First Foundation Advisors Buys 8,307 Shares of Fortinet, Inc. (NASDAQ:FTNT)

First Foundation Advisors grew its stake in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 12.3% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 76,041 shares of the software maker's stock after buying an additional 8,307 shares during the period. First Foundation Advisors' holdings in Fortinet were worth $7,184,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently bought and sold shares of the company. Norges Bank acquired a new stake in shares of Fortinet during the fourth quarter worth $724,048,000. Schroder Investment Management Group acquired a new position in shares of Fortinet during the fourth quarter worth about $389,867,000. FMR LLC grew its holdings in shares of Fortinet by 77.2% during the fourth quarter. FMR LLC now owns 6,531,705 shares of the software maker's stock worth $617,115,000 after buying an additional 2,846,475 shares in the last quarter. Arrowstreet Capital Limited Partnership lifted its stake in Fortinet by 39.3% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 7,622,253 shares of the software maker's stock valued at $720,150,000 after acquiring an additional 2,151,811 shares in the last quarter. Finally, Bessemer Group Inc. boosted its position in Fortinet by 72.6% during the 4th quarter. Bessemer Group Inc. now owns 4,906,439 shares of the software maker's stock worth $463,561,000 after acquiring an additional 2,064,016 shares during the last quarter. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Fortinet Trading Up 1.5 %

NASDAQ:FTNT traded up $1.50 during trading hours on Tuesday, hitting $98.35. 1,271,976 shares of the company were exchanged, compared to its average volume of 5,057,713. The stock has a market capitalization of $75.63 billion, a price-to-earnings ratio of 43.52, a price-to-earnings-growth ratio of 4.19 and a beta of 1.09. The company has a fifty day simple moving average of $101.56 and a 200 day simple moving average of $94.86. The company has a current ratio of 1.47, a quick ratio of 1.39 and a debt-to-equity ratio of 0.67. Fortinet, Inc. has a one year low of $54.57 and a one year high of $114.82.

Fortinet (NASDAQ:FTNT - Get Free Report) last released its earnings results on Thursday, February 6th. The software maker reported $0.67 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.60 by $0.07. Fortinet had a net margin of 29.30% and a return on equity of 256.53%. Sell-side analysts expect that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on FTNT. The Goldman Sachs Group boosted their target price on shares of Fortinet from $114.00 to $130.00 and gave the stock a "buy" rating in a report on Friday, February 7th. Stifel Nicolaus lifted their target price on Fortinet from $103.00 to $115.00 and gave the stock a "hold" rating in a research note on Friday, February 7th. StockNews.com downgraded Fortinet from a "buy" rating to a "hold" rating in a report on Tuesday, April 1st. KeyCorp raised shares of Fortinet from a "sector weight" rating to an "overweight" rating and set a $115.00 price objective on the stock in a research report on Thursday, December 19th. Finally, Guggenheim reaffirmed a "neutral" rating on shares of Fortinet in a report on Friday, February 7th. One investment analyst has rated the stock with a sell rating, twenty have assigned a hold rating, eleven have issued a buy rating and two have given a strong buy rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus price target of $105.77.

Insider Transactions at Fortinet

In other news, Director William H. Neukom bought 328 shares of the business's stock in a transaction that occurred on Thursday, March 6th. The shares were bought at an average cost of $106.33 per share, for a total transaction of $34,876.24. Following the acquisition, the director now directly owns 300,006 shares in the company, valued at approximately $31,899,637.98. This trade represents a 0.11 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Ken Xie sold 23,044 shares of Fortinet stock in a transaction on Wednesday, January 15th. The shares were sold at an average price of $93.32, for a total transaction of $2,150,466.08. Following the completion of the sale, the chief executive officer now directly owns 49,039,698 shares of the company's stock, valued at approximately $4,576,384,617.36. The trade was a 0.05 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 599,988 shares of company stock valued at $59,094,530 in the last quarter. 18.00% of the stock is currently owned by company insiders.

About Fortinet

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.