First Horizon Advisors Inc. Purchases 7,759 Shares of Fortinet, Inc. (NASDAQ:FTNT)

First Horizon Advisors Inc. grew its position in Fortinet, Inc. (NASDAQ:FTNT) by 4.7% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 172,988 shares of the software maker’s stock after acquiring an additional 7,759 shares during the period. First Horizon Advisors Inc.’s holdings in Fortinet were worth $11,497,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of FTNT. Alpha Cubed Investments LLC bought a new position in Fortinet in the 1st quarter worth approximately $230,000. Mn Services Vermogensbeheer B.V. raised its position in Fortinet by 4.5% in the 1st 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 last quarter. M Holdings Securities Inc. raised its position in Fortinet by 12.6% in the 4th 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 last quarter. Vanguard Personalized Indexing Management LLC raised its position in Fortinet by 15.9% in the 1st 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 last quarter. Finally, Engineers Gate Manager LP raised its position in Fortinet by 891.3% in the 4th 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 last quarter. Institutional investors own 65.00% of the company’s stock.

Fortinet Stock Down 0.9 %

Shares of Fortinet stock traded down $0.61 during trading hours on Tuesday, reaching $64.46. 1,457,745 shares of the company’s stock were exchanged, compared to its average volume of 5,457,312. The company has a 50 day moving average of $67.84 and a two-hundred day moving average of $66.82. Fortinet, Inc. has a fifty-two week low of $42.61 and a fifty-two week high of $81.24. The company has a current ratio of 1.39, a quick ratio of 1.29 and a debt-to-equity ratio of 3.09. The stock has a market cap of $50.62 billion, a P/E ratio of 48.92, a P/E/G ratio of 2.78 and a beta of 1.16.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings data on Thursday, August 3rd. The software maker reported $0.38 EPS for the quarter, topping analysts’ consensus estimates of $0.34 by $0.04. Fortinet had a net margin of 21.24% and a negative return on equity of 698.28%. The company had revenue of $1.29 billion during the quarter, compared to the consensus estimate of $1.30 billion. During the same period in the prior year, the business posted $0.18 EPS. The company’s quarterly revenue was up 25.5% on a year-over-year basis. On average, sell-side analysts forecast that Fortinet, Inc. will post 1.24 EPS for the current fiscal year.

Insider Activity

In other news, EVP Patrice Perche sold 7,530 shares of the company’s stock in a transaction dated Wednesday, June 21st. The shares were sold at an average price of $71.15, for a total value of $535,759.50. Following the sale, the executive vice president now directly owns 25,730 shares of the company’s stock, valued at approximately $1,830,689.50. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, Director William H. Neukom acquired 552 shares of the business’s stock in a transaction on Friday, September 8th. The stock was purchased at an average cost of $63.28 per share, for a total transaction of $34,930.56. Following the completion of the transaction, the director now directly owns 291,551 shares of the company’s stock, valued at approximately $18,449,347.28. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Patrice Perche sold 7,530 shares of the firm’s stock in a transaction that occurred on Wednesday, June 21st. The stock was sold at an average price of $71.15, for a total transaction of $535,759.50. Following the sale, the executive vice president now owns 25,730 shares of the company’s stock, valued at $1,830,689.50. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 67,218 shares of company stock valued at $4,429,412. 17.54% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on FTNT shares. The Goldman Sachs Group boosted their price objective on shares of Fortinet from $77.00 to $86.00 and gave the stock a “buy” rating in a research report on Tuesday, July 25th. TD Cowen cut shares of Fortinet from an “outperform” rating to a “market perform” rating and dropped their target price for the company from $90.00 to $70.00 in a research report on Friday, August 4th. Wedbush dropped their target price on shares of Fortinet from $70.00 to $69.00 and set an “outperform” rating for the company in a research report on Friday, August 4th. Mizuho dropped their target price on shares of Fortinet from $81.00 to $68.00 and set a “neutral” rating for the company in a research report on Friday, August 4th. Finally, Raymond James dropped their target price on shares of Fortinet from $75.00 to $70.00 and set an “outperform” rating for the company in a research report on Friday, August 4th. Eight analysts have rated the stock with a hold rating and twenty-five have issued a buy rating to the company’s stock. According to MarketBeat.com, Fortinet has an average rating of “Moderate Buy” and an average target price of $73.23.

Fortinet Profile

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.