Smith Group Asset Management LLC Has $1.26 Million Stock Holdings in Fortinet, Inc. (NASDAQ:FTNT)

Smith Group Asset Management LLC lessened its stake in Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 17.8% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 13,100 shares of the software maker's stock after selling 2,835 shares during the quarter. Smith Group Asset Management LLC's holdings in Fortinet were worth $1,261,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Eagle Capital Management LLC increased its stake in shares of Fortinet by 0.4% during the first quarter. Eagle Capital Management LLC now owns 26,285 shares of the software maker's stock worth $2,530,000 after acquiring an additional 109 shares during the period. ORG Partners LLC raised its position in Fortinet by 47.5% during the first quarter. ORG Partners LLC now owns 348 shares of the software maker's stock worth $34,000 after acquiring an additional 112 shares during the last quarter. Cornerstone Enterprises LLC increased its stake in shares of Fortinet by 2.3% during the 1st quarter. Cornerstone Enterprises LLC now owns 5,018 shares of the software maker's stock worth $483,000 after purchasing an additional 115 shares in the last quarter. CIBC Private Wealth Group LLC increased its position in Fortinet by 1.3% during the fourth quarter. CIBC Private Wealth Group LLC now owns 9,390 shares of the software maker's stock worth $902,000 after buying an additional 116 shares in the last quarter. Finally, Evergreen Capital Management LLC raised its stake in Fortinet by 2.0% in the 4th quarter. Evergreen Capital Management LLC now owns 6,240 shares of the software maker's stock valued at $590,000 after purchasing an additional 124 shares during the last quarter. Hedge funds and other institutional investors own 83.71% of the company's stock.

Fortinet Stock Performance

Shares of NASDAQ:FTNT traded down $0.22 during trading on Wednesday, reaching $102.21. The stock had a trading volume of 3,747,901 shares, compared to its average volume of 4,858,409. The company has a quick ratio of 1.29, a current ratio of 1.36 and a debt-to-equity ratio of 0.25. Fortinet, Inc. has a 52 week low of $54.57 and a 52 week high of $114.82. The stock has a fifty day simple moving average of $103.07 and a two-hundred day simple moving average of $100.58. The firm has a market capitalization of $78.23 billion, a price-to-earnings ratio of 42.06, a P/E/G ratio of 3.53 and a beta of 1.06.

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, beating the consensus estimate of $0.53 by $0.05. The firm had revenue of $1.54 billion for the quarter, compared to analyst estimates of $1.54 billion. Fortinet had a return on equity of 148.79% and a net margin of 30.60%. The company's quarterly revenue was up 13.8% compared to the same quarter last year. During the same period in the previous year, the company posted $0.43 earnings per share. As a group, analysts anticipate that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Fortinet news, CEO Ken Xie sold 158,488 shares of the business's stock in a transaction on Friday, May 2nd. The stock was sold at an average price of $106.10, for a total value of $16,815,576.80. Following the transaction, the chief executive officer owned 51,391,879 shares of the company's stock, valued at approximately $5,452,678,361.90. The trade was a 0.31% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director William H. Neukom bought 335 shares of Fortinet stock in a transaction dated Friday, June 6th. The shares were bought at an average price of $104.22 per share, for a total transaction of $34,913.70. Following the completion of the transaction, the director directly owned 301,471 shares of the company's stock, valued at $31,419,307.62. This represents a 0.11% increase in their position. The disclosure for this purchase can be found here. Insiders own 17.20% of the company's stock.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on the company. Stifel Nicolaus decreased their price target on Fortinet from $115.00 to $95.00 and set a "hold" rating on the stock in a research note on Thursday, May 8th. Stephens initiated coverage on shares of Fortinet in a research note on Tuesday, April 1st. They set an "equal weight" rating and a $108.00 price objective on the stock. Rosenblatt Securities reiterated a "buy" rating and issued a $125.00 price target on shares of Fortinet in a research note on Tuesday, June 17th. Wall Street Zen downgraded shares of Fortinet from a "buy" rating to a "hold" rating in a research note on Saturday. Finally, 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 report on Monday, March 31st. One research analyst has rated the stock with a sell rating, twenty-one have assigned a hold rating, eleven have given a buy rating and two have assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target 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.