Abacus FCF Advisors LLC Buys 1,371 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Abacus FCF Advisors LLC increased its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 1.5% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 91,938 shares of the software maker’s stock after buying an additional 1,371 shares during the quarter. Abacus FCF Advisors LLC’s holdings in Fortinet were worth $8,850,000 at the end of the most recent quarter.

Several other institutional investors have also bought and sold shares of FTNT. SJS Investment Consulting Inc. boosted its position in Fortinet by 703.1% in the first quarter. SJS Investment Consulting Inc. now owns 257 shares of the software maker’s stock worth $25,000 after purchasing an additional 225 shares during the last quarter. Edmond DE Rothschild Holding S.A. purchased a new position in Fortinet in the fourth quarter worth $27,000. Oarsman Capital Inc. boosted its position in Fortinet by 188.9% in the fourth quarter. Oarsman Capital Inc. now owns 416 shares of the software maker’s stock worth $39,000 after purchasing an additional 272 shares during the last quarter. Graney & King LLC purchased a new position in Fortinet in the fourth quarter worth $43,000. Finally, Banque Transatlantique SA purchased a new position in Fortinet in the fourth quarter worth $43,000. Institutional investors own 83.71% of the company’s stock.

Fortinet Price Performance

Shares of NASDAQ FTNT opened at $102.08 on Tuesday. The firm has a market capitalization of $78.13 billion, a P/E ratio of 45.17, a P/E/G ratio of 4.19 and a beta of 1.06. The company has a quick ratio of 1.39, a current ratio of 1.47 and a debt-to-equity ratio of 0.67. The stock’s 50-day simple moving average is $100.26 and its two-hundred day simple moving average is $99.94. Fortinet, Inc. has a twelve month low of $54.57 and a twelve month high of $114.82.

Fortinet (NASDAQ:FTNT) last announced its earnings results on Wednesday, May 7th. The software maker reported $0.58 earnings per share for the quarter, topping analysts’ consensus estimates of $0.53 by $0.05. The business had revenue of $1.54 billion for the quarter, compared to analyst estimates of $1.54 billion. Fortinet had a return on equity of 256.53% and a net margin of 29.30%. The company’s quarterly revenue was up 13.8% compared to the same quarter last year. During the same period in the prior year, the company earned $0.43 EPS. As a group, equities analysts anticipate that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

Analysts Set New Price Targets

Several research analysts have weighed in on the company. Stephens assumed coverage on Fortinet in a research report on Tuesday, April 1st. They issued an “equal weight” rating and a $108.00 price objective on the stock. Stifel Nicolaus dropped their price target on Fortinet from $115.00 to $95.00 and set a “hold” rating on the stock in a research report on Thursday, May 8th. Jefferies Financial Group dropped their price target on Fortinet from $115.00 to $105.00 and set a “hold” rating on the stock in a research report on Monday, March 31st. DZ Bank raised Fortinet from a “strong sell” rating to a “hold” rating in a research report on Thursday, May 8th. Finally, Robert W. Baird upped their price target on Fortinet from $110.00 to $113.00 and gave the company a “neutral” rating in a research report on Tuesday, May 6th. One investment analyst has rated the stock with a sell rating, twenty have given a hold rating, twelve have given a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Fortinet presently has a consensus rating of “Hold” and an average target price of $104.80.

Insider Activity

In other news, CEO Ken Xie sold 158,488 shares of the stock in a transaction dated Friday, May 2nd. The stock was sold at an average price of $106.10, for a total transaction of $16,815,576.80. Following the transaction, the chief executive officer now directly owns 51,391,879 shares in the company, valued at approximately $5,452,678,361.90. This represents a 0.31% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Kenneth A. Goldman sold 2,000 shares of the stock in a transaction dated Wednesday, March 12th. The shares were sold at an average price of $100.00, for a total value of $200,000.00. Following the transaction, the director now owns 18,612 shares in the company, valued at $1,861,200. This trade represents a 9.70% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 164,034 shares of company stock worth $17,391,843. 17.20% of the stock is currently owned by insiders.

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.