Ashton Thomas Private Wealth LLC Acquires 1,412 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Ashton Thomas Private Wealth LLC grew its stake in shares of Fortinet, Inc. (NASDAQ:FTNTFree Report) by 4.3% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 34,072 shares of the software maker’s stock after acquiring an additional 1,412 shares during the period. Ashton Thomas Private Wealth LLC’s holdings in Fortinet were worth $2,327,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in FTNT. Rise Advisors LLC grew its position 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 buying an additional 217 shares in the last quarter. Vima LLC purchased a new position in shares of Fortinet during the fourth quarter worth about $25,000. Atwood & Palmer Inc. bought a new position in shares of Fortinet in the fourth quarter worth approximately $29,000. Headinvest LLC purchased a new stake in Fortinet in the third quarter valued at approximately $29,000. Finally, Creekmur Asset Management LLC bought a new stake in Fortinet during the fourth quarter valued at approximately $32,000. 83.71% of the stock is owned by institutional investors.

Fortinet Price Performance

FTNT stock opened at $61.09 on Friday. Fortinet, Inc. has a 1-year low of $44.12 and a 1-year high of $81.24. The stock has a market capitalization of $46.67 billion, a P/E ratio of 39.93, a P/E/G ratio of 2.96 and a beta of 0.98. The business has a fifty day moving average price of $60.21 and a 200-day moving average price of $63.81.

Fortinet (NASDAQ:FTNTGet Free Report) last issued its earnings results on Thursday, May 2nd. The software maker reported $0.43 earnings per share for the quarter, topping analysts’ consensus estimates of $0.38 by $0.05. Fortinet had a negative return on equity of 2,235.48% and a net margin of 22.23%. The business had revenue of $1.35 billion during the quarter, compared to analyst estimates of $1.34 billion. During the same quarter in the previous year, the firm earned $0.29 EPS. Fortinet’s revenue was up 7.2% on a year-over-year basis. As a group, analysts anticipate that Fortinet, Inc. will post 1.47 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on FTNT. Morgan Stanley decreased their price target on shares of Fortinet from $81.00 to $73.00 and set an “overweight” rating on the stock in a report on Friday, May 3rd. Jefferies Financial Group reduced their target price on Fortinet from $75.00 to $70.00 and set a “hold” rating on the stock in a research note on Thursday, April 18th. Robert W. Baird dropped their price target on Fortinet from $81.00 to $75.00 and set an “outperform” rating for the company in a research note on Friday, May 3rd. StockNews.com upgraded shares of Fortinet from a “hold” rating to a “buy” rating in a report on Sunday, June 30th. Finally, Susquehanna decreased their price objective on shares of Fortinet from $80.00 to $65.00 and set a “neutral” rating for the company in a report on Monday, May 6th. Two investment analysts have rated the stock with a sell rating, twenty have given a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat.com, Fortinet presently has an average rating of “Hold” and a consensus target price of $70.03.

Get Our Latest Stock Analysis on FTNT

Insider Buying and Selling at Fortinet

In other news, CEO Ken Xie sold 23,992 shares of the firm’s stock in a transaction on Tuesday, April 16th. The stock was sold at an average price of $64.75, for a total value of $1,553,482.00. Following the transaction, the chief executive officer now directly owns 48,660,648 shares in the company, valued at approximately $3,150,776,958. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. In related news, VP Michael Xie sold 24,710 shares of the firm’s stock in a transaction 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 directly owns 10,867,018 shares of the company’s stock, valued at $700,705,320.64. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO Ken Xie sold 23,992 shares of the stock in a transaction on Tuesday, April 16th. The shares were sold at an average price of $64.75, for a total transaction of $1,553,482.00. Following the transaction, the chief executive officer now owns 48,660,648 shares of the company’s stock, valued at approximately $3,150,776,958. The disclosure for this sale can be found here. In the last ninety days, insiders sold 91,638 shares of company stock worth $5,705,568. Insiders own 18.00% of the company’s stock.

About Fortinet

(Free Report)

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.

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Institutional Ownership by Quarter for Fortinet (NASDAQ:FTNT)

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