Fortinet, Inc. (NASDAQ:FTNT) Shares Purchased by Silver Oak Securities Incorporated

Silver Oak Securities Incorporated boosted its stake in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 150.2% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 8,189 shares of the software maker's stock after acquiring an additional 4,916 shares during the quarter. Silver Oak Securities Incorporated's holdings in Fortinet were worth $791,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in the stock. Duncan Williams Asset Management LLC increased its stake in Fortinet by 6.1% during the first quarter. Duncan Williams Asset Management LLC now owns 12,366 shares of the software maker's stock worth $1,190,000 after acquiring an additional 708 shares during the last quarter. Premier Path Wealth Partners LLC increased its stake in Fortinet by 18.3% during the first quarter. Premier Path Wealth Partners LLC now owns 3,238 shares of the software maker's stock worth $312,000 after acquiring an additional 502 shares during the last quarter. State of Alaska Department of Revenue increased its stake in Fortinet by 2.8% during the first quarter. State of Alaska Department of Revenue now owns 74,551 shares of the software maker's stock worth $7,176,000 after acquiring an additional 2,020 shares during the last quarter. LifeWealth Investments LLC bought a new stake in Fortinet during the first quarter worth approximately $233,000. Finally, Clarius Group LLC boosted its position in shares of Fortinet by 24.1% during the first quarter. Clarius Group LLC now owns 4,244 shares of the software maker's stock valued at $409,000 after buying an additional 824 shares during the period. 83.71% of the stock is owned by institutional investors.

Insider Buying and Selling at Fortinet

In other Fortinet news, Director William H. Neukom purchased 335 shares of the stock in a transaction on Friday, June 6th. The shares were bought at an average cost of $104.22 per share, with a total value of $34,913.70. Following the completion of the acquisition, the director now owns 301,471 shares in the company, valued at $31,419,307.62. This trade represents a 0.11% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Ken Xie sold 158,488 shares of the company's stock in a transaction on Friday, May 2nd. The shares were sold at an average price of $106.10, for a total transaction of $16,815,576.80. Following the completion of the sale, the chief executive officer now directly owns 51,391,879 shares in the company, valued at approximately $5,452,678,361.90. The trade was 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 owned by corporate insiders.

Fortinet Stock Down 1.0%

Fortinet stock traded down $0.97 during mid-day trading on Friday, reaching $99.85. 6,943,980 shares of the company were exchanged, compared to its average volume of 4,945,177. The business has a fifty day moving average of $101.86 and a 200 day moving average of $100.28. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.29 and a current ratio of 1.36. The firm has a market cap of $76.43 billion, a P/E ratio of 41.09, a PEG ratio of 3.48 and a beta of 1.06. Fortinet, Inc. has a 12-month low of $54.57 and a 12-month high of $114.82.

Fortinet (NASDAQ:FTNT - Get Free Report) last issued its quarterly earnings results 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. The business had revenue of $1.54 billion for the quarter, compared to the consensus estimate of $1.54 billion. Fortinet had a return on equity of 148.79% and a net margin of 30.60%. The business's quarterly revenue was up 13.8% on a year-over-year basis. During the same period in the prior year, the firm posted $0.43 earnings per share. Research analysts anticipate that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

FTNT has been the subject of several recent analyst reports. Morgan Stanley dropped their target price on Fortinet from $123.00 to $105.00 and set an "overweight" rating for the company in a research report on Wednesday, April 16th. Rosenblatt Securities restated a "buy" rating and set a $125.00 target price on shares of Fortinet in a research report on Tuesday. Wolfe Research initiated coverage on Fortinet in a research report on Monday, May 12th. They set a "peer perform" rating for the company. Wall Street Zen upgraded Fortinet from a "hold" rating to a "buy" rating in a research report on Tuesday, May 20th. Finally, Stifel Nicolaus dropped their target price on Fortinet from $115.00 to $95.00 and set a "hold" rating for the company in a research report on Thursday, May 8th. One research analyst has rated the stock with a sell rating, twenty have issued a hold rating, twelve have assigned a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average price target of $104.80.

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.