RFG Advisory LLC Makes New $2.42 Million Investment in Fortinet, Inc. (NASDAQ:FTNT)

RFG Advisory LLC bought 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 and Exchange Commission. The fund bought 25,118 shares of the software maker's stock, valued at approximately $2,418,000.

Several other hedge funds have also made changes to their positions in FTNT. Edmond DE Rothschild Holding S.A. purchased a new position in Fortinet during the fourth quarter valued at approximately $27,000. Oarsman Capital Inc. raised its position 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 acquiring an additional 272 shares in the last quarter. Graney & King LLC purchased a new stake in shares of Fortinet during the 4th quarter worth $43,000. Banque Transatlantique SA purchased a new stake in shares of Fortinet during the 4th quarter worth $43,000. Finally, Golden State Wealth Management LLC bought a new stake in Fortinet during the fourth quarter valued at about $46,000. 83.71% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have commented on FTNT. The Goldman Sachs Group boosted their target price on shares of Fortinet from $114.00 to $130.00 and gave the stock a "buy" rating in a report on Friday, February 7th. Stephens began coverage on shares of Fortinet in a research report on Tuesday, April 1st. They issued an "equal weight" rating and a $108.00 price objective on the stock. Needham & Company LLC restated a "hold" rating on shares of Fortinet in a research note on Friday, February 7th. KeyCorp reduced their target price on Fortinet from $120.00 to $115.00 and set an "overweight" rating on the stock in a research report on Thursday, May 8th. Finally, Piper Sandler reaffirmed an "overweight" rating and issued a $135.00 price objective (up from $120.00) on shares of Fortinet in a research report on Friday, February 7th. One equities 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 issued a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of "Hold" and an average target price of $104.80.

Fortinet Price Performance

NASDAQ:FTNT traded up $1.88 during trading hours on Thursday, hitting $103.50. 3,367,742 shares of the stock were exchanged, compared to its average volume of 4,968,438. The firm's fifty day moving average price is $99.87 and its 200 day moving average price is $99.61. Fortinet, Inc. has a 52-week low of $54.57 and a 52-week high of $114.82. The company has a market cap of $79.22 billion, a P/E ratio of 45.80, a P/E/G ratio of 4.19 and a beta of 1.06. The company has a current ratio of 1.47, a quick ratio of 1.39 and a debt-to-equity ratio of 0.67.

Fortinet (NASDAQ:FTNT - Get Free Report) last issued its quarterly earnings results on Wednesday, May 7th. The software maker reported $0.58 EPS for the quarter, topping the consensus estimate 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 revenue for the quarter was up 13.8% on a year-over-year basis. During the same period in the previous year, the business earned $0.43 earnings per share. As a group, equities research analysts anticipate that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

Insider Activity at Fortinet

In other news, CEO Ken Xie sold 206,000 shares of the company's stock in a transaction on Monday, March 10th. The stock was sold at an average price of $96.93, for a total value of $19,967,580.00. Following the transaction, the chief executive officer now owns 51,391,879 shares of the company's stock, valued at $4,981,414,831.47. This represents a 0.40% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Kenneth A. Goldman sold 1,000 shares of the stock in a transaction dated Monday, March 10th. The stock was sold at an average price of $99.32, for a total transaction of $99,320.00. Following the transaction, the director now directly owns 20,612 shares of the company's stock, valued at approximately $2,047,183.84. This trade represents a 4.63% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 697,818 shares of company stock valued at $69,539,128. Corporate insiders own 18.00% of the company's stock.

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.