inc. has a 12 month low of $54.57 and a 12 month high of $114.82. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.36 and a quick ratio of 1.29. The company has a market capitalization of $78.92 billion, a PE ratio of 42.43, a PEG ratio of 3.56 and a beta of 1.06. The firm has a fifty day moving average of $102.54 and a two-hundred day moving average of $100.49.

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

Fortinet 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.