13,220 Shares in Fortinet, Inc. (NASDAQ:FTNT) Purchased by Procyon Advisors LLC

Procyon Advisors LLC bought a new stake in shares of Fortinet, Inc. (NASDAQ:FTNT) in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 13,220 shares of the software maker’s stock, valued at approximately $1,273,000.

Several other hedge funds and other institutional investors have also made changes to their positions in FTNT. Eagle Capital Management LLC lifted its holdings in Fortinet by 1.6% in the 4th quarter. Eagle Capital Management LLC now owns 26,176 shares of the software maker’s stock valued at $2,473,000 after purchasing an additional 404 shares in the last quarter. Brighton Jones LLC lifted its stake in shares of Fortinet by 2.2% in the fourth quarter. Brighton Jones LLC now owns 10,327 shares of the software maker’s stock worth $976,000 after buying an additional 221 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. boosted its position in Fortinet by 2.4% during the fourth quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,550,733 shares of the software maker’s stock worth $146,513,000 after acquiring an additional 37,009 shares during the last quarter. Golden State Wealth Management LLC purchased a new stake in Fortinet during the 4th quarter valued at about $46,000. Finally, Lecap Asset Management Ltd. purchased a new stake in Fortinet during the 4th quarter valued at about $640,000. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on FTNT shares. Cantor Fitzgerald decreased their target price on shares of Fortinet from $115.00 to $100.00 and set a “neutral” rating on the stock in a research note on Thursday, April 24th. Royal Bank of Canada reduced their price objective on Fortinet from $110.00 to $105.00 and set a “sector perform” rating on the stock in a research report on Thursday, May 8th. Wells Fargo & Company dropped their target price on Fortinet from $105.00 to $95.00 and set an “equal weight” rating for the company in a report on Thursday, May 8th. Wall Street Zen raised Fortinet from a “hold” rating to a “buy” rating in a research note on Tuesday, May 20th. Finally, Robert W. Baird boosted 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. One analyst has rated the stock with a sell rating, twenty have issued a hold rating, twelve have issued a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $104.80.

Insider Activity

In related news, VP Michael Xie sold 326,784 shares of the company’s stock in a transaction that occurred on Tuesday, March 11th. The shares were sold at an average price of $98.17, for a total transaction of $32,080,385.28. Following the sale, the vice president now directly owns 11,000,068 shares of the company’s stock, valued at $1,079,876,675.56. This represents a 2.89% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Kenneth A. Goldman sold 1,000 shares of the stock in a transaction that occurred on Monday, March 10th. The stock was sold at an average price of $99.32, for a total transaction of $99,320.00. Following the sale, the director now owns 20,612 shares in the company, valued at approximately $2,047,183.84. This trade represents a 4.63% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 697,818 shares of company stock valued at $69,539,128. 18.00% of the stock is currently owned by company insiders.

Fortinet Trading Up 1.4%

Shares of NASDAQ FTNT opened at $104.94 on Friday. The company has a current ratio of 1.47, a quick ratio of 1.39 and a debt-to-equity ratio of 0.67. The stock has a market capitalization of $80.32 billion, a PE ratio of 46.43, a PEG ratio of 4.19 and a beta of 1.06. Fortinet, Inc. has a twelve month low of $54.57 and a twelve month high of $114.82. The stock has a fifty day simple moving average of $100.18 and a 200-day simple moving average of $99.84.

Fortinet (NASDAQ:FTNT) last announced 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 company had revenue of $1.54 billion during 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%. Fortinet’s revenue for the quarter was up 13.8% on a year-over-year basis. During the same period last year, the business posted $0.43 EPS. On average, equities analysts forecast that Fortinet, Inc. will post 2.09 earnings per share for the current year.

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.