17,300 Shares in Fortinet, Inc. (NASDAQ:FTNT) Bought by Financial Partners Group LLC

Financial Partners Group LLC bought a new position in Fortinet, Inc. (NASDAQ:FTNT) in the first quarter, according to the company in its most recent 13F filing with the SEC. The firm bought 17,300 shares of the software maker’s stock, valued at approximately $1,182,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. TFO Wealth Partners LLC grew its position in Fortinet by 72,668.0% during the 4th quarter. TFO Wealth Partners LLC now owns 18,192 shares of the software maker’s stock worth $1,065,000 after purchasing an additional 18,167 shares during the period. Cito Capital Group LLC acquired a new stake in Fortinet during the 3rd quarter worth about $660,000. Vontobel Holding Ltd. grew its position in Fortinet by 7.3% during the 4th quarter. Vontobel Holding Ltd. now owns 507,306 shares of the software maker’s stock worth $29,693,000 after purchasing an additional 34,582 shares during the period. Harel Insurance Investments & Financial Services Ltd. grew its position in Fortinet by 2,092.4% during the 4th quarter. Harel Insurance Investments & Financial Services Ltd. now owns 40,603 shares of the software maker’s stock worth $2,411,000 after purchasing an additional 38,751 shares during the period. Finally, LGT Group Foundation grew its position in Fortinet by 14.4% during the 4th quarter. LGT Group Foundation now owns 748,784 shares of the software maker’s stock worth $44,478,000 after purchasing an additional 94,475 shares during the period. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Fortinet Stock Up 0.4 %

Shares of NASDAQ:FTNT traded up $0.23 during trading on Friday, hitting $60.27. The company’s stock had a trading volume of 7,987,420 shares, compared to its average volume of 5,622,995. The business has a 50 day moving average price of $60.58 and a two-hundred day moving average price of $63.78. The company has a market capitalization of $46.04 billion, a PE ratio of 39.39, a P/E/G ratio of 2.95 and a beta of 0.98. The company has a debt-to-equity ratio of 13.38, a quick ratio of 1.08 and a current ratio of 1.20. Fortinet, Inc. has a fifty-two week low of $44.12 and a fifty-two week high of $81.24.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings results on Thursday, May 2nd. The software maker reported $0.43 EPS for the quarter, topping the consensus estimate of $0.38 by $0.05. The business had revenue of $1.35 billion during the quarter, compared to the consensus estimate of $1.34 billion. Fortinet had a net margin of 22.23% and a negative return on equity of 2,235.48%. The company’s quarterly revenue was up 7.2% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.29 earnings per share. As a group, research analysts expect that Fortinet, Inc. will post 1.46 EPS for the current fiscal year.

Insider Activity at Fortinet

In related news, CEO Ken Xie sold 23,992 shares of the stock in a transaction on Tuesday, April 16th. The stock was sold at an average price of $64.75, for a total value of $1,553,482.00. Following the transaction, the chief executive officer now owns 48,660,648 shares of the company’s stock, valued at $3,150,776,958. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other Fortinet news, CEO Ken Xie sold 23,992 shares of the company’s stock in a transaction on Tuesday, April 16th. The shares were sold at an average price of $64.75, for a total value of $1,553,482.00. Following the completion of the transaction, the chief executive officer now owns 48,660,648 shares in the company, valued at $3,150,776,958. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director William H. Neukom acquired 586 shares of the firm’s stock in a transaction on Thursday, June 6th. The stock was bought at an average price of $59.55 per share, with a total value of $34,896.30. Following the purchase, the director now directly owns 295,778 shares of the company’s stock, valued at $17,613,579.90. The disclosure for this purchase can be found here. Insiders have sold 91,638 shares of company stock valued at $5,705,568 over the last quarter. 18.00% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on FTNT shares. Barclays cut their price target on Fortinet from $80.00 to $75.00 and set an “equal weight” rating on the stock in a research report on Friday, May 3rd. StockNews.com upgraded Fortinet from a “hold” rating to a “buy” rating in a research report on Sunday. Jefferies Financial Group dropped their target price on Fortinet from $75.00 to $70.00 and set a “hold” rating on the stock in a research report on Thursday, April 18th. Rosenblatt Securities restated a “buy” rating and set a $85.00 target price on shares of Fortinet in a research report on Tuesday, June 11th. Finally, Needham & Company LLC restated a “hold” rating on shares of Fortinet in a research report on Tuesday, June 11th. Two equities research analysts have rated the stock with a sell rating, twenty have assigned a hold rating and eleven have assigned a buy rating to the company. Based on data from MarketBeat.com, Fortinet currently has a consensus rating of “Hold” and an average target price of $70.03.

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.