USA Financial Formulas Buys 10,297 Shares of Fortinet, Inc. (NASDAQ:FTNT)

USA Financial Formulas boosted its position in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 69.0% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 25,223 shares of the software maker's stock after acquiring an additional 10,297 shares during the quarter. Fortinet accounts for approximately 0.4% of USA Financial Formulas' investment portfolio, making the stock its 14th biggest holding. USA Financial Formulas' holdings in Fortinet were worth $2,428,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Manchester Capital Management LLC increased its stake in shares of Fortinet by 13.5% in the fourth quarter. Manchester Capital Management LLC now owns 843 shares of the software maker's stock worth $80,000 after purchasing an additional 100 shares in the last quarter. Fielder Capital Group LLC boosted its position in shares of Fortinet by 1.6% in the fourth quarter. Fielder Capital Group LLC now owns 6,904 shares of the software maker's stock valued at $652,000 after acquiring an additional 111 shares during the period. Sheaff Brock Investment Advisors LLC boosted its position in shares of Fortinet by 1.4% in the fourth quarter. Sheaff Brock Investment Advisors LLC now owns 8,346 shares of the software maker's stock valued at $789,000 after acquiring an additional 114 shares during the period. CIBC Private Wealth Group LLC boosted its position in shares of Fortinet by 1.3% in the fourth quarter. CIBC Private Wealth Group LLC now owns 9,390 shares of the software maker's stock valued at $902,000 after acquiring an additional 116 shares during the period. Finally, Evergreen Capital Management LLC boosted its position in shares of Fortinet by 2.0% in the fourth quarter. Evergreen Capital Management LLC now owns 6,240 shares of the software maker's stock valued at $590,000 after acquiring an additional 124 shares during the period. 83.71% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on FTNT. BMO Capital Markets cut their price objective on shares of Fortinet from $122.00 to $110.00 and set a "market perform" rating for the company in a research report on Thursday, May 8th. Scotiabank cut their price objective on shares of Fortinet from $135.00 to $115.00 and set a "sector outperform" rating for the company in a research report on Thursday, May 8th. DZ Bank upgraded shares of Fortinet from a "strong sell" rating to a "hold" rating in a research report on Thursday, May 8th. Wall Street Zen upgraded shares of Fortinet from a "hold" rating to a "buy" rating in a research report on Tuesday, May 20th. Finally, Wolfe Research started coverage on shares of Fortinet in a research report on Monday, May 12th. They set a "peer perform" rating for the company. One investment 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. According to data from MarketBeat.com, Fortinet currently has a consensus rating of "Hold" and an average target price of $104.80.

Insider Activity

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

Fortinet Trading Down 0.8%

Fortinet stock traded down $0.83 during mid-day trading on Friday, reaching $100.83. 3,422,968 shares of the company traded hands, compared to its average volume of 4,973,035. The company has a debt-to-equity ratio of 0.67, a current ratio of 1.47 and a quick ratio of 1.39. The firm's 50 day moving average price is $101.38 and its 200 day moving average price is $100.10. The firm has a market capitalization of $77.18 billion, a price-to-earnings ratio of 44.62, a P/E/G ratio of 4.19 and a beta of 1.06. 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 announced its earnings results on Wednesday, May 7th. The software maker reported $0.58 EPS for the quarter, beating analysts' consensus estimates of $0.53 by $0.05. Fortinet had a net margin of 29.30% and a return on equity of 256.53%. The firm had revenue of $1.54 billion for the quarter, compared to analysts' expectations of $1.54 billion. During the same quarter in the previous year, the business posted $0.43 EPS. The company's quarterly revenue was up 13.8% on a year-over-year basis. On average, analysts anticipate that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal 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.