Oppenheimer & Co. Inc. Purchases 4,845 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Oppenheimer & Co. Inc. boosted its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 13.3% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 41,138 shares of the software maker's stock after acquiring an additional 4,845 shares during the quarter. Oppenheimer & Co. Inc.'s holdings in Fortinet were worth $3,960,000 at the end of the most recent quarter.

A number of other institutional investors have also recently bought and sold shares of FTNT. Norges Bank purchased a new stake in shares of Fortinet during the 4th quarter worth about $724,048,000. Schroder Investment Management Group purchased a new stake in shares of Fortinet during the 4th quarter worth about $389,867,000. FMR LLC raised its stake in shares of Fortinet by 77.2% in the 4th quarter. FMR LLC now owns 6,531,705 shares of the software maker's stock valued at $617,115,000 after acquiring an additional 2,846,475 shares in the last quarter. Arrowstreet Capital Limited Partnership raised its stake 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 valued at $720,150,000 after acquiring an additional 2,151,811 shares in the last quarter. Finally, Bessemer Group Inc. raised its stake in shares of Fortinet by 72.6% in the 4th quarter. Bessemer Group Inc. now owns 4,906,439 shares of the software maker's stock valued at $463,561,000 after acquiring an additional 2,064,016 shares in the last quarter. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

FTNT has been the topic of a number of recent analyst reports. DZ Bank raised Fortinet from a "strong sell" rating to a "hold" rating in a research note on Thursday, May 8th. Roth Capital set a $103.00 price objective on Fortinet and gave the company a "neutral" rating in a research note on Tuesday, April 22nd. Wall Street Zen raised Fortinet from a "hold" rating to a "buy" rating in a research note on Tuesday, May 20th. UBS Group cut their price objective on Fortinet from $115.00 to $105.00 and set a "neutral" rating on the stock in a research note on Thursday, May 8th. Finally, Morgan Stanley cut their price objective on Fortinet from $123.00 to $105.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 16th. One equities research analyst has rated the stock with a sell rating, twenty have issued a hold rating, twelve have assigned a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, Fortinet has a consensus rating of "Hold" and a consensus price target of $105.62.

Insider Buying and Selling at Fortinet

In other news, VP Michael Xie sold 3,546 shares of the business's stock in a transaction on Friday, May 2nd. The stock was sold at an average price of $106.11, for a total transaction of $376,266.06. Following the completion of the sale, the vice president now owns 11,000,068 shares in the company, valued at $1,167,217,215.48. The trade was a 0.03% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Ken Xie sold 158,488 shares of the business's stock in a transaction on Friday, May 2nd. The stock was sold at an average price of $106.10, for a total value of $16,815,576.80. Following 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. The trade was a 0.31% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 17.20% of the company's stock.

Fortinet Price Performance

FTNT traded down $0.75 during trading on Friday, hitting $103.11. The company's stock had a trading volume of 5,705,689 shares, compared to its average volume of 4,872,385. The firm's 50 day moving average price is $102.54 and its two-hundred day moving average price is $100.47. 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, Inc. has a 12 month low of $54.57 and a 12 month high of $114.82. The stock has a market capitalization of $78.92 billion, a price-to-earnings ratio of 42.43, a price-to-earnings-growth ratio of 3.58 and a beta of 1.06.

Fortinet (NASDAQ:FTNT - Get Free Report) last issued its quarterly earnings data on Wednesday, May 7th. The software maker reported $0.58 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.53 by $0.05. Fortinet had a return on equity of 148.79% and a net margin of 30.60%. The firm had revenue of $1.54 billion during the quarter, compared to the consensus estimate of $1.54 billion. During the same quarter in the previous year, the company posted $0.43 EPS. The business's revenue for the quarter was up 13.8% compared to the same quarter last year. Sell-side analysts forecast that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

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.