Pallas Capital Advisors LLC Has $4.05 Million Stake in Fortinet, Inc. (NASDAQ:FTNT)

Pallas Capital Advisors LLC raised its position in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 85.5% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 42,090 shares of the software maker's stock after purchasing an additional 19,398 shares during the period. Pallas Capital Advisors LLC's holdings in Fortinet were worth $4,052,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the company. Edmond DE Rothschild Holding S.A. bought a new position in shares of Fortinet in the 4th quarter valued at approximately $27,000. Oarsman Capital Inc. raised its stake in shares of Fortinet by 188.9% in the 4th quarter. Oarsman Capital Inc. now owns 416 shares of the software maker's stock valued at $39,000 after acquiring an additional 272 shares in the last quarter. Graney & King LLC bought a new position in shares of Fortinet in the 4th quarter valued at approximately $43,000. Banque Transatlantique SA bought a new position in shares of Fortinet in the 4th quarter valued at approximately $43,000. Finally, Golden State Wealth Management LLC bought a new position in shares of Fortinet in the 4th quarter valued at approximately $46,000. 83.71% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on the company. 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. Jefferies Financial Group cut their price objective on Fortinet from $115.00 to $105.00 and set a "hold" rating on the stock in a research note on Monday, March 31st. Stifel Nicolaus lowered their target price on Fortinet from $115.00 to $95.00 and set a "hold" rating on the stock in a report on Thursday, May 8th. Finally, Robert W. Baird raised their target price on Fortinet from $110.00 to $113.00 and gave the company a "neutral" rating in a report on Tuesday, May 6th. One research analyst has rated the stock with a sell rating, twenty have assigned a hold rating, twelve have given a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, Fortinet has a consensus rating of "Hold" and an average target price of $104.80.

Fortinet Price Performance

FTNT traded down $0.45 during trading on Tuesday, hitting $101.63. The company's stock had a trading volume of 3,789,146 shares, compared to its average volume of 4,981,278. The firm's 50 day moving average price is $100.26 and its two-hundred day moving average price is $99.94. The company has a quick ratio of 1.39, a current ratio of 1.47 and a debt-to-equity ratio of 0.67. 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 $77.79 billion, a price-to-earnings ratio of 44.97, a price-to-earnings-growth ratio of 4.19 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. The firm had revenue of $1.54 billion during the quarter, compared to the consensus estimate of $1.54 billion. Fortinet had a return on equity of 256.53% and a net margin of 29.30%. The business's revenue for the quarter was up 13.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.43 EPS. Sell-side analysts forecast that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

Insider Transactions at Fortinet

In related news, CEO Ken Xie sold 158,488 shares of the company's stock in a transaction dated 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 completion of the sale, the chief executive officer now owns 51,391,879 shares in the company, valued at approximately $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 SEC, which can be accessed through this link. Also, Director William H. Neukom acquired 335 shares of the company's stock in a transaction that occurred on Friday, June 6th. The stock was bought at an average price of $104.22 per share, with a total value of $34,913.70. Following the acquisition, the director now directly owns 301,471 shares of the company's stock, valued at $31,419,307.62. The trade was a 0.11% increase in their position. The disclosure for this purchase can be found here. Insiders sold a total of 164,034 shares of company stock worth $17,391,843 over the last 90 days. 17.20% of the stock is owned by insiders.

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.