NorthRock Partners LLC Has $1.02 Million Stock Position in Fortinet, Inc. (NASDAQ:FTNT)

NorthRock Partners LLC raised its stake in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 293.4% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 10,768 shares of the software maker's stock after buying an additional 8,031 shares during the period. NorthRock Partners LLC's holdings in Fortinet were worth $1,017,000 as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of the stock. Edmond DE Rothschild Holding S.A. acquired a new position in shares of Fortinet in the 4th quarter worth approximately $27,000. Oarsman Capital Inc. grew its position in Fortinet by 188.9% during the fourth quarter. Oarsman Capital Inc. now owns 416 shares of the software maker's stock valued at $39,000 after purchasing an additional 272 shares in the last quarter. Graney & King LLC purchased a new position in Fortinet during the fourth quarter valued at approximately $43,000. Banque Transatlantique SA purchased a new position in Fortinet during the fourth quarter valued at approximately $43,000. Finally, Golden State Wealth Management LLC acquired a new stake in Fortinet in the fourth quarter valued at approximately $46,000. Institutional investors and hedge funds own 83.71% of the company's stock.

Fortinet Trading Up 2.0%

Shares of NASDAQ:FTNT traded up $2.03 during mid-day trading on Friday, reaching $104.59. The stock had a trading volume of 4,506,022 shares, compared to its average volume of 4,971,955. The firm has a market cap of $80.05 billion, a PE ratio of 46.28, a price-to-earnings-growth ratio of 4.19 and a beta of 1.16. The firm has a 50 day simple moving average of $98.53 and a two-hundred day simple moving average of $98.29. The company has a current ratio of 1.47, a quick ratio of 1.39 and a debt-to-equity ratio of 0.67. Fortinet, Inc. has a twelve month low of $54.57 and a twelve month high of $114.82.

Fortinet (NASDAQ:FTNT - Get Free Report) last announced its quarterly earnings results 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. The business had revenue of $1.54 billion for the quarter, compared to the consensus estimate of $1.54 billion. Fortinet had a net margin of 29.30% and a return on equity of 256.53%. Fortinet's revenue for the quarter was up 13.8% on a year-over-year basis. During the same period last year, the company posted $0.43 EPS. On average, research analysts predict that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

Analyst Ratings Changes

A number of research firms have issued reports on FTNT. Wells Fargo & Company reduced 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 note on Thursday, May 8th. Rosenblatt Securities boosted 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. Robert W. Baird boosted 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 started coverage on shares of Fortinet in a report on Tuesday, April 1st. They issued an "equal weight" rating and a $108.00 price target on the stock. Finally, Baird R W lowered shares of Fortinet from a "strong-buy" rating to a "hold" rating in a report on Monday, February 3rd. One research analyst has rated the stock with a sell rating, twenty-one have given a hold rating, eleven have assigned a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, the company currently has an average rating of "Hold" and an average target price of $104.80.

Insider Activity at Fortinet

In related news, VP Michael Xie sold 326,784 shares of the stock in a transaction that occurred on Tuesday, March 11th. The shares were sold at an average price of $98.17, for a total value of $32,080,385.28. Following the sale, the vice president now directly owns 11,000,068 shares in the company, valued at $1,079,876,675.56. This trade represents a 2.89% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Keith Jensen sold 17,660 shares of the firm's stock in a transaction that occurred on Wednesday, February 26th. The stock was sold at an average price of $109.18, for a total transaction of $1,928,118.80. Following the sale, the chief financial officer now owns 4,736 shares in the company, valued at $517,076.48. This trade represents a 78.85% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 738,978 shares of company stock worth $74,135,907 in the last ninety days. Company insiders own 17.20% 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.