Warther Private Wealth LLC Purchases 22,110 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Warther Private Wealth LLC boosted its position in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 20.4% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 130,410 shares of the software maker's stock after acquiring an additional 22,110 shares during the quarter. Fortinet accounts for approximately 4.1% of Warther Private Wealth LLC's investment portfolio, making the stock its 12th biggest holding. Warther Private Wealth LLC's holdings in Fortinet were worth $12,553,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in FTNT. SJS Investment Consulting Inc. raised 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 acquiring an additional 225 shares in the last quarter. Edmond DE Rothschild Holding S.A. bought a new position in shares of Fortinet in the fourth quarter valued at about $27,000. Oarsman Capital Inc. raised its position in shares of Fortinet by 188.9% in the fourth quarter. Oarsman Capital Inc. now owns 416 shares of the software maker's stock valued at $39,000 after purchasing an additional 272 shares during the period. Graney & King LLC bought a new position in shares of Fortinet in the fourth quarter valued at about $43,000. Finally, Banque Transatlantique SA bought a new position in shares of Fortinet in the fourth quarter valued at about $43,000. 83.71% of the stock is owned by institutional investors.

Insider Activity

In other Fortinet news, Director William H. Neukom bought 335 shares of Fortinet stock in a transaction on Friday, June 6th. The shares were purchased at an average cost of $104.22 per share, with a total value of $34,913.70. Following the acquisition, the director now directly owns 301,471 shares of the company's stock, valued at $31,419,307.62. The trade was a 0.11% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Ken Xie sold 158,488 shares of the business's stock in a transaction that occurred on Friday, May 2nd. The stock was sold at an average price of $106.10, for a total transaction of $16,815,576.80. Following the sale, the chief executive officer now directly owns 51,391,879 shares in the company, valued at $5,452,678,361.90. The trade was a 0.31% decrease in their ownership of the stock. The disclosure for this sale can be found here. 17.20% of the stock is currently owned by corporate insiders.

Fortinet Trading Down 0.8%

FTNT opened at $100.83 on Monday. The company's 50 day moving average is $101.38 and its 200-day moving average is $100.14. 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 1.47, a quick ratio of 1.39 and a debt-to-equity ratio of 0.67. The company has a market cap of $77.18 billion, a P/E ratio of 44.62, a PEG ratio of 4.19 and a beta of 1.06.

Fortinet (NASDAQ:FTNT - Get Free Report) last posted its quarterly earnings results 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. Fortinet had a net margin of 29.30% and a return on equity of 256.53%. The company had revenue of $1.54 billion for the quarter, compared to the consensus estimate of $1.54 billion. During the same period last year, the company posted $0.43 EPS. The firm's quarterly revenue was up 13.8% compared to the same quarter last year. Equities research analysts predict that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

FTNT has been the topic of several research analyst reports. Roth Capital set a $103.00 price objective on shares of Fortinet and gave the company a "neutral" rating in a research report on Tuesday, April 22nd. Royal Bank of Canada dropped their price objective on shares of Fortinet from $110.00 to $105.00 and set a "sector perform" rating on the stock in a research report on Thursday, May 8th. BMO Capital Markets dropped their price objective on shares of Fortinet from $122.00 to $110.00 and set a "market perform" rating on the stock in a research report on Thursday, May 8th. Morgan Stanley dropped their price objective on shares of Fortinet from $123.00 to $105.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 16th. Finally, DZ Bank raised shares of Fortinet from a "strong sell" rating to a "hold" rating in a research 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 issued a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $104.80.

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.

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