Spirepoint Private Client LLC Purchases Shares of 49,021 Fortinet, Inc. (NASDAQ:FTNT)

Spirepoint Private Client LLC purchased a new stake in Fortinet, Inc. (NASDAQ:FTNT - Free Report) in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 49,021 shares of the software maker's stock, valued at approximately $4,719,000.

Several other large investors also recently bought and sold shares of the stock. SJS Investment Consulting Inc. boosted its holdings in shares of 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 Fortinet during the 4th quarter worth $27,000. ORG Partners LLC grew its position in Fortinet by 47.5% during 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 position in Fortinet in the first quarter valued at $35,000. Finally, Oarsman Capital Inc. raised its holdings in shares of Fortinet by 188.9% in the fourth quarter. Oarsman Capital Inc. now owns 416 shares of the software maker's stock valued at $39,000 after buying an additional 272 shares during the last quarter. Institutional investors and hedge funds own 83.71% of the company's stock.

Insiders Place Their Bets

In related news, CEO Ken Xie sold 158,488 shares of the firm's stock in a transaction that occurred on Friday, May 2nd. The shares were sold at an average price of $106.10, for a total transaction of $16,815,576.80. Following the sale, the chief executive officer now owns 51,391,879 shares in the company, valued at approximately $5,452,678,361.90. This trade represents a 0.31% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director William H. Neukom bought 335 shares of the stock in a transaction 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 purchase, the director now directly owns 301,471 shares in the company, valued at $31,419,307.62. This trade represents a 0.11% increase in their position. The disclosure for this purchase can be found here. 18.00% of the stock is currently owned by company insiders.

Fortinet Price Performance

NASDAQ:FTNT traded down $0.73 during mid-day trading on Wednesday, hitting $103.69. 2,791,906 shares of the company's stock traded hands, compared to its average volume of 4,885,323. 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 company has a market cap of $79.37 billion, a PE ratio of 42.67, a price-to-earnings-growth ratio of 3.56 and a beta of 1.06. The firm's 50 day simple moving average is $102.10 and its 200 day simple moving average is $100.36. Fortinet, Inc. has a 1 year low of $54.57 and a 1 year high of $114.82.

Fortinet (NASDAQ:FTNT - Get Free Report) last issued 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 net margin of 30.60% and a return on equity of 148.79%. The business had revenue of $1.54 billion during the quarter, compared to analysts' expectations of $1.54 billion. During the same period last year, the company posted $0.43 EPS. The company's revenue was up 13.8% on a year-over-year basis. Sell-side analysts expect that Fortinet, Inc. will post 2.09 EPS for the current year.

Wall Street Analysts Forecast Growth

FTNT has been the topic of several recent research reports. UBS Group dropped their price target on Fortinet from $115.00 to $105.00 and set a "neutral" rating on the stock in a research report on Thursday, May 8th. Jefferies Financial Group lowered their target price on Fortinet from $115.00 to $105.00 and set a "hold" rating on the stock in a research note on Monday, March 31st. Cantor Fitzgerald cut their price target on Fortinet from $115.00 to $100.00 and set a "neutral" rating for the company in a research note on Thursday, April 24th. Wells Fargo & Company decreased their price target on Fortinet from $105.00 to $95.00 and set an "equal weight" rating for the company in a report on Thursday, May 8th. Finally, KeyCorp dropped their price objective on shares of Fortinet from $120.00 to $115.00 and set an "overweight" rating on the stock in a research note on Thursday, May 8th. One research analyst has rated the stock with a sell rating, twenty have issued a hold rating, twelve have issued a buy rating and two have given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average target price of $104.80.

Fortinet 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.