Signet Financial Management LLC Has $3.33 Million Holdings in Fortinet, Inc. (NASDAQ:FTNT)

Signet Financial Management LLC grew its stake in Fortinet, Inc. (NASDAQ:FTNT) by 24.2% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 48,802 shares of the software maker’s stock after buying an additional 9,521 shares during the quarter. Signet Financial Management LLC’s holdings in Fortinet were worth $3,334,000 at the end of the most recent reporting period.

Several other large investors also recently made changes to their positions in the stock. Rise Advisors LLC boosted its position in Fortinet by 135.6% during the first quarter. Rise Advisors LLC now owns 377 shares of the software maker’s stock valued at $26,000 after purchasing an additional 217 shares during the last quarter. Vima LLC bought a new stake in Fortinet during the fourth quarter worth $25,000. Atwood & Palmer Inc. bought a new position in shares of Fortinet in the 4th quarter valued at about $29,000. Headinvest LLC acquired a new position in shares of Fortinet during the 3rd quarter worth about $29,000. Finally, Creekmur Asset Management LLC acquired a new position in Fortinet during the fourth quarter worth approximately $32,000. Institutional investors own 83.71% of the company’s stock.

Fortinet Trading Up 2.2 %

Shares of NASDAQ:FTNT traded up $1.28 during mid-day trading on Thursday, hitting $59.39. The company had a trading volume of 1,537,795 shares, compared to its average volume of 5,871,143. The company has a debt-to-equity ratio of 13.38, a current ratio of 1.20 and a quick ratio of 1.08. The company has a market capitalization of $45.37 billion, a PE ratio of 37.98, a price-to-earnings-growth ratio of 2.87 and a beta of 0.98. The firm has a fifty day moving average price of $60.73 and a 200 day moving average price of $63.64. Fortinet, Inc. has a one year low of $44.12 and a one year high of $81.24.

Fortinet (NASDAQ:FTNT) last issued its earnings results on Thursday, May 2nd. The software maker reported $0.43 EPS for the quarter, beating analysts’ consensus estimates of $0.38 by $0.05. Fortinet had a negative return on equity of 2,235.48% and a net margin of 22.23%. The business had revenue of $1.35 billion during the quarter, compared to analyst estimates of $1.34 billion. During the same period in the previous year, the company posted $0.29 EPS. The firm’s revenue was up 7.2% compared to the same quarter last year. As a group, research analysts forecast that Fortinet, Inc. will post 1.46 EPS for the current year.

Analysts Set New Price Targets

FTNT has been the topic of several research reports. Cantor Fitzgerald decreased their price objective on shares of Fortinet from $65.00 to $55.00 and set a “neutral” rating on the stock in a report on Friday, May 3rd. Robert W. Baird decreased their target price on Fortinet from $81.00 to $75.00 and set an “outperform” rating on the stock in a research report on Friday, May 3rd. HSBC reduced their price target on Fortinet from $57.00 to $54.00 and set a “reduce” rating for the company in a research note on Friday, May 3rd. Mizuho lowered their price objective on Fortinet from $70.00 to $66.00 and set a “neutral” rating on the stock in a research report on Friday, May 3rd. Finally, Guggenheim reaffirmed a “buy” rating and set a $81.00 price target on shares of Fortinet in a research report on Tuesday. Two analysts have rated the stock with a sell rating, twenty-one have assigned a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $70.03.

Insiders Place Their Bets

In other news, VP Michael Xie sold 24,710 shares of the company’s stock in a transaction on Thursday, May 2nd. The shares were sold at an average price of $64.48, for a total value of $1,593,300.80. Following the completion of the sale, the vice president now owns 10,867,018 shares in the company, valued at approximately $700,705,320.64. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other news, CEO Ken Xie sold 23,992 shares of Fortinet stock in a transaction on Tuesday, April 16th. The stock was sold at an average price of $64.75, for a total transaction of $1,553,482.00. Following the sale, the chief executive officer now directly owns 48,660,648 shares in the company, valued at approximately $3,150,776,958. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Michael Xie sold 24,710 shares of the firm’s stock in a transaction dated Thursday, May 2nd. The stock was sold at an average price of $64.48, for a total transaction of $1,593,300.80. Following the sale, the vice president now owns 10,867,018 shares of the company’s stock, valued at approximately $700,705,320.64. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 91,638 shares of company stock worth $5,705,568. Insiders own 18.00% of the company’s stock.

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.