Fortinet, Inc. (NASDAQ:FTNT) Shares Purchased by Focus Partners Wealth

Focus Partners Wealth raised its position in Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 34.5% during the 4th quarter, according to its most recent filing with the SEC. The firm owned 41,696 shares of the software maker's stock after buying an additional 10,692 shares during the quarter. Focus Partners Wealth's holdings in Fortinet were worth $3,939,000 as of its most recent filing with the SEC.

Other institutional investors also recently bought and sold shares of the company. Trilogy Capital Inc. grew its stake in shares of Fortinet by 17.8% during the 4th quarter. Trilogy Capital Inc. now owns 23,499 shares of the software maker's stock worth $2,220,000 after purchasing an additional 3,544 shares during the period. Dixon Mitchell Investment Counsel Inc. lifted its holdings in Fortinet by 129.9% in the 4th quarter. Dixon Mitchell Investment Counsel Inc. now owns 299,989 shares of the software maker's stock valued at $28,343,000 after purchasing an additional 169,530 shares in the last quarter. Milestone Asset Management LLC acquired a new position in shares of Fortinet during the 4th quarter valued at about $1,690,000. Proficio Capital Partners LLC increased its stake in shares of Fortinet by 18,353.2% during the 4th quarter. Proficio Capital Partners LLC now owns 547,323 shares of the software maker's stock valued at $547,000 after acquiring an additional 544,357 shares during the last quarter. Finally, Jackson Wealth Management LLC acquired a new position in shares of Fortinet during the 4th quarter valued at about $4,731,000. 83.71% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Fortinet

In related news, VP Michael Xie sold 3,546 shares of Fortinet stock in a transaction dated Friday, May 2nd. The shares were sold at an average price of $106.11, for a total transaction of $376,266.06. Following the sale, the vice president now directly owns 11,000,068 shares in the company, valued at $1,167,217,215.48. The trade was a 0.03% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Ken Xie sold 158,488 shares of Fortinet stock in a transaction dated Friday, May 2nd. The shares were 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 owns 51,391,879 shares in the company, valued at approximately $5,452,678,361.90. This represents a 0.31% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 738,978 shares of company stock worth $74,135,907. 17.20% of the stock is owned by insiders.

Fortinet Stock Performance

FTNT traded up $2.03 during trading hours on Friday, hitting $104.59. 4,506,022 shares of the stock were exchanged, compared to its average volume of 4,971,955. The stock has a 50-day simple moving average of $98.53 and a 200-day simple moving average of $98.29. Fortinet, Inc. has a 12 month low of $54.57 and a 12 month high of $114.82. The stock has a market cap of $80.05 billion, a price-to-earnings ratio of 46.28, a price-to-earnings-growth ratio of 4.19 and a beta of 1.16. The company has a debt-to-equity ratio of 0.67, a current ratio of 1.47 and a quick ratio of 1.39.

Fortinet (NASDAQ:FTNT - Get Free Report) last announced its quarterly earnings data 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 256.53% and a net margin of 29.30%. The firm had revenue of $1.54 billion for the quarter, compared to analysts' expectations of $1.54 billion. During the same period last year, the business posted $0.43 earnings per share. The firm's revenue for the quarter was up 13.8% on a year-over-year basis. Analysts anticipate that Fortinet, Inc. will post 2.09 earnings per share for the current year.

Wall Street Analysts Forecast Growth

FTNT has been the subject of a number of research analyst reports. Wells Fargo & Company dropped their target price on shares of Fortinet from $105.00 to $95.00 and set an "equal weight" rating for the company in a research report on Thursday, May 8th. Robert W. Baird increased their target price on shares of Fortinet from $110.00 to $113.00 and gave the stock a "neutral" rating in a research report on Tuesday, May 6th. Stephens initiated coverage on shares of Fortinet in a research report on Tuesday, April 1st. They set an "equal weight" rating and a $108.00 target price for the company. Susquehanna increased their target price on shares of Fortinet from $90.00 to $110.00 and gave the stock a "neutral" rating in a research report on Monday, February 10th. Finally, Rosenblatt Securities increased their target price on shares of Fortinet from $115.00 to $125.00 and gave the stock a "buy" rating in a research report on Friday, February 7th. One 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 issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus target price 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.