waypoint wealth counsel Buys Shares of 2,524 Fortinet, Inc. (NASDAQ:FTNT)

waypoint wealth counsel purchased a new stake in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 2,524 shares of the software maker's stock, valued at approximately $243,000.

Several other large investors have also recently made changes to their positions in FTNT. SJS Investment Consulting Inc. grew its holdings 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 valued at $25,000 after purchasing an additional 225 shares during the last quarter. Edmond DE Rothschild Holding S.A. purchased a new position in shares of Fortinet in the fourth quarter worth about $27,000. ORG Partners LLC lifted its stake in shares of Fortinet by 47.5% in the 1st quarter. ORG Partners LLC now owns 348 shares of the software maker's stock valued at $34,000 after acquiring an additional 112 shares during the last quarter. EQ Wealth Advisors LLC purchased a new stake in Fortinet during the 1st quarter valued at about $35,000. Finally, Oarsman Capital Inc. grew its position in Fortinet by 188.9% during the 4th quarter. Oarsman Capital Inc. now owns 416 shares of the software maker's stock worth $39,000 after acquiring an additional 272 shares during the last quarter. 83.71% of the stock is owned by hedge funds and other institutional investors.

Fortinet Stock Down 0.7%

Shares of Fortinet stock traded down $0.73 on Wednesday, hitting $103.69. 2,791,906 shares of the company's stock traded hands, compared to its average volume of 4,885,323. The stock has a market cap of $79.37 billion, a P/E ratio of 42.67, a PEG ratio of 3.56 and a beta of 1.06. 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. The firm's 50-day moving average is $102.10 and its 200 day moving average is $100.36.

Fortinet (NASDAQ:FTNT - Get Free Report) last issued its quarterly earnings results on Wednesday, May 7th. The software maker reported $0.58 EPS for the quarter, topping the consensus estimate of $0.53 by $0.05. The business had revenue of $1.54 billion for the quarter, compared to analysts' expectations of $1.54 billion. Fortinet had a net margin of 30.60% and a return on equity of 148.79%. The company's quarterly revenue was up 13.8% compared to the same quarter last year. During the same quarter last year, the company posted $0.43 earnings per share. Equities analysts anticipate that Fortinet, Inc. will post 2.09 earnings per share for the current year.

Analyst Ratings Changes

A number of equities research analysts have issued reports on the stock. Stifel Nicolaus cut their price target on shares of Fortinet from $115.00 to $95.00 and set a "hold" rating on the stock in a report on Thursday, May 8th. Royal Bank Of Canada reduced their price target on Fortinet from $110.00 to $105.00 and set a "sector perform" rating on the stock in a report on Thursday, May 8th. Rosenblatt Securities reaffirmed a "buy" rating and set a $125.00 price target on shares of Fortinet in a research report on Tuesday, June 17th. Scotiabank cut their price objective on Fortinet from $135.00 to $115.00 and set a "sector outperform" rating on the stock in a research report on Thursday, May 8th. Finally, Cantor Fitzgerald reduced their target price on Fortinet from $115.00 to $100.00 and set a "neutral" rating on the stock in a research note on Thursday, April 24th. One analyst has rated the stock with a sell rating, twenty have issued a hold rating, twelve have issued a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, Fortinet presently has a consensus rating of "Hold" and a consensus target price of $104.80.

Insiders Place Their Bets

In other news, VP Michael Xie sold 3,546 shares of the company's stock in a transaction that occurred on Friday, May 2nd. The stock was sold at an average price of $106.11, for a total transaction of $376,266.06. Following the completion of the transaction, the vice president now directly owns 11,000,068 shares of the company's stock, valued at approximately $1,167,217,215.48. This represents a 0.03% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Ken Xie sold 158,488 shares of the firm'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 value of $16,815,576.80. Following the completion of the sale, the chief executive officer now directly owns 51,391,879 shares in the company, 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 currently owned by corporate 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.