Silver Oak Securities Incorporated Raises Stock Holdings in Fortinet, Inc. (NASDAQ:FTNT)

Silver Oak Securities Incorporated boosted its stake in Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 150.2% during the first quarter, according to its most recent 13F filing with the SEC. The firm 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 filing with the SEC.

A number of other institutional investors have also recently added to or reduced their stakes in FTNT. Eagle Capital Management LLC boosted its stake in Fortinet by 1.6% during the 4th quarter. Eagle Capital Management LLC now owns 26,176 shares of the software maker's stock worth $2,473,000 after purchasing an additional 404 shares during the last quarter. Brighton Jones LLC raised its holdings in shares of Fortinet by 2.2% during the 4th quarter. Brighton Jones LLC now owns 10,327 shares of the software maker's stock worth $976,000 after acquiring an additional 221 shares during the period. Proficio Capital Partners LLC raised its holdings in shares of Fortinet by 18,353.2% during the 4th quarter. Proficio Capital Partners LLC now owns 547,323 shares of the software maker's stock worth $547,000 after acquiring an additional 544,357 shares during the period. Assetmark Inc. raised its holdings in shares of Fortinet by 692.3% during the 4th quarter. Assetmark Inc. now owns 96,913 shares of the software maker's stock worth $9,156,000 after acquiring an additional 84,681 shares during the period. Finally, M&T Bank Corp raised its holdings in shares of Fortinet by 12.0% during the 4th quarter. M&T Bank Corp now owns 37,126 shares of the software maker's stock worth $3,508,000 after acquiring an additional 3,987 shares during the period. Institutional investors and hedge funds own 83.71% of the company's stock.

Fortinet Stock Up 1.1%

FTNT traded up $1.20 on Monday, reaching $106.86. The company's stock had a trading volume of 964,317 shares, compared to its average volume of 4,849,644. The stock has a 50 day moving average of $103.23 and a two-hundred day moving average of $100.78. The company has a quick ratio of 1.29, a current ratio of 1.36 and a debt-to-equity ratio of 0.25. The company has a market capitalization of $81.79 billion, a price-to-earnings ratio of 44.10, a P/E/G ratio of 3.64 and a beta of 1.06. Fortinet, Inc. has a fifty-two week low of $54.57 and a fifty-two week high of $114.82.

Fortinet (NASDAQ:FTNT - Get Free Report) last announced its quarterly 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 firm had revenue of $1.54 billion during 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 firm's quarterly 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 earnings per share. As a group, analysts forecast that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

Insider Activity at Fortinet

In other Fortinet news, Director William H. Neukom purchased 335 shares of the stock in a transaction that occurred on Friday, June 6th. The stock was purchased 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 directly owned 301,471 shares of the company's stock, valued at $31,419,307.62. This trade represents a 0.11% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Michael Xie sold 3,546 shares of the business's stock in a transaction that occurred on Friday, May 2nd. The shares were sold at an average price of $106.11, for a total value of $376,266.06. Following the completion of the sale, the vice president owned 11,000,068 shares of the company's stock, valued at approximately $1,167,217,215.48. This represents a 0.03% decrease in their position. The disclosure for this sale can be found here. 18.00% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several analysts recently issued reports on FTNT shares. Stifel Nicolaus reduced their price objective on shares of Fortinet from $115.00 to $95.00 and set a "hold" rating on the stock in a report on Thursday, May 8th. DZ Bank upgraded shares of Fortinet from a "strong sell" rating to a "hold" rating in a report on Thursday, May 8th. Morgan Stanley reduced their price objective on shares of Fortinet from $123.00 to $105.00 and set an "overweight" rating on the stock in a report on Wednesday, April 16th. Scotiabank reduced their price objective 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. Finally, Rosenblatt Securities restated a "buy" rating and issued a $125.00 price objective on shares of Fortinet in a report on Tuesday, June 17th. One equities research analyst has rated the stock with a sell rating, twenty-one have given a hold rating, eleven have issued a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Hold" and a consensus target price of $105.62.

Fortinet Company 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.