Delap Wealth Advisory LLC Takes Position in Fortinet, Inc. (NASDAQ:FTNT)

Delap Wealth Advisory LLC bought a new stake in shares of Fortinet, Inc. (NASDAQ:FTNT) in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 3,076 shares of the software maker’s stock, valued at approximately $210,000.

Several other institutional investors have also recently made changes to their positions in the company. Vanguard Group Inc. boosted its stake in shares of Fortinet by 1.2% during the 1st quarter. Vanguard Group Inc. now owns 68,052,487 shares of the software maker’s stock worth $4,648,665,000 after acquiring an additional 779,271 shares in the last quarter. Norges Bank purchased a new stake in shares of Fortinet during the 4th quarter worth about $203,501,000. Bessemer Group Inc. boosted its stake in shares of Fortinet by 102.5% during the 1st quarter. Bessemer Group Inc. now owns 3,284,203 shares of the software maker’s stock worth $224,344,000 after acquiring an additional 1,662,156 shares in the last quarter. Van ECK Associates Corp boosted its stake in shares of Fortinet by 0.9% during the 1st quarter. Van ECK Associates Corp now owns 2,953,153 shares of the software maker’s stock worth $201,730,000 after acquiring an additional 26,229 shares in the last quarter. Finally, Dimensional Fund Advisors LP boosted its stake in shares of Fortinet by 11.3% during the 4th quarter. Dimensional Fund Advisors LP now owns 2,628,691 shares of the software maker’s stock worth $153,875,000 after acquiring an additional 267,759 shares in the last quarter. 83.71% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on the stock. Rosenblatt Securities reissued a “buy” rating and set a $85.00 target price on shares of Fortinet in a research note on Tuesday, June 11th. Evercore ISI reduced their price target on shares of Fortinet from $72.00 to $67.00 and set an “in-line” rating for the company in a research report on Friday, May 3rd. Guggenheim restated a “buy” rating and set a $81.00 price target on shares of Fortinet in a research report on Tuesday, June 25th. BMO Capital Markets reduced their price target on shares of Fortinet from $82.00 to $70.00 and set a “market perform” rating for the company in a research report on Friday, May 3rd. Finally, StockNews.com upgraded shares of Fortinet from a “hold” rating to a “buy” rating in a research report on Sunday, June 30th. Two research analysts have rated the stock with a sell rating, nineteen have given a hold rating and twelve have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $69.90.

Insider Buying and Selling at Fortinet

In other Fortinet news, VP Michael Xie sold 24,710 shares of the firm’s stock in a transaction that occurred 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 transaction, the vice president now owns 10,867,018 shares of the company’s stock, valued at approximately $700,705,320.64. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other news, CEO Ken Xie sold 24,235 shares of Fortinet stock in a transaction on Tuesday, June 11th. The shares were sold at an average price of $59.53, for a total transaction of $1,442,709.55. Following the completion of the sale, the chief executive officer now directly owns 48,742,483 shares of the company’s stock, valued at approximately $2,901,640,012.99. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, VP Michael Xie sold 24,710 shares of Fortinet stock in a transaction on 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 directly owns 10,867,018 shares of the company’s stock, valued at $700,705,320.64. The disclosure for this sale can be found here. Insiders sold 91,913 shares of company stock valued at $5,608,349 in the last 90 days. Company insiders own 18.00% of the company’s stock.

Fortinet Price Performance

Shares of NASDAQ:FTNT traded up $0.33 during mid-day trading on Friday, reaching $57.64. 1,811,544 shares of the company were exchanged, compared to its average volume of 5,751,129. The firm has a market cap of $44.03 billion, a price-to-earnings ratio of 37.58, a P/E/G ratio of 2.77 and a beta of 0.98. The firm’s 50-day simple moving average is $59.66 and its 200 day simple moving average is $63.84. Fortinet, Inc. has a 1 year low of $44.12 and a 1 year high of $78.58.

Fortinet (NASDAQ:FTNT) last issued its quarterly 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 company had revenue of $1.35 billion during the quarter, compared to analysts’ expectations of $1.34 billion. During the same quarter last year, the company posted $0.29 EPS. The firm’s revenue was up 7.2% compared to the same quarter last year. On average, research analysts forecast that Fortinet, Inc. will post 1.47 earnings per share for the current fiscal year.

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.