12,039 Shares in Fortinet, Inc. (NASDAQ:FTNT) Purchased by Private Advisory Group LLC

Key Points

• Private Advisory Group LLC has acquired a new position in Fortinet, purchasing 12,039 shares valued at approximately $1.16 million, as reported in their latest SEC filing.
• Fortinet's stock has recently been impacted, with a current price of $101.71 and a dip of 2.9%, despite having a strong recent performance with its earnings exceeding analyst expectations.
• Insider trading activity includes CEO Ken Xie selling over 158,000 shares recently, while still maintaining a substantial ownership stake of approximately $5.45 billion.

Private Advisory Group LLC purchased a new stake in Fortinet, Inc. (NASDAQ:FTNT - Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 12,039 shares of the software maker's stock, valued at approximately $1,159,000.

Several other institutional investors have also recently bought and sold shares of the stock. SJS Investment Consulting Inc. boosted its position in shares of Fortinet by 703.1% in the 1st quarter. SJS Investment Consulting Inc. now owns 257 shares of the software maker's stock worth $25,000 after purchasing an additional 225 shares during the last quarter. Edmond DE Rothschild Holding S.A. bought a new position in Fortinet during the fourth quarter worth about $27,000. ORG Partners LLC grew its position in shares of Fortinet by 47.5% during the 1st quarter. ORG Partners LLC now owns 348 shares of the software maker's stock worth $34,000 after buying an additional 112 shares during the period. EQ Wealth Advisors LLC bought a new stake in shares of Fortinet in the 1st quarter valued at about $35,000. Finally, Mechanics Financial Corp acquired a new stake in shares of Fortinet in the 1st quarter valued at approximately $36,000. Institutional investors own 83.71% of the company's stock.

Fortinet Trading Down 2.5%

FTNT stock traded down $2.54 during midday trading on Friday, hitting $97.36. The stock had a trading volume of 4,708,207 shares, compared to its average volume of 3,701,725. The business has a fifty day moving average price of $103.27 and a two-hundred day moving average price of $101.88. Fortinet, Inc. has a 1-year low of $54.57 and a 1-year high of $114.82. The company has a current ratio of 1.36, a quick ratio of 1.29 and a debt-to-equity ratio of 0.25. The firm has a market cap of $74.52 billion, a P/E ratio of 40.07, a price-to-earnings-growth ratio of 3.36 and a beta of 1.08.

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

Analyst Upgrades and Downgrades

Several research firms have weighed in on FTNT. Morgan Stanley cut their target price on shares of Fortinet from $123.00 to $105.00 and set an "overweight" rating on the stock in a report on Wednesday, April 16th. UBS Group decreased their target price on Fortinet from $115.00 to $105.00 and set a "neutral" rating for the company in a research note on Thursday, May 8th. Wall Street Zen upgraded Fortinet from a "hold" rating to a "buy" rating in a research report on Saturday, July 12th. DZ Bank raised Fortinet from a "strong sell" rating to a "hold" rating in a research note on Thursday, May 8th. Finally, Wells Fargo & Company boosted their price objective on shares of Fortinet from $95.00 to $110.00 and gave the company an "equal weight" rating in a research report on Monday, July 28th. One research analyst has rated the stock with a sell rating, twenty have issued a hold rating, twelve have given a buy rating and two have assigned a strong buy rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average price target of $107.00.

Insider Activity

In related news, 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 purchase, the director owned 301,471 shares in the company, valued at approximately $31,419,307.62. The trade was a 0.11% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. 17.20% of the stock is currently owned by insiders.

Fortinet Company 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.