Fortinet, Inc. (NASDAQ:FTNT) Shares Bought by Transform Wealth LLC

Transform Wealth LLC grew its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 3.3% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 133,887 shares of the software maker’s stock after purchasing an additional 4,291 shares during the quarter. Transform Wealth LLC’s holdings in Fortinet were worth $9,146,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. TFO Wealth Partners LLC increased its position in Fortinet by 72,668.0% during the fourth quarter. TFO Wealth Partners LLC now owns 18,192 shares of the software maker’s stock worth $1,065,000 after buying an additional 18,167 shares in the last quarter. Cito Capital Group LLC acquired a new position in Fortinet in the 3rd quarter valued at about $660,000. Vontobel Holding Ltd. lifted its holdings in Fortinet by 7.3% in the 4th quarter. Vontobel Holding Ltd. now owns 507,306 shares of the software maker’s stock valued at $29,693,000 after purchasing an additional 34,582 shares in the last quarter. Harel Insurance Investments & Financial Services Ltd. grew its holdings in shares of Fortinet by 2,092.4% during the fourth quarter. Harel Insurance Investments & Financial Services Ltd. now owns 40,603 shares of the software maker’s stock worth $2,411,000 after buying an additional 38,751 shares in the last quarter. Finally, LGT Group Foundation raised its position in shares of Fortinet by 14.4% in the fourth quarter. LGT Group Foundation now owns 748,784 shares of the software maker’s stock valued at $44,478,000 after buying an additional 94,475 shares during the last quarter. 83.71% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have commented on FTNT shares. Barclays lowered their target price on shares of Fortinet from $80.00 to $75.00 and set an “equal weight” rating for the company in a research note on Friday, May 3rd. HSBC cut their price target on shares of Fortinet from $57.00 to $54.00 and set a “reduce” rating on the stock in a research note on Friday, May 3rd. JPMorgan Chase & Co. decreased their target price on Fortinet from $67.00 to $63.00 and set a “neutral” rating for the company in a research report on Friday, May 3rd. Wells Fargo & Company lowered their target price on Fortinet from $70.00 to $62.00 and set an “equal weight” rating for the company in a research note on Friday, May 3rd. Finally, Rosenblatt Securities reissued a “buy” rating and issued a $85.00 target price on shares of Fortinet in a research report on Tuesday, June 11th. Two research analysts have rated the stock with a sell rating, twenty-one have issued a hold rating and ten have issued a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $70.03.

Fortinet Trading Up 1.1 %

Shares of Fortinet stock traded up $0.66 during trading on Friday, hitting $60.70. 1,920,480 shares of the company were exchanged, compared to its average volume of 5,867,360. The firm has a market capitalization of $46.37 billion, a P/E ratio of 39.24, a price-to-earnings-growth ratio of 2.84 and a beta of 0.98. The firm’s fifty day moving average price is $60.65 and its 200 day moving average price is $63.61. The company has a debt-to-equity ratio of 13.38, a current ratio of 1.20 and a quick ratio of 1.08. Fortinet, Inc. has a 1-year low of $44.12 and a 1-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 the consensus estimate of $0.38 by $0.05. Fortinet had a net margin of 22.23% and a negative return on equity of 2,235.48%. The firm had revenue of $1.35 billion during the quarter, compared to the consensus estimate of $1.34 billion. During the same quarter in the prior year, the firm earned $0.29 earnings per share. The business’s quarterly revenue was up 7.2% on a year-over-year basis. As a group, sell-side analysts expect that Fortinet, Inc. will post 1.46 earnings per share for the current fiscal year.

Insider Transactions at Fortinet

In other Fortinet news, Director William H. Neukom acquired 586 shares of the firm’s stock in a transaction that occurred on Thursday, June 6th. The stock was acquired at an average cost of $59.55 per share, for a total transaction of $34,896.30. Following the transaction, the director now owns 295,778 shares of the company’s stock, valued at $17,613,579.90. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CEO Ken Xie sold 24,235 shares of the business’s stock in a transaction on Tuesday, June 11th. The stock was sold at an average price of $59.53, for a total value of $1,442,709.55. Following the completion of the sale, the chief executive officer now directly owns 48,742,483 shares in the company, valued at approximately $2,901,640,012.99. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director William H. Neukom acquired 586 shares of the stock in a transaction on Thursday, June 6th. The shares were bought at an average price of $59.55 per share, for a total transaction of $34,896.30. Following the purchase, the director now owns 295,778 shares in the company, valued at $17,613,579.90. The disclosure for this purchase can be found here. Insiders have sold a total of 91,638 shares of company stock valued at $5,705,568 over the last 90 days. 18.00% of the stock is owned by company insiders.

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.