Gerber Kawasaki Wealth & Investment Management Purchases Shares of 3,225 Fortinet, Inc. (NASDAQ:FTNT)

Gerber Kawasaki Wealth & Investment Management purchased a new stake in Fortinet, Inc. (NASDAQ:FTNTFree Report) in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 3,225 shares of the software maker’s stock, valued at approximately $214,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Alpha Cubed Investments LLC purchased a new stake in Fortinet in the first quarter valued at about $230,000. Mn Services Vermogensbeheer B.V. lifted its holdings in shares of Fortinet by 4.5% during the first quarter. Mn Services Vermogensbeheer B.V. now owns 340,990 shares of the software maker’s stock worth $22,662,000 after purchasing an additional 14,600 shares during the period. M Holdings Securities Inc. lifted its holdings in shares of Fortinet by 12.6% during the fourth quarter. M Holdings Securities Inc. now owns 8,473 shares of the software maker’s stock worth $414,000 after purchasing an additional 950 shares during the period. Vanguard Personalized Indexing Management LLC lifted its holdings in shares of Fortinet by 15.9% during the first quarter. Vanguard Personalized Indexing Management LLC now owns 62,476 shares of the software maker’s stock worth $4,152,000 after purchasing an additional 8,577 shares during the period. Finally, Engineers Gate Manager LP lifted its holdings in shares of Fortinet by 891.3% during the fourth quarter. Engineers Gate Manager LP now owns 101,534 shares of the software maker’s stock worth $4,964,000 after purchasing an additional 91,292 shares during the period. 65.00% of the stock is currently owned by hedge funds and other institutional investors.

Fortinet Stock Up 1.4 %

Shares of NASDAQ:FTNT opened at $64.07 on Monday. Fortinet, Inc. has a 52-week low of $42.61 and a 52-week high of $81.24. The business has a fifty day moving average of $68.03 and a two-hundred day moving average of $66.79. The stock has a market cap of $50.32 billion, a P/E ratio of 48.17, a PEG ratio of 2.78 and a beta of 1.16. The company has a quick ratio of 1.29, a current ratio of 1.39 and a debt-to-equity ratio of 3.09.

Fortinet (NASDAQ:FTNTGet Free Report) last announced its quarterly earnings results on Thursday, August 3rd. The software maker reported $0.38 EPS for the quarter, beating the consensus estimate of $0.34 by $0.04. Fortinet had a negative return on equity of 698.28% and a net margin of 21.24%. The business had revenue of $1.29 billion for the quarter, compared to analyst estimates of $1.30 billion. During the same quarter in the prior year, the company posted $0.18 EPS. The company’s quarterly revenue was up 25.5% on a year-over-year basis. On average, research analysts expect that Fortinet, Inc. will post 1.24 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on FTNT shares. Citigroup decreased their target price on Fortinet from $73.00 to $70.00 and set a “buy” rating for the company in a report on Tuesday, August 29th. Cantor Fitzgerald reissued an “overweight” rating and issued a $75.00 price target on shares of Fortinet in a report on Tuesday, July 18th. Raymond James decreased their price target on Fortinet from $75.00 to $70.00 and set an “outperform” rating for the company in a report on Friday, August 4th. Wells Fargo & Company decreased their price target on Fortinet from $90.00 to $85.00 and set an “overweight” rating for the company in a report on Friday, August 4th. Finally, StockNews.com started coverage on Fortinet in a research report on Thursday, August 17th. They issued a “buy” rating for the company. Eight analysts have rated the stock with a hold rating and twenty-five have assigned a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $73.23.

Read Our Latest Analysis on Fortinet

Insider Activity

In related news, EVP Patrice Perche sold 7,530 shares of the stock in a transaction dated Wednesday, June 21st. The stock was sold at an average price of $71.15, for a total transaction of $535,759.50. Following the transaction, the executive vice president now owns 25,730 shares of the company’s stock, valued at approximately $1,830,689.50. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. In related news, EVP Patrice Perche sold 7,530 shares of the stock in a transaction dated Wednesday, June 21st. The stock was sold at an average price of $71.15, for a total transaction of $535,759.50. Following the transaction, the executive vice president now owns 25,730 shares of the company’s stock, valued at approximately $1,830,689.50. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, VP Michael Xie sold 5,885 shares of the stock in a transaction dated Wednesday, August 2nd. The stock was sold at an average price of $75.05, for a total value of $441,669.25. Following the transaction, the vice president now directly owns 29,727,018 shares in the company, valued at approximately $2,231,012,700.90. The disclosure for this sale can be found here. Insiders have sold a total of 67,218 shares of company stock valued at $4,429,412 in the last quarter. Insiders own 17.54% of the company’s stock.

Fortinet Profile

(Free Report)

Fortinet, Inc provides cybersecurity and networking solutions worldwide. 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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