Wealth Enhancement Advisory Services LLC Has $12.65 Million Position in Fortinet, Inc. (NASDAQ:FTNT)

Wealth Enhancement Advisory Services LLC grew its stake in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 40.8% in the first quarter, according to its most recent disclosure with the SEC. The fund owned 131,411 shares of the software maker's stock after buying an additional 38,080 shares during the period. Wealth Enhancement Advisory Services LLC's holdings in Fortinet were worth $12,650,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the business. Eagle Capital Management LLC increased its stake in Fortinet by 0.4% in the first quarter. Eagle Capital Management LLC now owns 26,285 shares of the software maker's stock valued at $2,530,000 after acquiring an additional 109 shares during the period. Fielder Capital Group LLC grew its stake in Fortinet by 1.6% during the fourth quarter. Fielder Capital Group LLC now owns 6,904 shares of the software maker's stock worth $652,000 after buying an additional 111 shares during the last quarter. CIBC Private Wealth Group LLC grew its stake in Fortinet by 1.3% during the fourth quarter. CIBC Private Wealth Group LLC now owns 9,390 shares of the software maker's stock worth $902,000 after buying an additional 116 shares during the last quarter. Evergreen Capital Management LLC grew its stake in Fortinet by 2.0% during the fourth quarter. Evergreen Capital Management LLC now owns 6,240 shares of the software maker's stock worth $590,000 after buying an additional 124 shares during the last quarter. Finally, Truvestments Capital LLC grew its stake in Fortinet by 3.0% during the fourth quarter. Truvestments Capital LLC now owns 4,310 shares of the software maker's stock worth $407,000 after buying an additional 127 shares during the last quarter. Institutional investors own 83.71% of the company's stock.

Insiders Place Their Bets

In other news, VP Michael Xie sold 3,546 shares of the 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 in the company, valued at approximately $1,167,217,215.48. This represents a 0.03% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director William H. Neukom bought 335 shares of the stock in a transaction dated Friday, June 6th. The shares were purchased at an average price of $104.22 per share, with a total value of $34,913.70. Following the completion of the transaction, the director now directly owns 301,471 shares in the company, valued at approximately $31,419,307.62. The trade was a 0.11% increase in their position. The disclosure for this purchase can be found here. 18.00% of the stock is owned by insiders.

Analyst Ratings Changes

Several analysts have recently commented on FTNT shares. DZ Bank raised shares of Fortinet from a "strong sell" rating to a "hold" rating in a research note on Thursday, May 8th. Roth Capital set a $103.00 target price on shares of Fortinet and gave the stock a "neutral" rating in a report on Tuesday, April 22nd. Wolfe Research assumed coverage on shares of Fortinet in a report on Monday, May 12th. They issued a "peer perform" rating on the stock. Morgan Stanley cut their target price on shares of Fortinet from $123.00 to $105.00 and set an "overweight" rating on the stock in a report on Wednesday, April 16th. Finally, Jefferies Financial Group cut their target price on shares of Fortinet from $115.00 to $105.00 and set a "hold" rating on the stock in a report on Monday, March 31st. One equities research analyst has rated the stock with a sell rating, twenty have given a hold rating, twelve have assigned a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, Fortinet presently has a consensus rating of "Hold" and an average price target of $104.80.

Fortinet Stock Down 1.0%

Shares of Fortinet stock opened at $99.85 on Monday. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.29 and a current ratio of 1.36. Fortinet, Inc. has a 52-week low of $54.57 and a 52-week high of $114.82. The stock has a market capitalization of $76.43 billion, a price-to-earnings ratio of 41.09, a P/E/G ratio of 3.44 and a beta of 1.07. The company's 50 day moving average price is $101.86 and its 200-day moving average price is $100.31.

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 30.60% and a return on equity of 148.79%. 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. Equities research analysts forecast that Fortinet, Inc. will post 2.09 EPS for the current 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.

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