Fiduciary Financial Group LLC Acquires Shares of 4,109 Fortinet, Inc. (NASDAQ:FTNT)

Fiduciary Financial Group LLC acquired a new stake in Fortinet, Inc. (NASDAQ:FTNT) during the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 4,109 shares of the software maker’s stock, valued at approximately $396,000.

Other large investors also recently modified their holdings of the company. Edmond DE Rothschild Holding S.A. purchased a new stake in shares of Fortinet in the 4th quarter valued at approximately $27,000. Oarsman Capital Inc. boosted its holdings in shares of Fortinet by 188.9% in the 4th quarter. Oarsman Capital Inc. now owns 416 shares of the software maker’s stock valued at $39,000 after buying an additional 272 shares in the last quarter. Graney & King LLC acquired a new position in shares of Fortinet in the 4th quarter valued at $43,000. Banque Transatlantique SA acquired a new position in shares of Fortinet in the 4th quarter valued at $43,000. Finally, Golden State Wealth Management LLC acquired a new position in shares of Fortinet in the 4th quarter valued at $46,000. 83.71% of the stock is owned by hedge funds and other institutional investors.

Fortinet Stock Performance

NASDAQ:FTNT opened at $101.63 on Wednesday. The company has a current ratio of 1.47, a quick ratio of 1.39 and a debt-to-equity ratio of 0.67. The firm has a 50-day moving average price of $100.51 and a two-hundred day moving average price of $99.95. Fortinet, Inc. has a twelve month low of $54.57 and a twelve month high of $114.82. The company has a market capitalization of $77.79 billion, a P/E ratio of 44.97, a price-to-earnings-growth ratio of 4.19 and a beta of 1.06.

Fortinet (NASDAQ:FTNT) last posted its earnings results on Wednesday, May 7th. The software maker reported $0.58 earnings per share for the quarter, beating the consensus estimate of $0.53 by $0.05. Fortinet had a net margin of 29.30% and a return on equity of 256.53%. The firm had revenue of $1.54 billion during the quarter, compared to the consensus estimate of $1.54 billion. During the same period last year, the firm posted $0.43 EPS. The firm’s revenue for the quarter was up 13.8% on a year-over-year basis. As a group, research analysts expect that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Director William H. Neukom purchased 335 shares of the firm’s stock in a transaction on Friday, June 6th. The shares were bought at an average cost of $104.22 per share, with a total value of $34,913.70. Following the purchase, the director now directly owns 301,471 shares of the company’s stock, valued at approximately $31,419,307.62. This trade represents a 0.11% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Ken Xie sold 158,488 shares of the firm’s 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 sale, the chief executive officer now directly owns 51,391,879 shares in the company, valued at $5,452,678,361.90. This represents a 0.31% decrease in their ownership of the stock. The disclosure for this sale can be found here. 17.20% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several brokerages have recently issued reports on FTNT. Morgan Stanley lowered their target price on shares of Fortinet from $123.00 to $105.00 and set an “overweight” rating for the company in a report on Wednesday, April 16th. KeyCorp lowered their target price on shares of Fortinet from $120.00 to $115.00 and set an “overweight” rating for the company in a report on Thursday, May 8th. DZ Bank upgraded shares of Fortinet from a “strong sell” rating to a “hold” rating in a report on Thursday, May 8th. Wolfe Research began coverage on shares of Fortinet in a report on Monday, May 12th. They issued a “peer perform” rating for the company. Finally, Stifel Nicolaus lowered their target price on shares of Fortinet from $115.00 to $95.00 and set a “hold” rating for the company in a report on Thursday, May 8th. One research analyst has rated the stock with a sell rating, twenty have assigned a hold rating, twelve have given a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $104.80.

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.