OMNI 360 Wealth Inc. Takes $410,000 Position in Fortinet, Inc. (NASDAQ:FTNT)

OMNI 360 Wealth Inc. purchased a new position in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 4,261 shares of the software maker's stock, valued at approximately $410,000.

Several other large investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its stake in Fortinet by 1.1% during the fourth quarter. Vanguard Group Inc. now owns 68,115,470 shares of the software maker's stock worth $6,435,550,000 after purchasing an additional 730,994 shares during the last quarter. Geode Capital Management LLC lifted its stake in Fortinet by 2.6% in 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 buying an additional 387,901 shares during the last quarter. Invesco Ltd. lifted its stake in Fortinet by 31.3% in the fourth quarter. Invesco Ltd. now owns 8,388,693 shares of the software maker's stock valued at $792,564,000 after buying an additional 2,000,888 shares during the last quarter. Norges Bank bought a new stake in Fortinet in the fourth quarter valued at $724,048,000. Finally, Arrowstreet Capital Limited Partnership lifted its stake in Fortinet by 39.3% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 7,622,253 shares of the software maker's stock valued at $720,150,000 after buying an additional 2,151,811 shares during the last quarter. 83.71% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of research firms have issued reports on FTNT. Wolfe Research began coverage on Fortinet in a research note on Monday, May 12th. They issued a "peer perform" rating on the stock. Morgan Stanley cut their target price on Fortinet from $123.00 to $105.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 16th. Royal Bank Of Canada cut their target price on Fortinet from $110.00 to $105.00 and set a "sector perform" rating on the stock in a research note on Thursday, May 8th. Jefferies Financial Group cut their target price on Fortinet from $115.00 to $105.00 and set a "hold" rating on the stock in a research note on Monday, March 31st. Finally, Stifel Nicolaus cut 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. One 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 assigned a strong buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Hold" and an average price target of $105.62.

Fortinet Trading Down 1.1%

FTNT traded down $1.14 during trading on Friday, reaching $99.06. The company had a trading volume of 4,128,922 shares, compared to its average volume of 4,876,859. The firm's 50-day simple moving average is $103.23 and its 200 day simple moving average is $100.97. The company has a market cap of $75.82 billion, a price-to-earnings ratio of 40.77, a PEG ratio of 3.46 and a beta of 1.06. 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 quick ratio of 1.29 and a current ratio of 1.36.

Fortinet (NASDAQ:FTNT - Get Free Report) last issued its quarterly earnings results on Wednesday, May 7th. The software maker reported $0.58 earnings per share for the quarter, topping analysts' consensus estimates of $0.53 by $0.05. The firm had revenue of $1.54 billion for the quarter, compared to analysts' expectations of $1.54 billion. Fortinet had a return on equity of 148.79% and a net margin of 30.60%. Fortinet's revenue was up 13.8% on a year-over-year basis. During the same quarter last year, the business posted $0.43 EPS. Equities research analysts anticipate that Fortinet, Inc. will post 2.09 earnings per share for the current year.

Insider Buying and Selling at Fortinet

In other Fortinet news, VP Michael Xie sold 3,546 shares of Fortinet stock in a transaction dated Friday, May 2nd. The stock was sold at an average price of $106.11, for a total transaction of $376,266.06. Following the transaction, the vice president owned 11,000,068 shares of the company's stock, valued at $1,167,217,215.48. The trade was a 0.03% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Ken Xie sold 158,488 shares of Fortinet stock in a transaction dated Friday, May 2nd. The shares were sold at an average price of $106.10, for a total value of $16,815,576.80. Following the transaction, the chief executive officer directly owned 51,391,879 shares in the company, valued at approximately $5,452,678,361.90. This trade represents a 0.31% decrease in their position. The disclosure for this sale can be found here. Company 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.