Procyon Advisors LLC Takes Position in Fortinet, Inc. (NASDAQ:FTNT)

Procyon Advisors LLC acquired a new stake in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) in the first quarter, according to its most recent disclosure with the SEC. The firm acquired 13,220 shares of the software maker's stock, valued at approximately $1,273,000.

Several other hedge funds have also bought and sold shares of FTNT. Edmond DE Rothschild Holding S.A. bought a new stake in Fortinet in the fourth quarter worth $27,000. Oarsman Capital Inc. increased its holdings in shares of Fortinet by 188.9% in the 4th quarter. Oarsman Capital Inc. now owns 416 shares of the software maker's stock worth $39,000 after buying an additional 272 shares during the last quarter. Graney & King LLC bought a new position in shares of Fortinet in the 4th quarter valued at about $43,000. Banque Transatlantique SA purchased a new position in Fortinet in the fourth quarter worth about $43,000. Finally, Golden State Wealth Management LLC purchased a new position in Fortinet in the fourth quarter worth about $46,000. Hedge funds and other institutional investors own 83.71% of the company's stock.

Fortinet Stock Up 1.4%

Fortinet stock opened at $104.94 on Friday. The company has a quick ratio of 1.39, a current ratio of 1.47 and a debt-to-equity ratio of 0.67. The firm has a market cap of $80.32 billion, a P/E ratio of 46.43, a P/E/G ratio of 4.19 and a beta of 1.06. The business has a fifty day moving average of $100.18 and a two-hundred day moving average of $99.84. Fortinet, Inc. has a twelve month low of $54.57 and a twelve month high of $114.82.

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 for the quarter, topping analysts' consensus estimates of $0.53 by $0.05. The firm had revenue of $1.54 billion during the quarter, compared to analysts' expectations of $1.54 billion. Fortinet had a return on equity of 256.53% and a net margin of 29.30%. The firm's quarterly revenue was up 13.8% on a year-over-year basis. During the same period in the prior year, the business posted $0.43 EPS. On average, analysts forecast that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on the company. DZ Bank raised Fortinet from a "strong sell" rating to a "hold" rating in a research note on Thursday, May 8th. BMO Capital Markets dropped their price objective on shares of Fortinet from $122.00 to $110.00 and set a "market perform" rating for the company in a research note on Thursday, May 8th. Morgan Stanley cut their price objective on shares of Fortinet from $123.00 to $105.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 16th. KeyCorp lowered their target price on shares of Fortinet from $120.00 to $115.00 and set an "overweight" rating for the company in a report on Thursday, May 8th. Finally, Scotiabank cut their price target on shares of Fortinet from $135.00 to $115.00 and set a "sector outperform" rating on the stock in a report on Thursday, May 8th. One equities 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 issued a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Hold" and an average price target of $104.80.

Insider Buying and Selling

In other news, VP Michael Xie sold 326,784 shares of the firm's stock in a transaction on Tuesday, March 11th. The stock was sold at an average price of $98.17, for a total value of $32,080,385.28. Following the completion of the sale, the vice president now owns 11,000,068 shares of the company's stock, valued at $1,079,876,675.56. This trade represents a 2.89% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Kenneth A. Goldman sold 1,000 shares of the company's stock in a transaction dated Monday, March 10th. The shares were sold at an average price of $99.32, for a total value of $99,320.00. Following the transaction, the director now directly owns 20,612 shares in the company, valued at $2,047,183.84. This represents a 4.63% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 697,818 shares of company stock worth $69,539,128 in the last 90 days. 18.00% of the stock is owned by corporate 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.

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