TrimTabs Asset Management LLC bought a new position in shares of Fortinet, Inc. (NASDAQ:FTNT) during the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 6,333 shares of the software maker’s stock, valued at approximately $1,157,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. SOA Wealth Advisors LLC. acquired a new position in Fortinet during the fourth quarter worth $25,000. ShoreHaven Wealth Partners LLC bought a new position in Fortinet during the fourth quarter worth $25,000. CX Institutional boosted its position in Fortinet by 92.0% during the fourth quarter. CX Institutional now owns 217 shares of the software maker’s stock worth $32,000 after purchasing an additional 104 shares during the period. Oder Investment Management LLC bought a new position in Fortinet during the fourth quarter worth $37,000. Finally, Veritas Investment Partners UK Ltd. bought a new position in Fortinet during the fourth quarter worth $42,000. Institutional investors and hedge funds own 67.77% of the company’s stock.

In other Fortinet news, VP John Whittle sold 2,540 shares of the business’s stock in a transaction dated Thursday, January 21st. The stock was sold at an average price of $151.36, for a total transaction of $384,454.40. Following the completion of the transaction, the vice president now owns 625 shares of the company’s stock, valued at $94,600. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, VP Michael Xie sold 5,820 shares of the business’s stock in a transaction dated Tuesday, February 9th. The stock was sold at an average price of $159.51, for a total value of $928,348.20. Following the transaction, the vice president now directly owns 6,075,145 shares of the company’s stock, valued at approximately $969,046,378.95. The disclosure for this sale can be found here. In the last three months, insiders have sold 71,231 shares of company stock valued at $11,876,249. Insiders own 17.20% of the company’s stock.

FTNT stock traded up $3.57 during midday trading on Thursday, reaching $196.40. The company had a trading volume of 10,069 shares, compared to its average volume of 1,289,360. The company has a market capitalization of $32.05 billion, a price-to-earnings ratio of 71.68, a price-to-earnings-growth ratio of 4.04 and a beta of 1.10. The stock has a 50 day moving average price of $176.88 and a 200-day moving average price of $144.36. Fortinet, Inc. has a 1-year low of $99.61 and a 1-year high of $195.51.

Fortinet (NASDAQ:FTNT) last issued its earnings results on Thursday, February 4th. The software maker reported $1.06 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.71 by $0.35. The firm had revenue of $748.00 million during the quarter, compared to the consensus estimate of $722.37 million. Fortinet had a return on equity of 48.30% and a net margin of 18.50%. Research analysts anticipate that Fortinet, Inc. will post 2.33 EPS for the current year.

A number of equities analysts have commented on FTNT shares. Oppenheimer reaffirmed an “outperform” rating and set a $190.00 price objective on shares of Fortinet in a research report on Thursday, February 11th. BTIG Research lifted their price objective on shares of Fortinet from $183.00 to $205.00 and gave the stock a “buy” rating in a research report on Tuesday, March 16th. DA Davidson boosted their target price on shares of Fortinet from $180.00 to $200.00 and gave the company a “buy” rating in a research report on Tuesday, March 16th. Mizuho boosted their target price on shares of Fortinet from $167.00 to $180.00 in a research report on Wednesday, March 10th. Finally, Raymond James boosted their target price on shares of Fortinet from $175.00 to $200.00 and gave the company an “outperform” rating in a research report on Tuesday, March 16th. Three research analysts have rated the stock with a sell rating, twelve have given a hold rating and twelve have issued a buy rating to the company’s stock. Fortinet has an average rating of “Hold” and an average price target of $160.16.

Fortinet Profile

Fortinet, Inc provides broad, integrated, and automated cybersecurity solutions in the Americas, Europe, the Middle East, Africa, and the Asia Pacific. It offers FortiGate hardware and software licenses that provide various security and networking functions, including firewall, intrusion prevention, anti-malware, virtual private network, application control, web filtering, anti-spam, and wide area network acceleration.

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Institutional Ownership by Quarter for Fortinet (NASDAQ:FTNT)

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