Pure Financial Advisors LLC Acquires Shares of 2,447 Fortinet, Inc. (NASDAQ:FTNT)

Pure Financial 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 Securities & Exchange Commission. The institutional investor acquired 2,447 shares of the software maker's stock, valued at approximately $236,000.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Eagle Capital Management LLC increased its holdings in Fortinet by 0.4% in the 1st quarter. Eagle Capital Management LLC now owns 26,285 shares of the software maker's stock valued at $2,530,000 after buying an additional 109 shares during the period. Fielder Capital Group LLC increased its holdings in Fortinet by 1.6% in the 4th quarter. Fielder Capital Group LLC now owns 6,904 shares of the software maker's stock valued at $652,000 after buying an additional 111 shares during the period. ORG Partners LLC increased its holdings in Fortinet by 47.5% in the 1st quarter. ORG Partners LLC now owns 348 shares of the software maker's stock valued at $34,000 after buying an additional 112 shares during the period. CIBC Private Wealth Group LLC increased its holdings in Fortinet by 1.3% in the 4th quarter. CIBC Private Wealth Group LLC now owns 9,390 shares of the software maker's stock valued at $902,000 after buying an additional 116 shares during the period. Finally, Evergreen Capital Management LLC increased its holdings in Fortinet by 2.0% in the 4th quarter. Evergreen Capital Management LLC now owns 6,240 shares of the software maker's stock valued at $590,000 after buying an additional 124 shares during the period. Hedge funds and other institutional investors own 83.71% of the company's stock.

Fortinet Stock Performance

Fortinet stock opened at $103.11 on Friday. The company has a current ratio of 1.36, a quick ratio of 1.29 and a debt-to-equity ratio of 0.25. Fortinet, Inc. has a 1 year low of $54.57 and a 1 year high of $114.82. The company has a market cap of $78.92 billion, a PE ratio of 42.43, a PEG ratio of 3.58 and a beta of 1.06. The company's 50-day moving average is $102.54 and its two-hundred day moving average is $100.47.

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

Analyst Ratings Changes

Several equities research analysts have issued reports on FTNT shares. Scotiabank lowered 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. DZ Bank raised shares of Fortinet from a "strong sell" rating to a "hold" rating in a report on Thursday, May 8th. Wall Street Zen lowered shares of Fortinet from a "buy" rating to a "hold" rating in a report on Saturday. Royal Bank Of Canada lowered their target price on shares of Fortinet from $110.00 to $105.00 and set a "sector perform" rating on the stock in a report on Thursday, May 8th. Finally, BMO Capital Markets lowered their target price on shares of Fortinet from $122.00 to $110.00 and set a "market perform" rating on the stock in a report on Thursday, May 8th. One equities research analyst has rated the stock with a sell rating, twenty-one have assigned a hold rating, eleven have issued a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $105.62.

Insider Activity

In related news, Director William H. Neukom purchased 335 shares of the stock in a transaction dated Friday, June 6th. The stock was bought at an average cost of $104.22 per share, with a total value of $34,913.70. Following the purchase, the director now directly owns 301,471 shares in the company, valued at $31,419,307.62. The trade was a 0.11% increase in their position. The purchase was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Ken Xie sold 158,488 shares of the firm's stock in a transaction that occurred on Friday, May 2nd. The stock was sold at an average price of $106.10, for a total transaction of $16,815,576.80. Following the sale, the chief executive officer now owns 51,391,879 shares in the company, valued at $5,452,678,361.90. This trade represents a 0.31% decrease in their ownership of the stock. The disclosure for this sale can be found here. 17.20% of the stock is currently owned by company 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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