Sivia Capital Partners LLC Buys New Position in Fortinet, Inc. (NASDAQ:FTNT)

Sivia Capital Partners LLC bought a new stake in Fortinet, Inc. (NASDAQ:FTNT - Free Report) during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm bought 4,179 shares of the software maker's stock, valued at approximately $402,000.

A number of other hedge funds have also recently bought and sold shares of the stock. Edmond DE Rothschild Holding S.A. acquired a new position in shares of Fortinet during the 4th quarter worth approximately $27,000. Oarsman Capital Inc. boosted its stake in Fortinet by 188.9% in the 4th quarter. Oarsman Capital Inc. now owns 416 shares of the software maker's stock valued at $39,000 after purchasing an additional 272 shares during the period. Graney & King LLC bought a new stake in shares of Fortinet during the 4th quarter valued at $43,000. Banque Transatlantique SA bought a new stake in shares of Fortinet during the 4th quarter valued at $43,000. Finally, Golden State Wealth Management LLC bought a new stake in shares of Fortinet during the 4th quarter valued at $46,000. 83.71% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of equities analysts have recently commented on the company. KeyCorp lowered their price target on Fortinet from $120.00 to $115.00 and set an "overweight" rating for the company in a report on Thursday, May 8th. Stephens assumed coverage on Fortinet in a research report on Tuesday, April 1st. They set an "equal weight" rating and a $108.00 price objective for the company. BMO Capital Markets lowered their price objective on Fortinet from $122.00 to $110.00 and set a "market perform" rating for the company in a research report on Thursday, May 8th. Jefferies Financial Group decreased their target price on Fortinet from $115.00 to $105.00 and set a "hold" rating for the company in a research note on Monday, March 31st. Finally, DZ Bank raised Fortinet from a "strong sell" rating to a "hold" rating in a research note on Thursday, May 8th. One equities research analyst has rated the stock with a sell rating, twenty have assigned a hold rating, twelve have assigned a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $104.80.

Insider Activity

In other Fortinet news, Director William H. Neukom acquired 335 shares of the business's stock in a transaction dated Friday, June 6th. The stock was bought at an average price 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 of the company's stock, 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 available through this hyperlink. Also, CEO Ken Xie sold 206,000 shares of the business's stock in a transaction that occurred 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 completion of the sale, the chief executive officer now owns 51,391,879 shares of the company's stock, valued at $4,981,414,831.47. The trade was a 0.40% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 697,818 shares of company stock worth $69,539,128 over the last ninety days. Company insiders own 18.00% of the company's stock.

Fortinet Trading Up 1.4%

NASDAQ FTNT opened at $104.94 on Friday. The stock has a market capitalization of $80.32 billion, a price-to-earnings ratio of 46.43, a PEG 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. The company has a debt-to-equity ratio of 0.67, a current ratio of 1.47 and a quick ratio of 1.39. The business's fifty day moving average is $100.18 and its 200-day moving average is $99.84.

Fortinet (NASDAQ:FTNT - Get Free Report) last announced its quarterly earnings data 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 company had revenue of $1.54 billion during the quarter, compared to analyst estimates of $1.54 billion. During the same quarter last year, the firm posted $0.43 EPS. The firm's revenue for the quarter was up 13.8% on a year-over-year basis. Equities research analysts predict that Fortinet, Inc. will post 2.09 EPS for the current year.

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.

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