Spurstone Advisory Services LLC Invests $472,000 in Fortinet, Inc. (NASDAQ:FTNT)

Spurstone Advisory Services LLC purchased a new stake in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 5,000 shares of the software maker's stock, valued at approximately $472,000. Fortinet makes up about 9.0% of Spurstone Advisory Services LLC's investment portfolio, making the stock its 2nd biggest position.

A number of other hedge funds also recently bought and sold shares of FTNT. Norges Bank purchased a new stake in Fortinet during the fourth quarter valued at $724,048,000. Schroder Investment Management Group bought a new position in Fortinet during the fourth quarter valued at $389,867,000. FMR LLC increased its position in Fortinet by 77.2% during the fourth quarter. FMR LLC now owns 6,531,705 shares of the software maker's stock valued at $617,115,000 after acquiring an additional 2,846,475 shares during the last quarter. Arrowstreet Capital Limited Partnership increased its position in Fortinet by 39.3% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 7,622,253 shares of the software maker's stock valued at $720,150,000 after acquiring an additional 2,151,811 shares during the last quarter. Finally, Bessemer Group Inc. increased its position in Fortinet by 72.6% during the fourth quarter. Bessemer Group Inc. now owns 4,906,439 shares of the software maker's stock valued at $463,561,000 after acquiring an additional 2,064,016 shares during the last quarter. Hedge funds and other institutional investors own 83.71% of the company's stock.

Analyst Ratings Changes

A number of research firms have weighed in on FTNT. Needham & Company LLC reiterated a "hold" rating on shares of Fortinet in a research report on Friday, February 7th. The Goldman Sachs Group boosted their price objective on shares of Fortinet from $114.00 to $130.00 and gave the company a "buy" rating in a research report on Friday, February 7th. Stifel Nicolaus cut their price objective on shares of Fortinet from $115.00 to $95.00 and set a "hold" rating on the stock in a research report on Thursday, May 8th. Jefferies Financial Group cut their price objective on shares of Fortinet from $115.00 to $105.00 and set a "hold" rating on the stock in a research report on Monday, March 31st. Finally, Scotiabank cut their price target on shares of Fortinet from $135.00 to $115.00 and set a "sector outperform" rating on the stock in a report 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 given a strong buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average price target of $104.80.

Insider Activity at Fortinet

In other news, CFO Keith Jensen sold 17,660 shares of the stock in a transaction on Wednesday, February 26th. The shares were sold at an average price of $109.18, for a total value of $1,928,118.80. Following the sale, the chief financial officer now owns 4,736 shares in the company, valued at $517,076.48. This represents a 78.85% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Ken Xie sold 206,000 shares of the firm'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 transaction of $19,967,580.00. Following the sale, the chief executive officer now directly owns 51,391,879 shares in the company, 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 sold 715,478 shares of company stock valued at $71,467,247 in the last three months. 17.20% of the stock is owned by insiders.

Fortinet Stock Up 0.8%

Shares of FTNT stock traded up $0.78 during mid-day trading on Thursday, hitting $103.62. 3,652,798 shares of the stock traded hands, compared to its average volume of 4,970,390. The stock has a market cap of $79.31 billion, a P/E ratio of 45.85, a P/E/G ratio of 4.19 and a beta of 1.16. The stock's fifty day moving average is $99.03 and its two-hundred day moving average is $98.68. Fortinet, Inc. has a 52-week low of $54.57 and a 52-week 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.

Fortinet (NASDAQ:FTNT - Get Free Report) last released its quarterly earnings results on Wednesday, May 7th. The software maker reported $0.58 EPS for the quarter, beating the consensus estimate of $0.53 by $0.05. The business had revenue of $1.54 billion during the quarter, compared to analyst estimates of $1.54 billion. Fortinet had a net margin of 29.30% and a return on equity of 256.53%. The company's quarterly revenue was up 13.8% on a year-over-year basis. During the same period in the prior year, the firm posted $0.43 earnings per share. Equities 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.