Lmcg Investments LLC Has $5.07 Million Holdings in Fortinet, Inc. (NASDAQ:FTNT)

Lmcg Investments LLC grew its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 28.5% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 52,623 shares of the software maker’s stock after acquiring an additional 11,657 shares during the period. Lmcg Investments LLC’s holdings in Fortinet were worth $5,065,000 at the end of the most recent quarter.

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

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on FTNT. Robert W. Baird lifted their price target on shares of Fortinet from $110.00 to $113.00 and gave the company a “neutral” rating in a research report on Tuesday, May 6th. UBS Group dropped their price target on shares of Fortinet from $115.00 to $105.00 and set a “neutral” rating for the company in a research report on Thursday, May 8th. Jefferies Financial Group dropped their price target on shares of Fortinet from $115.00 to $105.00 and set a “hold” rating for the company in a research report on Monday, March 31st. Wells Fargo & Company decreased their price objective on shares of Fortinet from $105.00 to $95.00 and set an “equal weight” rating on the stock in a research note on Thursday, May 8th. Finally, DZ Bank raised shares of Fortinet from a “strong sell” rating to a “hold” rating in a research note on Thursday, May 8th. One equities research analyst has rated the stock with a sell rating, twenty have issued a hold rating, twelve have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $104.80.

Fortinet Stock Performance

Shares of Fortinet stock opened at $101.62 on Thursday. The company has a quick ratio of 1.39, a current ratio of 1.47 and a debt-to-equity ratio of 0.67. Fortinet, Inc. has a twelve month low of $54.57 and a twelve month high of $114.82. The stock has a market cap of $77.78 billion, a price-to-earnings ratio of 44.96, a P/E/G ratio of 4.19 and a beta of 1.06. The company’s fifty day moving average is $99.87 and its 200 day moving average is $99.61.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings data on Wednesday, May 7th. The software maker reported $0.58 earnings per share for the quarter, topping the consensus estimate of $0.53 by $0.05. Fortinet had a net margin of 29.30% and a return on equity of 256.53%. The company had revenue of $1.54 billion for the quarter, compared to analysts’ expectations of $1.54 billion. During the same quarter in the previous year, the firm posted $0.43 earnings per share. Fortinet’s revenue for the quarter was up 13.8% on a year-over-year basis. Sell-side analysts forecast that Fortinet, Inc. will post 2.09 EPS for the current year.

Insider Activity at Fortinet

In related news, CEO Ken Xie sold 206,000 shares of the business’s stock in a transaction on Monday, March 10th. The shares were sold at an average price of $96.93, for a total value of $19,967,580.00. Following the transaction, the chief executive officer now owns 51,391,879 shares in the company, valued at $4,981,414,831.47. The trade was a 0.40% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, 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 transaction of $376,266.06. Following the completion of the transaction, the vice president now owns 11,000,068 shares in the company, valued at approximately $1,167,217,215.48. The trade was a 0.03% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 697,818 shares of company stock worth $69,539,128 over the last quarter. Company insiders own 18.00% of the company’s stock.

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.