Zhang Financial LLC Has $576,000 Stock Holdings in Fortinet, Inc. (NASDAQ:FTNT)

Zhang Financial LLC lifted its position in shares of Fortinet, Inc. (NASDAQ:FTNT) by 5.0% during the 1st quarter, Holdings Channel reports. The firm owned 8,431 shares of the software maker’s stock after purchasing an additional 401 shares during the quarter. Zhang Financial LLC’s holdings in Fortinet were worth $576,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors also recently modified their holdings of the company. Massmutual Trust Co. FSB ADV grew its position in shares of Fortinet by 22.4% during the 1st quarter. Massmutual Trust Co. FSB ADV now owns 984 shares of the software maker’s stock worth $67,000 after purchasing an additional 180 shares in the last quarter. Buckhead Capital Management LLC boosted its position in shares of Fortinet by 0.6% during the 4th quarter. Buckhead Capital Management LLC now owns 30,134 shares of the software maker’s stock worth $1,764,000 after acquiring an additional 187 shares in the last quarter. STF Management LP boosted its position in shares of Fortinet by 1.5% during the 4th quarter. STF Management LP now owns 12,917 shares of the software maker’s stock worth $756,000 after acquiring an additional 187 shares in the last quarter. Johnson Investment Counsel Inc. boosted its position in shares of Fortinet by 1.0% during the 4th quarter. Johnson Investment Counsel Inc. now owns 20,696 shares of the software maker’s stock worth $1,211,000 after acquiring an additional 200 shares in the last quarter. Finally, Quadrant Capital Group LLC boosted its position in shares of Fortinet by 2.1% during the 4th quarter. Quadrant Capital Group LLC now owns 9,804 shares of the software maker’s stock worth $574,000 after acquiring an additional 202 shares in the last quarter. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the stock. Scotiabank reduced their price target on shares of Fortinet from $90.00 to $80.00 and set a “sector outperform” rating on the stock in a research report on Friday, May 3rd. Barclays reduced their price target on shares of Fortinet from $80.00 to $75.00 and set an “equal weight” rating on the stock in a research report on Friday, May 3rd. Mizuho dropped their price objective on shares of Fortinet from $70.00 to $66.00 and set a “neutral” rating for the company in a research note on Friday, May 3rd. Susquehanna dropped their price objective on shares of Fortinet from $80.00 to $65.00 and set a “neutral” rating for the company in a research note on Monday, May 6th. Finally, StockNews.com raised shares of Fortinet from a “hold” rating to a “buy” rating in a research note on Friday, May 3rd. Two analysts have rated the stock with a sell rating, twenty have issued a hold rating and eleven have given a buy rating to the stock. According to MarketBeat, Fortinet currently has an average rating of “Hold” and an average price target of $70.10.

Fortinet Stock Up 0.4 %

Shares of FTNT traded up $0.26 during trading hours on Wednesday, reaching $61.57. 3,047,379 shares of the stock traded hands, compared to its average volume of 5,978,695. The company has a current ratio of 1.20, a quick ratio of 1.08 and a debt-to-equity ratio of 13.38. The stock has a fifty day simple moving average of $64.85 and a 200 day simple moving average of $62.28. Fortinet, Inc. has a 52 week low of $44.12 and a 52 week high of $81.24. The company has a market cap of $47.04 billion, a price-to-earnings ratio of 40.24, a PEG ratio of 2.58 and a beta of 1.08.

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

Insider Activity

In related news, VP Michael Xie sold 24,710 shares of the business’s stock in a transaction that occurred on Thursday, May 2nd. The shares were sold at an average price of $64.48, for a total transaction of $1,593,300.80. Following the completion of the transaction, the vice president now owns 10,867,018 shares of the company’s stock, valued at $700,705,320.64. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In other Fortinet news, CEO Ken Xie sold 23,992 shares of the business’s stock in a transaction that occurred on Tuesday, April 16th. The shares were sold at an average price of $64.75, for a total value of $1,553,482.00. Following the completion of 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 transaction was disclosed in a filing with the SEC, which is available through this link. Also, VP Michael Xie sold 24,710 shares of the business’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 transaction 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 approximately $700,705,320.64. The disclosure for this sale can be found here. Insiders have sold a total of 72,396 shares of company stock valued at $4,838,534 over the last quarter. Company insiders own 18.00% of the company’s stock.

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.