Fortinet, Inc. (NASDAQ:FTNT) Stake Lifted by HBK Sorce Advisory LLC

HBK Sorce Advisory LLC raised its stake in Fortinet, Inc. (NASDAQ:FTNT) by 1.3% during the first quarter, according to its most recent disclosure with the SEC. The fund owned 10,391 shares of the software maker’s stock after buying an additional 137 shares during the quarter. HBK Sorce Advisory LLC’s holdings in Fortinet were worth $1,000,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of FTNT. Golden State Wealth Management LLC grew its holdings in Fortinet by 134.2% in the 1st quarter. Golden State Wealth Management LLC now owns 1,145 shares of the software maker’s stock worth $110,000 after buying an additional 656 shares in the last quarter. Spire Wealth Management acquired a new stake in shares of Fortinet in the 1st quarter worth approximately $4,721,000. waypoint wealth counsel acquired a new stake in shares of Fortinet in the 1st quarter worth approximately $243,000. Lecap Asset Management Ltd. boosted its holdings in shares of Fortinet by 123.8% in the first quarter. Lecap Asset Management Ltd. now owns 15,160 shares of the software maker’s stock valued at $1,459,000 after acquiring an additional 8,387 shares in the last quarter. Finally, Global Assets Advisory LLC acquired a new position in shares of Fortinet during the first quarter valued at approximately $271,000. Institutional investors and hedge funds own 83.71% of the company’s stock.

Insiders Place Their Bets

In related news, Director William H. Neukom purchased 335 shares of the firm’s stock in a transaction dated Friday, June 6th. The stock was bought at an average price of $104.22 per share, for a total transaction of $34,913.70. Following the purchase, the director now owns 301,471 shares in the company, valued at $31,419,307.62. The trade was a 0.11% increase in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Ken Xie sold 158,488 shares of the firm’s stock in a transaction that occurred on Friday, May 2nd. The shares were sold at an average price of $106.10, for a total value of $16,815,576.80. Following the completion of the transaction, the chief executive officer now directly owns 51,391,879 shares in the company, valued at $5,452,678,361.90. The trade was a 0.31% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 17.20% of the company’s stock.

Fortinet Price Performance

Shares of NASDAQ:FTNT opened at $103.69 on Thursday. The firm has a market cap of $79.37 billion, a price-to-earnings ratio of 42.67, a P/E/G ratio of 3.60 and a beta of 1.06. Fortinet, Inc. has a 1 year low of $54.57 and a 1 year high of $114.82. The company has a current ratio of 1.36, a quick ratio of 1.29 and a debt-to-equity ratio of 0.25. The business has a fifty day simple moving average of $102.25 and a 200 day simple moving average of $100.39.

Fortinet (NASDAQ:FTNT) last posted its quarterly 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 company had revenue of $1.54 billion during the quarter, compared to the consensus estimate of $1.54 billion. Fortinet had a return on equity of 148.79% and a net margin of 30.60%. The business’s quarterly revenue was up 13.8% on a year-over-year basis. During the same period last year, the business earned $0.43 EPS. As a group, sell-side analysts predict that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on FTNT. Roth Capital set a $103.00 price target on Fortinet and gave the company a “neutral” rating in a research note on Tuesday, April 22nd. Jefferies Financial Group decreased their target price on Fortinet from $115.00 to $105.00 and set a “hold” rating for the company in a research note on Monday, March 31st. Royal Bank Of Canada lowered their target price on Fortinet from $110.00 to $105.00 and set a “sector perform” rating on the stock in a report on Thursday, May 8th. Wolfe Research initiated coverage on shares of Fortinet in a report on Monday, May 12th. They issued a “peer perform” rating for the company. Finally, Robert W. Baird lifted their price objective on shares of Fortinet from $110.00 to $113.00 and gave the stock a “neutral” rating in a research note on Tuesday, May 6th. One investment analyst has rated the stock with a sell rating, twenty have given a hold rating, twelve have assigned a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $105.62.

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.