waypoint wealth counsel Takes Position in Fortinet, Inc. (NASDAQ:FTNT)

waypoint wealth counsel bought a new position in Fortinet, Inc. (NASDAQ:FTNT - Free Report) in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 2,524 shares of the software maker's stock, valued at approximately $243,000.

Other large investors have also recently modified their holdings of the company. SJS Investment Consulting Inc. grew its stake in Fortinet by 703.1% during the first quarter. SJS Investment Consulting Inc. now owns 257 shares of the software maker's stock valued at $25,000 after acquiring an additional 225 shares in the last quarter. Edmond DE Rothschild Holding S.A. purchased a new position in Fortinet during the fourth quarter valued at approximately $27,000. ORG Partners LLC grew its stake in Fortinet by 47.5% during the first quarter. ORG Partners LLC now owns 348 shares of the software maker's stock valued at $34,000 after acquiring an additional 112 shares in the last quarter. EQ Wealth Advisors LLC purchased a new position in Fortinet in the 1st quarter worth approximately $35,000. Finally, Oarsman Capital Inc. grew its stake in Fortinet by 188.9% in the 4th quarter. Oarsman Capital Inc. now owns 416 shares of the software maker's stock worth $39,000 after buying an additional 272 shares in the last quarter. Hedge funds and other institutional investors own 83.71% of the company's stock.

Insiders Place Their Bets

In other Fortinet news, CEO Ken Xie sold 158,488 shares of the firm's stock in a transaction dated 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 sale, the chief executive officer now directly owns 51,391,879 shares in the company, valued at $5,452,678,361.90. This trade represents a 0.31% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director William H. Neukom acquired 335 shares of the stock in a transaction on Friday, June 6th. The stock was bought at an average price of $104.22 per share, with a total value of $34,913.70. Following the completion of the acquisition, the director now directly owns 301,471 shares of the company's stock, valued at $31,419,307.62. This trade represents a 0.11% increase in their ownership of the stock. The disclosure for this purchase can be found here. 17.20% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on FTNT shares. BMO Capital Markets lowered 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. UBS Group dropped their price target on Fortinet from $115.00 to $105.00 and set a "neutral" rating for the company in a research note on Thursday, May 8th. Scotiabank cut their price objective on Fortinet from $135.00 to $115.00 and set a "sector outperform" rating for the company in a report on Thursday, May 8th. KeyCorp decreased their price objective on Fortinet from $120.00 to $115.00 and set an "overweight" rating on the stock in a report on Thursday, May 8th. Finally, Rosenblatt Securities reaffirmed a "buy" rating and issued a $125.00 target price on shares of Fortinet in a research note on Tuesday, June 17th. One research analyst has rated the stock with a sell rating, twenty-one have given a hold rating, eleven have given a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and an average price target of $105.62.

Fortinet Trading Down 0.7%

Shares of NASDAQ FTNT traded down $0.75 during trading hours on Friday, hitting $103.11. The company's stock had a trading volume of 5,705,689 shares, compared to its average volume of 4,872,386. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.29 and a current ratio of 1.36. The stock has a market cap of $78.92 billion, a price-to-earnings ratio of 42.43, a P/E/G ratio of 3.58 and a beta of 1.06. Fortinet, Inc. has a 12 month low of $54.57 and a 12 month high of $114.82. The business has a 50-day simple moving average of $102.54 and a 200-day simple moving average of $100.47.

Fortinet (NASDAQ:FTNT - Get Free Report) last posted its 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 return on equity of 148.79% and a net margin of 30.60%. The company had revenue of $1.54 billion for the quarter, compared to analysts' expectations of $1.54 billion. During the same period last year, the firm earned $0.43 earnings per share. Fortinet'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.

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.