Rhumbline Advisers Has $121.88 Million Stock Holdings in Fortinet, Inc. (NASDAQ:FTNT)

Rhumbline Advisers raised its stake in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 3.7% in the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 1,266,126 shares of the software maker's stock after acquiring an additional 44,781 shares during the quarter. Rhumbline Advisers owned approximately 0.17% of Fortinet worth $121,877,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Eagle Capital Management LLC boosted its position in Fortinet by 1.6% in the fourth quarter. Eagle Capital Management LLC now owns 26,176 shares of the software maker's stock valued at $2,473,000 after buying an additional 404 shares in the last quarter. Brighton Jones LLC increased its holdings in shares of Fortinet by 2.2% during the fourth quarter. Brighton Jones LLC now owns 10,327 shares of the software maker's stock worth $976,000 after buying an additional 221 shares in the last quarter. PFG Investments LLC bought a new position in shares of Fortinet in the fourth quarter valued at approximately $208,000. Strategic Blueprint LLC bought a new position in shares of Fortinet in the fourth quarter valued at approximately $214,000. Finally, Caprock Group LLC acquired a new position in shares of Fortinet in the 4th quarter worth approximately $2,302,000. Institutional investors and hedge funds own 83.71% of the company's stock.

Analyst Ratings Changes

FTNT has been the topic of several research analyst reports. Guggenheim restated a "neutral" rating on shares of Fortinet in a report on Friday, February 7th. DZ Bank upgraded shares of Fortinet from a "strong sell" rating to a "hold" rating in a research report on Thursday, May 8th. Susquehanna increased their price objective on shares of Fortinet from $90.00 to $110.00 and gave the stock a "neutral" rating in a report on Monday, February 10th. Scotiabank dropped their target price on shares of Fortinet from $135.00 to $115.00 and set a "sector outperform" rating for the company in a research note on Thursday, May 8th. Finally, Cantor Fitzgerald reduced their target price on shares of Fortinet from $115.00 to $100.00 and set a "neutral" rating on the stock in a research report on Thursday, April 24th. One equities 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 given a strong buy rating to the company. According to MarketBeat, Fortinet has a consensus rating of "Hold" and an average target price of $104.80.

Fortinet Trading Down 1.4%

NASDAQ:FTNT traded down $1.39 during trading hours on Wednesday, hitting $101.49. The stock had a trading volume of 1,677,169 shares, compared to its average volume of 4,963,269. The business's 50 day moving average is $99.77 and its 200-day moving average is $99.59. The company has a debt-to-equity ratio of 0.67, a quick ratio of 1.39 and a current ratio of 1.47. The company has a market cap of $77.68 billion, a price-to-earnings ratio of 44.91, a P/E/G ratio of 4.19 and a beta of 1.06. Fortinet, Inc. has a one year low of $54.57 and a one year high of $114.82.

Fortinet (NASDAQ:FTNT - Get Free Report) last posted its earnings results on Wednesday, May 7th. The software maker reported $0.58 earnings per share for the quarter, topping the consensus estimate of $0.53 by $0.05. Fortinet had a return on equity of 256.53% and a net margin of 29.30%. The firm had revenue of $1.54 billion for the quarter, compared to analyst estimates of $1.54 billion. During the same period in the previous year, the company posted $0.43 earnings per share. The company's revenue for the quarter was up 13.8% on a year-over-year basis. Sell-side analysts anticipate that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

Insider Activity

In other Fortinet news, VP Michael Xie sold 326,784 shares of the firm's stock in a transaction that occurred on Tuesday, March 11th. The shares were sold at an average price of $98.17, for a total transaction of $32,080,385.28. Following the sale, the vice president now directly owns 11,000,068 shares in the company, valued at approximately $1,079,876,675.56. This trade represents a 2.89% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director William H. Neukom purchased 328 shares of the business's stock in a transaction on Thursday, March 6th. The stock was bought at an average cost of $106.33 per share, for a total transaction of $34,876.24. Following the purchase, the director now owns 300,006 shares of the company's stock, valued at approximately $31,899,637.98. This represents a 0.11% increase in their position. The disclosure for this purchase can be found here. Insiders have sold 697,818 shares of company stock worth $69,539,128 in the last 90 days. 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.