Davidson Investment Advisors Has $21.07 Million Holdings in Fortinet, Inc. (NASDAQ:FTNT)

Davidson Investment Advisors lifted its position in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 30.7% in the second quarter, according to its most recent 13F filing with the SEC. The firm owned 349,505 shares of the software maker's stock after purchasing an additional 82,027 shares during the quarter. Fortinet comprises approximately 1.1% of Davidson Investment Advisors' holdings, making the stock its 29th largest holding. Davidson Investment Advisors' holdings in Fortinet were worth $21,065,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently bought and sold shares of FTNT. Winthrop Capital Management LLC acquired a new position in shares of Fortinet during the first quarter worth about $25,000. Rise Advisors LLC boosted its holdings in Fortinet by 135.6% in the 1st quarter. Rise Advisors LLC now owns 377 shares of the software maker's stock worth $26,000 after acquiring an additional 217 shares during the period. Vima LLC acquired a new stake in Fortinet in the fourth quarter valued at approximately $25,000. Oakworth Capital Inc. acquired a new position in shares of Fortinet during the second quarter worth $33,000. Finally, Creekmur Asset Management LLC purchased a new position in shares of Fortinet in the fourth quarter valued at $32,000. Institutional investors and hedge funds own 83.71% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on FTNT. Susquehanna lifted their price target on shares of Fortinet from $65.00 to $70.00 and gave the stock a "neutral" rating in a research note on Thursday, August 8th. Wedbush reiterated an "outperform" rating and issued a $78.00 price target on shares of Fortinet in a research note on Wednesday, August 7th. DZ Bank upgraded Fortinet from a "sell" rating to a "hold" rating and set a $65.00 price objective for the company in a research note on Thursday, August 8th. TD Cowen upgraded Fortinet from a "hold" rating to a "buy" rating and set a $75.00 price objective on the stock in a report on Thursday, July 18th. Finally, Morgan Stanley reduced their target price on Fortinet from $73.00 to $69.00 and set an "overweight" rating for the company in a research note on Wednesday, July 17th. Twenty-four equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and an average target price of $71.31.

Fortinet Price Performance

Shares of NASDAQ FTNT traded up $0.44 during midday trading on Friday, hitting $76.71. 3,585,700 shares of the company's stock were exchanged, compared to its average volume of 5,777,491. Fortinet, Inc. has a twelve month low of $44.12 and a twelve month high of $77.18. The firm has a market cap of $58.60 billion, a P/E ratio of 50.14, a PEG ratio of 2.79 and a beta of 0.98. The stock's 50 day moving average price is $64.06 and its 200-day moving average price is $64.49.

Fortinet (NASDAQ:FTNT - Get Free Report) last released its quarterly earnings results on Tuesday, August 6th. The software maker reported $0.57 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.41 by $0.16. Fortinet had a negative return on equity of 2,235.48% and a net margin of 22.23%. The company had revenue of $1.43 billion during the quarter, compared to analysts' expectations of $1.40 billion. During the same quarter in the prior year, the business posted $0.31 earnings per share. The company's revenue for the quarter was up 10.9% compared to the same quarter last year. On average, analysts expect that Fortinet, Inc. will post 1.47 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Director William H. Neukom purchased 586 shares of the firm's stock in a transaction on Thursday, June 6th. The stock was purchased at an average cost of $59.55 per share, with a total value of $34,896.30. Following the purchase, the director now owns 295,778 shares in the company, valued at approximately $17,613,579.90. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CEO Ken Xie sold 23,693 shares of the stock in a transaction that occurred on Wednesday, August 14th. The shares were sold at an average price of $73.06, for a total transaction of $1,731,010.58. Following the completion of the sale, the chief executive officer now directly owns 48,842,522 shares of the company's stock, valued at $3,568,434,657.32. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director William H. Neukom purchased 586 shares of the firm's stock in a transaction on Thursday, June 6th. The stock was acquired at an average price of $59.55 per share, for a total transaction of $34,896.30. Following the transaction, the director now owns 295,778 shares of the company's stock, valued at approximately $17,613,579.90. The disclosure for this purchase can be found here. In the last three months, insiders have sold 115,608 shares of company stock worth $7,132,649. 18.00% of the stock is owned by corporate insiders.

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.