St. Johns Investment Management Company LLC Grows Stock Position in Fortinet, Inc. (NASDAQ:FTNT)

St. Johns Investment Management Company LLC raised its position in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 726.0% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 6,302 shares of the software maker's stock after purchasing an additional 5,539 shares during the quarter. St. Johns Investment Management Company LLC's holdings in Fortinet were worth $607,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. SJS Investment Consulting Inc. boosted its position in Fortinet by 703.1% during the first quarter. SJS Investment Consulting Inc. now owns 257 shares of the software maker's stock worth $25,000 after purchasing an additional 225 shares in the last quarter. Edmond DE Rothschild Holding S.A. purchased a new position in Fortinet during the fourth quarter worth approximately $27,000. ORG Partners LLC boosted 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 purchasing an additional 112 shares in the last quarter. EQ Wealth Advisors LLC purchased a new position in Fortinet during the first quarter worth approximately $35,000. Finally, Oarsman Capital Inc. boosted its position in Fortinet by 188.9% during the fourth 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. Hedge funds and other institutional investors own 83.71% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on FTNT. Stephens began coverage on Fortinet in a research report on Tuesday, April 1st. They set an "equal weight" rating and a $108.00 price target on the stock. Rosenblatt Securities reiterated a "buy" rating and set a $125.00 price target on shares of Fortinet in a research report on Tuesday, June 17th. UBS Group lowered 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 reduced their target price on Fortinet from $115.00 to $105.00 and set a "hold" rating for the company in a report on Monday, March 31st. Finally, Robert W. Baird increased their target price on Fortinet from $110.00 to $113.00 and gave the company a "neutral" rating in a report on Tuesday, May 6th. One research analyst has rated the stock with a sell rating, twenty have given a hold rating, twelve have given a buy rating and two have assigned a strong buy rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $105.62.

Insider Transactions at Fortinet

In other news, Director William H. Neukom purchased 335 shares of the stock in a transaction dated Friday, June 6th. The stock was acquired at an average cost of $104.22 per share, for a total transaction of $34,913.70. Following the completion of the transaction, the director now directly owns 301,471 shares in the company, valued at approximately $31,419,307.62. This represents a 0.11% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at this link. Also, VP Michael Xie sold 3,546 shares of Fortinet stock in a transaction on Friday, May 2nd. The shares were sold at an average price of $106.11, for a total value of $376,266.06. Following the completion of the transaction, the vice president now owns 11,000,068 shares of the company's stock, valued at approximately $1,167,217,215.48. This trade represents a 0.03% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 17.20% of the company's stock.

Fortinet Trading Down 0.7%

Fortinet stock traded down $0.75 during mid-day trading on Friday, hitting $103.11. The company's stock had a trading volume of 5,705,689 shares, compared to its average volume of 4,872,386. The firm has a market capitalization of $78.92 billion, a PE ratio of 42.43, a price-to-earnings-growth ratio of 3.58 and a beta of 1.06. Fortinet, Inc. has a 1 year low of $54.57 and a 1 year high of $114.82. The company has a current ratio of 1.36, a quick ratio of 1.29 and a debt-to-equity ratio of 0.25. The stock's fifty day moving average is $102.54 and its two-hundred day moving average is $100.47.

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 the consensus estimate 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 during the quarter, compared to analyst estimates of $1.54 billion. During the same period in the prior year, the business posted $0.43 earnings per share. The firm's revenue for the quarter was up 13.8% compared to the same quarter last year. On average, analysts anticipate that Fortinet, Inc. will post 2.09 EPS for the current year.

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.