Fortinet, Inc. (NASDAQ:FTNT) Shares Bought by Nisa Investment Advisors LLC

Nisa Investment Advisors LLC raised its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 26.5% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 202,929 shares of the software maker's stock after buying an additional 42,448 shares during the quarter. Nisa Investment Advisors LLC's holdings in Fortinet were worth $19,534,000 as of its most recent SEC filing.

Other large investors have also modified their holdings of the company. SJS Investment Consulting Inc. grew its holdings in shares of Fortinet by 703.1% in the first quarter. SJS Investment Consulting Inc. now owns 257 shares of the software maker's stock valued at $25,000 after purchasing an additional 225 shares during the period. Edmond DE Rothschild Holding S.A. purchased a new stake in shares of Fortinet in the fourth quarter valued at about $27,000. ORG Partners LLC grew 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 purchasing an additional 112 shares during the period. EQ Wealth Advisors LLC acquired a new position in Fortinet in the first quarter valued at about $35,000. Finally, Wayfinding Financial LLC acquired a new position in Fortinet in the first quarter valued at about $36,000. Hedge funds and other institutional investors own 83.71% of the company's stock.

Insider Buying and Selling

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

Fortinet Stock Down 1.1%

Fortinet stock traded down $1.14 during mid-day trading on Friday, hitting $99.06. The company had a trading volume of 4,128,922 shares, compared to its average volume of 4,878,779. The stock has a market cap of $75.82 billion, a price-to-earnings ratio of 40.77, a PEG ratio of 3.42 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. The business has a fifty day moving average of $103.23 and a 200 day moving average of $101.02.

Fortinet (NASDAQ:FTNT - Get Free Report) last announced its quarterly earnings results on Wednesday, May 7th. The software maker reported $0.58 EPS for the quarter, beating the consensus estimate of $0.53 by $0.05. The company had revenue of $1.54 billion for 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 was up 13.8% on a year-over-year basis. During the same period in the prior year, the firm posted $0.43 earnings per share. On average, sell-side analysts expect that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of research analysts have commented on the stock. Stifel Nicolaus decreased their target price on shares of Fortinet from $115.00 to $95.00 and set a "hold" rating on the stock in a research report on Thursday, May 8th. Wall Street Zen raised shares of Fortinet from a "hold" rating to a "buy" rating in a research report on Saturday. UBS Group decreased their target price on shares of Fortinet from $115.00 to $105.00 and set a "neutral" rating on the stock in a research report on Thursday, May 8th. BMO Capital Markets decreased their target price on shares of Fortinet from $122.00 to $110.00 and set a "market perform" rating on the stock in a research report on Thursday, May 8th. Finally, Rosenblatt Securities reaffirmed a "buy" rating and issued a $125.00 target price on shares of Fortinet in a research report on Tuesday, June 17th. One research analyst has rated the stock with a sell rating, twenty have issued a hold rating, twelve have issued a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus price target of $105.62.

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.