SteelPeak Wealth LLC Purchases 10,313 Shares of Fortinet, Inc. (NASDAQ:FTNT)

SteelPeak Wealth LLC lifted its stake in Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 295.8% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 13,800 shares of the software maker's stock after acquiring an additional 10,313 shares during the quarter. SteelPeak Wealth LLC's holdings in Fortinet were worth $1,328,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. SJS Investment Consulting Inc. increased its position in shares of Fortinet by 703.1% during the 1st quarter. SJS Investment Consulting Inc. now owns 257 shares of the software maker's stock worth $25,000 after purchasing an additional 225 shares during the last quarter. Edmond DE Rothschild Holding S.A. bought a new position in shares of Fortinet in the fourth quarter valued at $27,000. ORG Partners LLC increased its holdings 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 buying an additional 112 shares during the last quarter. EQ Wealth Advisors LLC bought a new stake in Fortinet during the first quarter worth $35,000. Finally, Wayfinding Financial LLC acquired a new stake in Fortinet in the first quarter valued at $36,000. Institutional investors own 83.71% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on FTNT shares. Wolfe Research began coverage on Fortinet in a research report on Monday, May 12th. They set a "peer perform" rating on the stock. UBS Group cut their price target on Fortinet from $115.00 to $105.00 and set a "neutral" rating for the company in a report on Thursday, May 8th. Roth Capital set a $103.00 price objective on shares of Fortinet and gave the company a "neutral" rating in a report on Tuesday, April 22nd. KeyCorp cut their target price on shares of Fortinet from $120.00 to $115.00 and set an "overweight" rating for the company in a research note on Thursday, May 8th. Finally, Stephens began coverage on shares of Fortinet in a research note on Tuesday, April 1st. They issued an "equal weight" rating and a $108.00 price target on the stock. One investment analyst has rated the stock with a sell rating, twenty have assigned a hold rating, twelve have assigned a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Fortinet currently has a consensus rating of "Hold" and a consensus price target of $105.62.

Fortinet Price Performance

FTNT stock traded down $1.14 during trading on Friday, reaching $99.06. 4,128,922 shares of the company were exchanged, compared to its average volume of 4,876,859. The company has a market capitalization of $75.82 billion, a price-to-earnings ratio of 40.77, a P/E/G ratio of 3.46 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. The company has a 50-day moving average of $103.23 and a two-hundred day moving average of $100.97. 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 results on Wednesday, May 7th. The software maker reported $0.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.53 by $0.05. Fortinet had a net margin of 30.60% and a return on equity of 148.79%. The company had revenue of $1.54 billion during the quarter, compared to the consensus estimate of $1.54 billion. During the same period in the prior year, the business earned $0.43 earnings per share. The company's revenue for the quarter was up 13.8% compared to the same quarter last year. As a group, equities analysts predict that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

Insider Buying and Selling at Fortinet

In other news, VP Michael Xie sold 3,546 shares of the business's 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 directly owned 11,000,068 shares in the company, valued at approximately $1,167,217,215.48. The trade was a 0.03% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Ken Xie sold 158,488 shares of the company'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 value of $16,815,576.80. Following the completion of the transaction, the chief executive officer directly owned 51,391,879 shares of the company's stock, valued at $5,452,678,361.90. This represents a 0.31% 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.