Stephens Investment Management Group LLC Boosts Stock Position in Fortinet, Inc. (NASDAQ:FTNT)

Stephens Investment Management Group LLC increased its stake in Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 7.7% during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 142,562 shares of the software maker's stock after buying an additional 10,143 shares during the period. Stephens Investment Management Group LLC's holdings in Fortinet were worth $13,723,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in FTNT. SJS Investment Consulting Inc. boosted its stake in Fortinet by 703.1% during the 1st quarter. SJS Investment Consulting Inc. now owns 257 shares of the software maker's stock valued at $25,000 after purchasing an additional 225 shares during the last quarter. Edmond DE Rothschild Holding S.A. purchased a new stake in Fortinet during the 4th quarter valued at $27,000. ORG Partners LLC boosted its stake in Fortinet by 47.5% during the 1st quarter. ORG Partners LLC now owns 348 shares of the software maker's stock valued at $34,000 after purchasing an additional 112 shares during the last quarter. EQ Wealth Advisors LLC purchased a new stake in Fortinet during the 1st quarter valued at $35,000. Finally, Wayfinding Financial LLC purchased a new stake in Fortinet during the 1st quarter valued at $36,000. Hedge funds and other institutional investors own 83.71% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts have commented on the company. BMO Capital Markets cut their target price on Fortinet from $122.00 to $110.00 and set a "market perform" rating on the stock in a research note on Thursday, May 8th. Robert W. Baird increased their target price on Fortinet from $110.00 to $113.00 and gave the company a "neutral" rating in a research note on Tuesday, May 6th. KeyCorp lowered their price target on Fortinet from $120.00 to $115.00 and set an "overweight" rating on the stock in a report on Thursday, May 8th. Jefferies Financial Group lowered their price target on Fortinet from $115.00 to $105.00 and set a "hold" rating on the stock in a report on Monday, March 31st. Finally, UBS Group lowered their price target on Fortinet from $115.00 to $105.00 and set a "neutral" rating on the stock in a report 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 assigned a strong buy rating to the company's stock. According to MarketBeat, Fortinet currently has an average rating of "Hold" and an average price target of $105.62.

Fortinet Price Performance

NASDAQ:FTNT opened at $99.06 on Monday. The stock has a market cap of $75.82 billion, a PE ratio of 40.77, a P/E/G ratio of 3.42 and a beta of 1.06. The business's 50-day simple moving average is $103.23 and its two-hundred day simple moving average is $101.02. The company has a quick ratio of 1.29, a current ratio of 1.36 and a debt-to-equity ratio of 0.25. Fortinet, Inc. has a 52 week low of $54.57 and a 52 week 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, beating analysts' consensus estimates of $0.53 by $0.05. The firm had revenue of $1.54 billion during the quarter, compared to analyst estimates of $1.54 billion. Fortinet had a return on equity of 148.79% and a net margin of 30.60%. The business's quarterly revenue was up 13.8% compared to the same quarter last year. During the same quarter last year, the business posted $0.43 earnings per share. As a group, analysts forecast that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

Insider Activity at Fortinet

In related news, 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 value of $376,266.06. Following the completion of the transaction, the vice president owned 11,000,068 shares in the company, valued at approximately $1,167,217,215.48. This trade represents a 0.03% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Ken Xie sold 158,488 shares of Fortinet stock in a transaction that occurred on Friday, May 2nd. The stock was 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 owned 51,391,879 shares of the company's stock, valued at approximately $5,452,678,361.90. This trade represents a 0.31% decrease in their position. The disclosure for this sale can be found here. 18.00% of the stock is owned by insiders.

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.

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