Rhumbline Advisers Boosts Stake in Fortinet, Inc. (NASDAQ:FTNT)

Rhumbline Advisers boosted its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 3.7% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 1,266,126 shares of the software maker’s stock after purchasing an additional 44,781 shares during the period. Rhumbline Advisers owned about 0.17% of Fortinet worth $121,877,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of FTNT. Edmond DE Rothschild Holding S.A. purchased a new position in Fortinet during the fourth quarter valued at $27,000. Oarsman Capital Inc. lifted its position in Fortinet by 188.9% during the fourth quarter. Oarsman Capital Inc. now owns 416 shares of the software maker’s stock valued at $39,000 after purchasing an additional 272 shares in the last quarter. Graney & King LLC purchased a new position in Fortinet during the fourth quarter valued at $43,000. Banque Transatlantique SA purchased a new position in Fortinet during the fourth quarter valued at $43,000. Finally, Golden State Wealth Management LLC purchased a new position in Fortinet during the fourth quarter valued at $46,000. 83.71% of the stock is currently owned by hedge funds and other institutional investors.

Fortinet Trading Down 0.0%

FTNT opened at $102.02 on Monday. The stock has a market cap of $78.09 billion, a price-to-earnings ratio of 45.14, a P/E/G ratio of 4.19 and a beta of 1.16. The stock’s 50 day moving average price is $99.68 and its 200-day moving average price is $99.51. Fortinet, Inc. has a one year low of $54.57 and a one year high of $114.82. The company has a debt-to-equity ratio of 0.67, a quick ratio of 1.39 and a current ratio of 1.47.

Fortinet (NASDAQ:FTNT) last released its 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. The firm had revenue of $1.54 billion for the quarter, compared to analysts’ expectations of $1.54 billion. Fortinet had a return on equity of 256.53% and a net margin of 29.30%. The company’s quarterly revenue was up 13.8% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.43 earnings per share. On average, equities analysts forecast that Fortinet, Inc. will post 2.09 EPS for the current year.

Analyst Ratings Changes

FTNT has been the topic of several analyst reports. UBS Group lowered their target price on Fortinet from $115.00 to $105.00 and set a “neutral” rating on the stock in a research report on Thursday, May 8th. The Goldman Sachs Group raised their price target on Fortinet from $114.00 to $130.00 and gave the company a “buy” rating in a report on Friday, February 7th. Royal Bank of Canada decreased their price target on Fortinet from $110.00 to $105.00 and set a “sector perform” rating on the stock in a report on Thursday, May 8th. Piper Sandler reissued an “overweight” rating and set a $135.00 price target (up from $120.00) on shares of Fortinet in a report on Friday, February 7th. Finally, Wells Fargo & Company decreased their price target on Fortinet from $105.00 to $95.00 and set an “equal weight” rating on the stock in a report on Thursday, May 8th. One analyst has rated the stock with a sell rating, twenty have given a hold rating, twelve have issued a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $104.80.

Insider Activity

In other news, Director William H. Neukom purchased 328 shares of the stock in a transaction that occurred on Thursday, March 6th. The stock was purchased at an average price of $106.33 per share, for a total transaction of $34,876.24. Following the completion of the acquisition, the director now owns 300,006 shares of the company’s stock, valued at approximately $31,899,637.98. This trade represents a 0.11% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO Ken Xie sold 158,488 shares of the business’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 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 position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 697,818 shares of company stock valued at $69,539,128. 17.20% of the stock is currently owned by insiders.

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.