Premier Path Wealth Partners LLC Purchases 502 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Premier Path Wealth Partners LLC increased its position in shares of Fortinet, Inc. (NASDAQ:FTNT) by 18.3% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 3,238 shares of the software maker’s stock after acquiring an additional 502 shares during the period. Premier Path Wealth Partners LLC’s holdings in Fortinet were worth $312,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Eagle Capital Management LLC grew its holdings in Fortinet by 0.4% during the first quarter. Eagle Capital Management LLC now owns 26,285 shares of the software maker’s stock valued at $2,530,000 after purchasing an additional 109 shares during the period. Fielder Capital Group LLC grew its holdings in Fortinet by 1.6% during the fourth quarter. Fielder Capital Group LLC now owns 6,904 shares of the software maker’s stock valued at $652,000 after purchasing an additional 111 shares during the period. CIBC Private Wealth Group LLC grew its holdings in Fortinet by 1.3% during the fourth quarter. CIBC Private Wealth Group LLC now owns 9,390 shares of the software maker’s stock valued at $902,000 after purchasing an additional 116 shares during the period. Evergreen Capital Management LLC grew its holdings in Fortinet by 2.0% during the fourth quarter. Evergreen Capital Management LLC now owns 6,240 shares of the software maker’s stock valued at $590,000 after purchasing an additional 124 shares during the period. Finally, Truvestments Capital LLC grew its holdings in Fortinet by 3.0% during the fourth quarter. Truvestments Capital LLC now owns 4,310 shares of the software maker’s stock valued at $407,000 after purchasing an additional 127 shares during the period. Institutional investors own 83.71% of the company’s stock.

Insiders Place Their Bets

In other Fortinet news, CEO Ken Xie sold 158,488 shares of Fortinet 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 completion of the sale, the chief executive officer now owns 51,391,879 shares of the company’s stock, valued at $5,452,678,361.90. The trade was a 0.31% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, VP Michael Xie sold 3,546 shares of Fortinet stock in a transaction dated Friday, May 2nd. The stock was sold at an average price of $106.11, for a total value of $376,266.06. Following the sale, the vice president now directly owns 11,000,068 shares of the company’s stock, valued at approximately $1,167,217,215.48. This trade represents a 0.03% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 17.20% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on the company. Scotiabank reduced their price objective on Fortinet from $135.00 to $115.00 and set a “sector outperform” rating for the company in a report on Thursday, May 8th. Wolfe Research assumed coverage on Fortinet in a report on Monday, May 12th. They set a “peer perform” rating for the company. Morgan Stanley reduced their price objective on Fortinet from $123.00 to $105.00 and set an “overweight” rating for the company in a report on Wednesday, April 16th. Wells Fargo & Company reduced their price objective on Fortinet from $105.00 to $95.00 and set an “equal weight” rating for the company in a report on Thursday, May 8th. Finally, UBS Group cut their price target on Fortinet from $115.00 to $105.00 and set a “neutral” rating for the company in a report on Thursday, May 8th. One equities research analyst has rated the stock with a sell rating, twenty have assigned a hold rating, twelve have assigned a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, Fortinet has a consensus rating of “Hold” and a consensus price target of $104.80.

Fortinet Trading Down 1.0%

Shares of FTNT stock opened at $99.85 on Friday. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.29 and a current ratio of 1.36. Fortinet, Inc. has a 52-week low of $54.57 and a 52-week high of $114.82. The company has a market capitalization of $76.43 billion, a PE ratio of 41.09, a price-to-earnings-growth ratio of 3.48 and a beta of 1.06. The business’s fifty day moving average is $101.86 and its 200 day moving average is $100.28.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings results on Wednesday, May 7th. The software maker reported $0.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.53 by $0.05. Fortinet had a return on equity of 148.79% and a net margin of 30.60%. The firm had revenue of $1.54 billion during the quarter, compared to analyst estimates of $1.54 billion. During the same quarter in the previous year, the company posted $0.43 earnings per share. The company’s revenue was up 13.8% compared to the same quarter last year. On average, equities research analysts anticipate that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

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.