Burney Co. Buys 41,503 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Burney Co. grew its position in Fortinet, Inc. (NASDAQ:FTNT) by 143.4% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 70,440 shares of the software maker’s stock after purchasing an additional 41,503 shares during the period. Burney Co.’s holdings in Fortinet were worth $5,325,000 at the end of the most recent reporting period.

Other large investors also recently made changes to their positions in the company. Covestor Ltd increased its position in shares of Fortinet by 53.3% during the 1st quarter. Covestor Ltd now owns 164 shares of the software maker’s stock valued at $56,000 after purchasing an additional 57 shares during the last quarter. St. Johns Investment Management Company LLC bought a new stake in Fortinet in the second quarter worth about $30,000. Altshuler Shaham Ltd bought a new position in shares of Fortinet during the 2nd quarter valued at approximately $31,000. Zions Bancorporation N.A. increased its stake in shares of Fortinet by 20.4% during the 1st quarter. Zions Bancorporation N.A. now owns 430 shares of the software maker’s stock worth $147,000 after purchasing an additional 73 shares during the last quarter. Finally, Grove Bank & Trust raised its holdings in shares of Fortinet by 40.5% in the 2nd quarter. Grove Bank & Trust now owns 461 shares of the software maker’s stock worth $35,000 after purchasing an additional 133 shares during the period. 65.00% of the stock is owned by institutional investors.

Fortinet Price Performance

Shares of FTNT opened at $51.32 on Wednesday. Fortinet, Inc. has a fifty-two week low of $44.12 and a fifty-two week high of $81.24. The firm’s 50-day simple moving average is $57.64 and its two-hundred day simple moving average is $64.75. The stock has a market cap of $39.41 billion, a PE ratio of 35.39, a price-to-earnings-growth ratio of 2.27 and a beta of 1.14. The company has a debt-to-equity ratio of 13.38, a quick ratio of 1.17 and a current ratio of 1.30.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings results on Thursday, November 2nd. The software maker reported $0.41 earnings per share for the quarter, topping the consensus estimate of $0.36 by $0.05. The company had revenue of $1.33 billion for the quarter, compared to the consensus estimate of $1.35 billion. Fortinet had a return on equity of 3,361.82% and a net margin of 22.25%. The firm’s quarterly revenue was up 15.7% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.28 EPS. Analysts anticipate that Fortinet, Inc. will post 1.28 earnings per share for the current fiscal year.

Insider Transactions at Fortinet

In related news, EVP Patrice Perche sold 8,918 shares of the stock in a transaction dated Friday, November 3rd. The shares were sold at an average price of $50.26, for a total transaction of $448,218.68. Following the sale, the executive vice president now directly owns 25,730 shares of the company’s stock, valued at approximately $1,293,189.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Fortinet news, EVP Patrice Perche sold 8,918 shares of Fortinet stock in a transaction on Friday, November 3rd. The stock was sold at an average price of $50.26, for a total value of $448,218.68. Following the completion of the sale, the executive vice president now owns 25,730 shares of the company’s stock, valued at approximately $1,293,189.80. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Keith Jensen sold 24,715 shares of the stock in a transaction on Wednesday, August 23rd. The shares were sold at an average price of $58.99, for a total value of $1,457,937.85. Following the sale, the chief financial officer now directly owns 4,583 shares in the company, valued at $270,351.17. The disclosure for this sale can be found here. Insiders sold a total of 61,333 shares of company stock valued at $3,505,054 in the last quarter. 17.54% of the stock is owned by insiders.

Analysts Set New Price Targets

FTNT has been the topic of several recent research reports. Cantor Fitzgerald downgraded shares of Fortinet from an “overweight” rating to a “neutral” rating and dropped their price objective for the company from $75.00 to $50.00 in a report on Friday, November 3rd. HSBC reaffirmed a “hold” rating and issued a $49.00 price objective (down from $75.00) on shares of Fortinet in a report on Monday, November 6th. JPMorgan Chase & Co. reissued a “neutral” rating and set a $52.00 target price (down previously from $67.00) on shares of Fortinet in a report on Friday, November 3rd. Needham & Company LLC assumed coverage on Fortinet in a report on Wednesday, October 25th. They issued a “hold” rating for the company. Finally, Citigroup decreased their price objective on Fortinet from $73.00 to $70.00 and set a “buy” rating on the stock in a research note on Tuesday, August 29th. Nineteen investment analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the company. According to data from MarketBeat.com, Fortinet currently has an average rating of “Hold” and an average target price of $65.77.

Fortinet Company 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.