Wealthcare Advisory Partners LLC Boosts Stock Position in Fortinet, Inc. (NASDAQ:FTNT)

Wealthcare Advisory Partners LLC raised its stake in Fortinet, Inc. (NASDAQ:FTNT) by 138.1% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 10,033 shares of the software maker’s stock after purchasing an additional 5,820 shares during the quarter. Wealthcare Advisory Partners LLC’s holdings in Fortinet were worth $685,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of FTNT. Vima LLC acquired a new position in Fortinet in the 4th quarter valued at $25,000. Rise Advisors LLC raised its holdings in Fortinet by 135.6% during the first quarter. Rise Advisors LLC now owns 377 shares of the software maker’s stock worth $26,000 after purchasing an additional 217 shares in the last quarter. Headinvest LLC acquired a new stake in Fortinet in the third quarter valued at about $29,000. Atwood & Palmer Inc. purchased a new stake in Fortinet in the 4th quarter valued at approximately $29,000. Finally, Creekmur Asset Management LLC acquired a new position in Fortinet during the 4th quarter worth approximately $32,000. Institutional investors and hedge funds own 83.71% of the company’s stock.

Fortinet Stock Performance

Shares of FTNT opened at $60.27 on Friday. The firm has a market cap of $46.04 billion, a price-to-earnings ratio of 39.39, a PEG ratio of 2.94 and a beta of 0.98. The company has a quick ratio of 1.08, a current ratio of 1.20 and a debt-to-equity ratio of 13.38. The business’s 50 day moving average is $60.58 and its two-hundred day moving average is $63.72. Fortinet, Inc. has a 52-week low of $44.12 and a 52-week high of $81.24.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings results on Thursday, May 2nd. The software maker reported $0.43 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.38 by $0.05. The firm had revenue of $1.35 billion for the quarter, compared to analysts’ expectations of $1.34 billion. Fortinet had a net margin of 22.23% and a negative return on equity of 2,235.48%. The firm’s quarterly revenue was up 7.2% on a year-over-year basis. During the same period in the prior year, the company posted $0.29 earnings per share. Analysts forecast that Fortinet, Inc. will post 1.46 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, CEO Ken Xie sold 23,992 shares of the company’s stock in a transaction that occurred 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 of the company’s stock, valued at approximately $3,150,776,958. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other news, CEO Ken Xie sold 23,992 shares of the stock in a transaction that occurred 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Michael Xie sold 24,710 shares of the firm’s stock in a transaction that occurred on Thursday, May 2nd. The stock was 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 directly owns 10,867,018 shares in the company, valued at approximately $700,705,320.64. The disclosure for this sale can be found here. Insiders have sold a total of 91,638 shares of company stock valued at $5,705,568 in the last quarter. Insiders own 18.00% of the company’s stock.

Analyst Ratings Changes

A number of analysts recently weighed in on FTNT shares. Cantor Fitzgerald decreased their price target on Fortinet from $65.00 to $55.00 and set a “neutral” rating on the stock in a research note on Friday, May 3rd. Piper Sandler lowered their price target on shares of Fortinet from $75.00 to $70.00 and set a “neutral” rating on the stock in a research note on Friday, May 3rd. Royal Bank of Canada reduced their price objective on shares of Fortinet from $71.00 to $68.00 and set a “sector perform” rating for the company in a research note on Friday, May 3rd. Wedbush reaffirmed an “outperform” rating and issued a $78.00 target price on shares of Fortinet in a report on Wednesday, May 22nd. Finally, Scotiabank lowered their price target on Fortinet from $90.00 to $80.00 and set a “sector outperform” rating on the stock in a report on Friday, May 3rd. Two analysts have rated the stock with a sell rating, twenty have issued a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $70.03.

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.