Janney Montgomery Scott LLC Buys 134,265 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Janney Montgomery Scott LLC increased its stake in Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 121.4% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 244,879 shares of the software maker's stock after purchasing an additional 134,265 shares during the quarter. Janney Montgomery Scott LLC's holdings in Fortinet were worth $14,333,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of FTNT. Buckhead Capital Management LLC boosted its holdings in shares of Fortinet by 0.6% in the fourth quarter. Buckhead Capital Management LLC now owns 30,134 shares of the software maker's stock worth $1,764,000 after acquiring an additional 187 shares during the period. Johnson Investment Counsel Inc. increased its position in shares of Fortinet by 1.0% during the 4th quarter. Johnson Investment Counsel Inc. now owns 20,696 shares of the software maker's stock valued at $1,211,000 after purchasing an additional 200 shares during the last quarter. Realta Investment Advisors grew its holdings in shares of Fortinet by 6.8% during the 4th quarter. Realta Investment Advisors now owns 3,420 shares of the software maker's stock valued at $200,000 after purchasing an additional 217 shares during the last quarter. First Foundation Advisors lifted its stake in shares of Fortinet by 0.6% in the 3rd quarter. First Foundation Advisors now owns 40,092 shares of the software maker's stock valued at $2,353,000 after acquiring an additional 223 shares during the last quarter. Finally, Syntax Advisors LLC grew its holdings in shares of Fortinet by 7.0% in the third quarter. Syntax Advisors LLC now owns 3,420 shares of the software maker's stock worth $201,000 after purchasing an additional 224 shares during the last quarter. Institutional investors own 83.71% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the company. DZ Bank downgraded Fortinet from a "hold" rating to a "sell" rating and set a $60.00 price target on the stock. in a report on Thursday, February 8th. Daiwa Capital Markets upgraded Fortinet from a "neutral" rating to an "outperform" rating and set a $75.00 target price on the stock in a research note on Tuesday, February 13th. BMO Capital Markets cut their target price on shares of Fortinet from $82.00 to $70.00 and set a "market perform" rating for the company in a research report on Friday, May 3rd. Wedbush reaffirmed an "outperform" rating and set a $86.00 target price on shares of Fortinet in a report on Wednesday, May 1st. Finally, Royal Bank of Canada reduced their target price on shares of Fortinet from $71.00 to $68.00 and set a "sector perform" rating for the company in a report on Friday, May 3rd. Two research analysts have rated the stock with a sell rating, twenty have given a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat.com, the company has an average rating of "Hold" and an average target price of $70.37.

Fortinet Trading Up 0.3 %

FTNT stock traded up $0.19 during midday trading on Friday, hitting $61.43. The stock had a trading volume of 2,799,388 shares, compared to its average volume of 6,050,796. The firm has a market cap of $46.93 billion, a PE ratio of 40.03, a price-to-earnings-growth ratio of 2.52 and a beta of 1.08. The company's 50-day moving average price is $65.61 and its 200 day moving average price is $62.07. Fortinet, Inc. has a 12-month low of $44.12 and a 12-month high of $81.24. The company has a debt-to-equity ratio of 13.38, a current ratio of 1.20 and a quick ratio of 1.08.

Fortinet (NASDAQ:FTNT - Get Free Report) last issued 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 business had revenue of $1.35 billion during the quarter, compared to analysts' expectations of $1.34 billion. Fortinet had a negative return on equity of 2,235.48% and a net margin of 22.23%. The company's revenue for the quarter was up 7.2% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.29 EPS. On average, equities research analysts predict that Fortinet, Inc. will post 1.46 earnings per share for the current fiscal year.

Insider Transactions at Fortinet

In other news, CEO Ken Xie sold 23,694 shares of Fortinet stock in a transaction that occurred on 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 completion of the transaction, the chief executive officer now owns 48,625,005 shares in the company, valued at approximately $3,471,825,357. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other Fortinet news, CEO Ken Xie sold 23,694 shares of Fortinet stock in a transaction that occurred on 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 completion of the transaction, the chief executive officer now directly owns 48,625,005 shares in the company, valued at $3,471,825,357. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, VP Michael Xie sold 24,710 shares of the firm's stock in a transaction that occurred on Thursday, May 2nd. The stock was sold at an average price of $64.48, for a total value of $1,593,300.80. Following the completion of the sale, the vice president now directly 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 three months, insiders have sold 72,396 shares of company stock valued at $4,838,534. Corporate insiders own 17.54% of the company's stock.

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.