PDS Planning Inc Buys 252 Shares of Fortinet, Inc. (NASDAQ:FTNT)

PDS Planning Inc lifted its position in Fortinet, Inc. (NASDAQ:FTNT) by 7.2% in the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 3,773 shares of the software maker’s stock after purchasing an additional 252 shares during the period. PDS Planning Inc’s holdings in Fortinet were worth $363,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of the company. Sequoia Financial Advisors LLC lifted its holdings in shares of Fortinet by 4.3% in the 1st quarter. Sequoia Financial Advisors LLC now owns 16,393 shares of the software maker’s stock worth $1,578,000 after buying an additional 679 shares during the period. Pure Financial Advisors LLC bought a new stake in shares of Fortinet in the first quarter valued at about $236,000. Terra Nova Asset Management LLC lifted its stake in Fortinet by 19.8% in the first quarter. Terra Nova Asset Management LLC now owns 13,934 shares of the software maker’s stock worth $1,341,000 after acquiring an additional 2,300 shares during the period. Perigon Wealth Management LLC grew its holdings in Fortinet by 3.8% during the 1st quarter. Perigon Wealth Management LLC now owns 14,860 shares of the software maker’s stock worth $1,430,000 after acquiring an additional 538 shares in the last quarter. Finally, HBK Sorce Advisory LLC increased its position in Fortinet by 1.3% during the 1st quarter. HBK Sorce Advisory LLC now owns 10,391 shares of the software maker’s stock valued at $1,000,000 after purchasing an additional 137 shares during the period. Institutional investors own 83.71% of the company’s stock.

Fortinet Stock Performance

FTNT opened at $103.11 on Friday. The company has a current ratio of 1.36, a quick ratio of 1.29 and a debt-to-equity ratio of 0.25. Fortinet, Inc. has a 12-month low of $54.57 and a 12-month high of $114.82. The firm has a 50 day moving average of $102.54 and a two-hundred day moving average of $100.47. The firm has a market capitalization of $78.92 billion, a PE ratio of 42.43, a P/E/G ratio of 3.58 and a beta of 1.06.

Fortinet (NASDAQ:FTNT) last issued its 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. The firm had revenue of $1.54 billion during the quarter, compared to analysts’ expectations of $1.54 billion. Fortinet had a net margin of 30.60% and a return on equity of 148.79%. The firm’s revenue was up 13.8% compared to the same quarter last year. During the same quarter last year, the company posted $0.43 earnings per share. On average, analysts anticipate that Fortinet, Inc. will post 2.09 EPS for the current year.

Insider Transactions at Fortinet

In related news, VP Michael Xie sold 3,546 shares of the business’s stock in a transaction on Friday, May 2nd. The shares were sold at an average price of $106.11, for a total value of $376,266.06. Following the completion of the transaction, the vice president now directly owns 11,000,068 shares in the company, valued at $1,167,217,215.48. The trade was a 0.03% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director William H. Neukom purchased 335 shares of the company’s stock in a transaction that occurred on Friday, June 6th. The shares were purchased at an average price of $104.22 per share, for a total transaction of $34,913.70. Following the transaction, the director now owns 301,471 shares of the company’s stock, valued at $31,419,307.62. This trade represents a 0.11% increase in their position. The disclosure for this purchase can be found here. Company insiders own 17.20% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on the stock. Robert W. Baird upped their price target on shares of Fortinet from $110.00 to $113.00 and gave the stock a “neutral” rating in a research report on Tuesday, May 6th. Morgan Stanley lowered their target price on Fortinet from $123.00 to $105.00 and set an “overweight” rating for the company in a report on Wednesday, April 16th. Stifel Nicolaus dropped their target price on Fortinet from $115.00 to $95.00 and set a “hold” rating on the stock in a research report on Thursday, May 8th. Wall Street Zen lowered Fortinet from a “buy” rating to a “hold” rating in a research report on Saturday. Finally, Rosenblatt Securities restated a “buy” rating and set a $125.00 price objective on shares of Fortinet in a research note on Tuesday, June 17th. One investment analyst has rated the stock with a sell rating, twenty-one have issued a hold rating, eleven have given a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat, Fortinet has an average rating of “Hold” and a consensus target price of $105.62.

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.