Fortinet, Inc. (NASDAQ:FTNT) Position Boosted by FourThought Financial Partners LLC

FourThought Financial Partners LLC increased its stake in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 183.8% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 23,076 shares of the software maker's stock after acquiring an additional 14,945 shares during the quarter. FourThought Financial Partners LLC's holdings in Fortinet were worth $1,351,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Commonwealth Equity Services LLC increased its stake in Fortinet by 7.0% in the third quarter. Commonwealth Equity Services LLC now owns 129,130 shares of the software maker's stock valued at $7,577,000 after purchasing an additional 8,402 shares during the period. Pinnacle Associates Ltd. increased its stake in Fortinet by 26.6% in the third quarter. Pinnacle Associates Ltd. now owns 5,717 shares of the software maker's stock valued at $335,000 after purchasing an additional 1,201 shares during the period. Raymond James Financial Services Advisors Inc. increased its stake in Fortinet by 5.9% in the third quarter. Raymond James Financial Services Advisors Inc. now owns 123,042 shares of the software maker's stock valued at $7,220,000 after purchasing an additional 6,815 shares during the period. Forsta AP Fonden increased its stake in Fortinet by 3.7% in the third quarter. Forsta AP Fonden now owns 134,600 shares of the software maker's stock valued at $7,898,000 after purchasing an additional 4,800 shares during the period. Finally, Compass Wealth Management LLC acquired a new position in Fortinet in the third quarter valued at $64,000. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on the stock. StockNews.com upgraded shares of Fortinet from a "hold" rating to a "buy" rating in a research note on Friday. Wedbush reiterated an "outperform" rating and set a $86.00 price target on shares of Fortinet in a research note on Wednesday. Piper Sandler dropped their price target on shares of Fortinet from $75.00 to $70.00 and set a "neutral" rating on the stock in a research note on Friday. Truist Financial dropped their price target on shares of Fortinet from $80.00 to $70.00 and set a "buy" rating on the stock in a research note on Friday. Finally, Mizuho dropped their price target on shares of Fortinet from $70.00 to $66.00 and set a "neutral" rating on the stock in a research note on Friday. Two analysts have rated the stock with a sell rating, twenty have assigned a hold rating and twelve have given a buy rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Hold" and an average price target of $70.68.

Insider Activity at Fortinet

In other Fortinet news, CEO Ken Xie sold 23,694 shares of the firm's stock in a transaction dated Tuesday, March 12th. The stock was sold at an average price of $71.40, for a total value of $1,691,751.60. Following the sale, the chief executive officer now directly owns 48,625,005 shares of the company's stock, valued at approximately $3,471,825,357. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In related news, CEO Ken Xie sold 23,694 shares of the company's stock in a transaction that occurred on Tuesday, March 12th. The shares were sold at an average price of $71.40, for a total transaction of $1,691,751.60. Following the completion of the transaction, the chief executive officer now owns 48,625,005 shares of the company's stock, valued at $3,471,825,357. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Michael Xie sold 24,710 shares of Fortinet stock in a transaction on Thursday, May 2nd. The shares were sold at an average price of $64.48, for a total transaction of $1,593,300.80. Following the completion of the transaction, the vice president now owns 10,867,018 shares in the company, valued at approximately $700,705,320.64. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 118,480 shares of company stock worth $8,021,556. 17.54% of the stock is currently owned by insiders.

Fortinet Trading Down 9.7 %

Shares of NASDAQ FTNT traded down $6.32 during midday trading on Friday, reaching $58.88. 15,896,615 shares of the stock were exchanged, compared to its average volume of 4,338,557. The stock has a 50 day moving average price of $67.53 and a 200-day moving average price of $61.92. The company has a current ratio of 1.19, a quick ratio of 1.06 and a debt-to-equity ratio of 13.38. The company has a market capitalization of $44.94 billion, a P/E ratio of 38.48, a P/E/G ratio of 2.61 and a beta of 1.08. Fortinet, Inc. has a 52-week low of $44.12 and a 52-week high of $81.24.

Fortinet (NASDAQ:FTNT - Get Free Report) last announced its earnings results on Thursday, May 2nd. The software maker reported $0.43 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.38 by $0.05. The firm had revenue of $1.35 billion for the quarter, compared to analyst estimates of $1.34 billion. Fortinet had a net margin of 22.23% and a negative return on equity of 5,061.85%. Fortinet's revenue was up 7.2% compared to the same quarter last year. During the same quarter last year, the business earned $0.29 earnings per share. Equities research analysts expect that Fortinet, Inc. will post 1.4 earnings per share for the current fiscal 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.