Spire Wealth Management Makes New Investment in Fortinet, Inc. (NASDAQ:FTNT)

Spire Wealth Management acquired a new stake in Fortinet, Inc. (NASDAQ:FTNT - Free Report) during the 1st quarter, according to its most recent filing with the SEC. The institutional investor acquired 47,179 shares of the software maker's stock, valued at approximately $4,721,000.

A number of other hedge funds have also modified their holdings of the stock. SJS Investment Consulting Inc. grew its position in Fortinet by 703.1% in the first quarter. SJS Investment Consulting Inc. now owns 257 shares of the software maker's stock valued at $25,000 after acquiring an additional 225 shares during the period. Edmond DE Rothschild Holding S.A. acquired a new stake in shares of Fortinet in the 4th quarter valued at $27,000. ORG Partners LLC grew its holdings in shares of Fortinet by 47.5% in the 1st quarter. ORG Partners LLC now owns 348 shares of the software maker's stock worth $34,000 after purchasing an additional 112 shares during the last quarter. EQ Wealth Advisors LLC acquired a new stake in shares of Fortinet during the 1st quarter worth about $35,000. Finally, Oarsman Capital Inc. increased its position in shares of Fortinet by 188.9% during the 4th quarter. Oarsman Capital Inc. now owns 416 shares of the software maker's stock worth $39,000 after purchasing an additional 272 shares in the last quarter. 83.71% of the stock is owned by institutional investors and hedge funds.

Fortinet Stock Down 0.7%

NASDAQ FTNT traded down $0.75 during trading hours on Friday, hitting $103.11. 5,705,689 shares of the company traded hands, compared to its average volume of 4,872,385. 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 business's 50-day moving average is $102.54 and its 200-day moving average is $100.47. The stock has a market capitalization of $78.92 billion, a price-to-earnings ratio of 42.43, a P/E/G ratio of 3.58 and a beta of 1.06. Fortinet, Inc. has a twelve month low of $54.57 and a twelve month high of $114.82.

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 (EPS) 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 company had revenue of $1.54 billion for the quarter, compared to analysts' expectations of $1.54 billion. During the same quarter in the prior year, the business posted $0.43 EPS. The business's revenue was up 13.8% compared to the same quarter last year. Sell-side analysts anticipate that Fortinet, Inc. will post 2.09 earnings per share for the current year.

Wall Street Analysts Forecast Growth

FTNT has been the topic of several research analyst reports. UBS Group decreased their price objective on shares of Fortinet from $115.00 to $105.00 and set a "neutral" rating on the stock in a research note on Thursday, May 8th. KeyCorp decreased their price target on Fortinet from $120.00 to $115.00 and set an "overweight" rating on the stock in a research report on Thursday, May 8th. Scotiabank dropped their price target on Fortinet from $135.00 to $115.00 and set a "sector outperform" rating for the company in a report on Thursday, May 8th. Robert W. Baird boosted their price objective on Fortinet from $110.00 to $113.00 and gave the stock a "neutral" rating in a research note on Tuesday, May 6th. Finally, Royal Bank Of Canada lowered their target price on Fortinet from $110.00 to $105.00 and set a "sector perform" rating for the company in a research note on Thursday, May 8th. One 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 stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus target price of $105.62.

Insider Buying and Selling at Fortinet

In other news, CEO Ken Xie sold 158,488 shares of the stock in a transaction dated Friday, May 2nd. The shares were sold at an average price of $106.10, for a total value of $16,815,576.80. Following the transaction, the chief executive officer now directly owns 51,391,879 shares of the company's stock, valued at $5,452,678,361.90. This represents a 0.31% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Michael Xie sold 3,546 shares of Fortinet stock in a transaction dated Friday, May 2nd. The stock was sold at an average price of $106.11, for a total transaction of $376,266.06. Following the sale, the vice president now directly owns 11,000,068 shares of the company's stock, valued at $1,167,217,215.48. The trade was a 0.03% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 17.20% of the company's stock.

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.