Linden Thomas Advisory Services LLC Has $5.26 Million Stock Holdings in Fortinet, Inc. (NASDAQ:FTNT)

Linden Thomas Advisory Services LLC boosted its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 3.9% in the first quarter, according to its most recent filing with the SEC. The firm owned 54,620 shares of the software maker’s stock after acquiring an additional 2,051 shares during the period. Fortinet accounts for 0.7% of Linden Thomas Advisory Services LLC’s portfolio, making the stock its 16th largest position. Linden Thomas Advisory Services LLC’s holdings in Fortinet were worth $5,258,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of the business. Greenleaf Trust grew its holdings in Fortinet by 5.6% during the 1st quarter. Greenleaf Trust now owns 10,596 shares of the software maker’s stock worth $1,020,000 after acquiring an additional 565 shares during the period. OMNI 360 Wealth Inc. acquired a new stake in Fortinet during the 1st quarter worth $410,000. Personal CFO Solutions LLC grew its holdings in Fortinet by 17.6% during the 1st quarter. Personal CFO Solutions LLC now owns 3,414 shares of the software maker’s stock worth $329,000 after acquiring an additional 512 shares during the period. Valeo Financial Advisors LLC grew its holdings in Fortinet by 2.2% during the 1st quarter. Valeo Financial Advisors LLC now owns 9,908 shares of the software maker’s stock worth $954,000 after acquiring an additional 211 shares during the period. Finally, CapWealth Advisors LLC acquired a new position in shares of Fortinet in the 1st quarter valued at $6,607,000. Institutional investors and hedge funds own 83.71% of the company’s stock.

Insiders Place Their Bets

In other Fortinet news, CEO Ken Xie sold 158,488 shares of the stock in a transaction that occurred on Friday, May 2nd. The shares were sold at an average price of $106.10, for a total transaction of $16,815,576.80. Following the transaction, the chief executive officer owned 51,391,879 shares in the company, valued at $5,452,678,361.90. This represents a 0.31% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director William H. Neukom bought 335 shares of the firm’s stock in a transaction on Friday, June 6th. The shares were acquired at an average price of $104.22 per share, for a total transaction of $34,913.70. Following the transaction, the director owned 301,471 shares in the company, valued at approximately $31,419,307.62. This represents a 0.11% increase in their ownership of the stock. The disclosure for this purchase can be found here. Company insiders own 18.00% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on the stock. Wells Fargo & Company decreased their price target on shares of Fortinet from $105.00 to $95.00 and set an “equal weight” rating for the company in a report on Thursday, May 8th. Cantor Fitzgerald decreased their price target on shares of Fortinet from $115.00 to $100.00 and set a “neutral” rating for the company in a report on Thursday, April 24th. Jefferies Financial Group decreased their price target on shares of Fortinet from $115.00 to $105.00 and set a “hold” rating for the company in a report on Monday, March 31st. Robert W. Baird boosted their price target on shares of Fortinet from $110.00 to $113.00 and gave the company a “neutral” rating in a report on Tuesday, May 6th. Finally, Morgan Stanley decreased their price target 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. One research analyst has rated the stock with a sell rating, twenty-one have given a hold rating, eleven have assigned a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $105.62.

Fortinet Stock Up 0.8%

Shares of FTNT opened at $107.54 on Wednesday. Fortinet, Inc. has a 52 week low of $54.57 and a 52 week high of $114.82. The firm has a market cap of $82.31 billion, a P/E ratio of 44.26, a price-to-earnings-growth ratio of 3.68 and a beta of 1.06. The firm’s 50-day simple moving average is $103.37 and its 200 day simple moving average is $100.89. 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 (NASDAQ:FTNT) last announced its quarterly earnings results on Wednesday, May 7th. The software maker reported $0.58 EPS for the quarter, beating analysts’ consensus estimates of $0.53 by $0.05. Fortinet had a net margin of 30.60% and a return on equity of 148.79%. The business had revenue of $1.54 billion for the quarter, compared to analyst estimates of $1.54 billion. During the same quarter in the prior year, the business earned $0.43 EPS. Fortinet’s quarterly revenue was up 13.8% on a year-over-year basis. On average, analysts forecast that Fortinet, Inc. will post 2.09 earnings per share for the current year.

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.