Wealth Enhancement Advisory Services LLC Grows Stake in Fortinet, Inc. (NASDAQ:FTNT)

Wealth Enhancement Advisory Services LLC boosted its position in Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 23.9% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 93,331 shares of the software maker's stock after acquiring an additional 18,008 shares during the period. Wealth Enhancement Advisory Services LLC's holdings in Fortinet were worth $8,818,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Vanguard Group Inc. lifted its holdings in Fortinet by 1.1% during the fourth quarter. Vanguard Group Inc. now owns 68,115,470 shares of the software maker's stock worth $6,435,550,000 after acquiring an additional 730,994 shares during the period. Geode Capital Management LLC raised its stake in shares of Fortinet by 2.6% in the fourth quarter. Geode Capital Management LLC now owns 15,270,913 shares of the software maker's stock valued at $1,440,648,000 after buying an additional 387,901 shares during the period. Invesco Ltd. raised its stake in shares of Fortinet by 31.3% in the fourth quarter. Invesco Ltd. now owns 8,388,693 shares of the software maker's stock valued at $792,564,000 after buying an additional 2,000,888 shares during the period. Norges Bank bought a new stake in shares of Fortinet in the fourth quarter valued at $724,048,000. Finally, Arrowstreet Capital Limited Partnership raised its stake in shares of Fortinet by 39.3% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 7,622,253 shares of the software maker's stock valued at $720,150,000 after buying an additional 2,151,811 shares during the period. Institutional investors own 83.71% of the company's stock.

Fortinet Stock Down 1.4%

FTNT stock traded down $1.39 on Wednesday, reaching $101.49. 1,677,169 shares of the company traded hands, compared to its average volume of 5,027,560. Fortinet, Inc. has a one year low of $54.57 and a one year high of $114.82. 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 company has a market cap of $77.68 billion, a P/E ratio of 44.91, a price-to-earnings-growth ratio of 4.19 and a beta of 1.06. The firm has a fifty day simple moving average of $99.77 and a 200-day simple moving average of $99.59.

Fortinet (NASDAQ:FTNT - Get Free Report) last posted 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. Fortinet had a return on equity of 256.53% and a net margin of 29.30%. The company had revenue of $1.54 billion during the quarter, compared to analyst estimates of $1.54 billion. During the same quarter last year, the company earned $0.43 EPS. The firm's revenue for the quarter was up 13.8% on a year-over-year basis. Research analysts anticipate that Fortinet, Inc. will post 2.09 earnings per share for the current year.

Insider Buying and Selling at Fortinet

In other Fortinet news, CEO Ken Xie sold 206,000 shares of the stock in a transaction on Monday, March 10th. The stock was sold at an average price of $96.93, for a total transaction of $19,967,580.00. Following the sale, the chief executive officer now directly owns 51,391,879 shares in the company, valued at approximately $4,981,414,831.47. This trade represents a 0.40% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director William H. Neukom bought 328 shares of the business's stock in a transaction on Thursday, March 6th. The shares were acquired at an average price of $106.33 per share, for a total transaction of $34,876.24. Following the completion of the purchase, the director now owns 300,006 shares in the company, valued at approximately $31,899,637.98. The trade was a 0.11% increase in their position. The disclosure for this purchase can be found here. In the last three months, insiders have sold 697,818 shares of company stock worth $69,539,128. Insiders own 18.00% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the company. Susquehanna lifted their price target on Fortinet from $90.00 to $110.00 and gave the company a "neutral" rating in a research report on Monday, February 10th. Jefferies Financial Group reduced their target price on Fortinet from $115.00 to $105.00 and set a "hold" rating for the company in a research report on Monday, March 31st. The Goldman Sachs Group boosted their target price on Fortinet from $114.00 to $130.00 and gave the stock a "buy" rating in a research report on Friday, February 7th. Wells Fargo & Company cut their price objective on Fortinet from $105.00 to $95.00 and set an "equal weight" rating for the company in a report on Thursday, May 8th. Finally, Wall Street Zen upgraded Fortinet from a "hold" rating to a "buy" rating in a report on Tuesday, May 20th. One analyst has rated the stock with a sell rating, twenty have assigned a hold rating, twelve have assigned a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Hold" and an average price target of $104.80.

Fortinet 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.