4,500 Shares in Fortinet, Inc. (NASDAQ:FTNT) Purchased by Spinnaker Trust

Spinnaker Trust acquired a new stake in Fortinet, Inc. (NASDAQ:FTNT - Free Report) in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 4,500 shares of the software maker's stock, valued at approximately $433,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Eagle Capital Management LLC raised its position in Fortinet by 1.6% in 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 period. Brighton Jones LLC raised its holdings in shares of Fortinet by 2.2% in 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 during the period. Nwam LLC purchased a new stake in shares of Fortinet in the fourth quarter worth approximately $203,000. Proficio Capital Partners LLC lifted its stake 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 last quarter. Finally, Private Trust Co. NA boosted its holdings in Fortinet by 95.0% during the 4th quarter. Private Trust Co. NA now owns 630 shares of the software maker's stock valued at $60,000 after acquiring an additional 307 shares during the period. Hedge funds and other institutional investors own 83.71% of the company's stock.

Analysts Set New Price Targets

A number of research firms have weighed in on FTNT. Wells Fargo & Company reduced their target price on Fortinet from $105.00 to $95.00 and set an "equal weight" rating on the stock in a research note on Thursday, May 8th. Stifel Nicolaus cut their price target 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. Royal Bank Of Canada decreased their price objective on shares of Fortinet from $110.00 to $105.00 and set a "sector perform" rating for the company in a report on Thursday, May 8th. UBS Group lowered their price objective on shares of Fortinet from $115.00 to $105.00 and set a "neutral" rating for the company in a research report on Thursday, May 8th. Finally, Wolfe Research assumed coverage on shares of Fortinet in a research report on Monday, May 12th. They set a "peer perform" rating on the stock. 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 issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average price target of $105.62.

Fortinet Stock Down 0.8%

NASDAQ FTNT traded down $0.80 on Wednesday, hitting $101.63. The stock had a trading volume of 852,122 shares, compared to its average volume of 4,846,242. The business's fifty day moving average price is $102.96 and its 200 day moving average price is $100.57. The stock has a market cap of $77.79 billion, a price-to-earnings ratio of 41.82, a price-to-earnings-growth ratio of 3.65 and a beta of 1.06. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.36 and a quick ratio of 1.29. Fortinet, Inc. has a 52-week low of $54.57 and a 52-week high of $114.82.

Fortinet (NASDAQ:FTNT - Get Free Report) last posted its quarterly earnings data on Wednesday, May 7th. The software maker reported $0.58 earnings per share for the quarter, topping analysts' consensus estimates of $0.53 by $0.05. Fortinet had a return on equity of 148.79% and a net margin of 30.60%. The firm had revenue of $1.54 billion during the quarter, compared to analysts' expectations of $1.54 billion. During the same quarter last year, the firm earned $0.43 EPS. The business's quarterly revenue was up 13.8% on a year-over-year basis. Equities research analysts anticipate that Fortinet, Inc. will post 2.09 earnings per share for the current year.

Insider Transactions at Fortinet

In related news, Director William H. Neukom acquired 335 shares of the firm's 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 transaction, 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 purchase was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Ken Xie sold 158,488 shares of the business's stock in a transaction that occurred on Friday, May 2nd. The stock was sold at an average price of $106.10, for a total transaction of $16,815,576.80. Following the sale, the chief executive officer directly owned 51,391,879 shares in the company, valued at approximately $5,452,678,361.90. This represents a 0.31% decrease in their position. The disclosure for this sale can be found here. Insiders own 18.00% of the company's stock.

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.