Raymond James Financial Services Advisors Inc. Has $11.63 Million Position in Fortinet, Inc. (NASDAQ:FTNT)

Raymond James Financial Services Advisors Inc. raised its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 4.8% in the 1st quarter, according to the company in its most recent filing with the SEC. The firm owned 170,273 shares of the software maker’s stock after acquiring an additional 7,739 shares during the quarter. Raymond James Financial Services Advisors Inc.’s holdings in Fortinet were worth $11,631,000 as of its most recent SEC filing.

Other large investors have also bought and sold shares of the company. Nordea Investment Management AB lifted its holdings in Fortinet by 156.8% in the third quarter. Nordea Investment Management AB now owns 9,441,059 shares of the software maker’s stock worth $554,945,000 after buying an additional 5,765,174 shares during the period. Norges Bank bought a new position in Fortinet in the fourth quarter worth $203,501,000. Sarasin & Partners LLP purchased a new position in Fortinet during the first quarter valued at $120,746,000. DSM Capital Partners LLC bought a new stake in shares of Fortinet during the 3rd quarter valued at $75,698,000. Finally, Public Sector Pension Investment Board grew its position in shares of Fortinet by 358.1% in the 3rd quarter. Public Sector Pension Investment Board now owns 1,644,139 shares of the software maker’s stock worth $96,478,000 after buying an additional 1,285,197 shares during the period. 83.71% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

FTNT has been the topic of several recent analyst reports. Barclays cut their target price on Fortinet from $80.00 to $75.00 and set an “equal weight” rating on the stock in a research note on Friday. Wells Fargo & Company reduced their price objective on Fortinet from $70.00 to $62.00 and set an “equal weight” rating for the company in a report on Friday. Royal Bank of Canada dropped their price target on shares of Fortinet from $71.00 to $68.00 and set a “sector perform” rating on the stock in a report on Friday. JPMorgan Chase & Co. reduced their price target on shares of Fortinet from $67.00 to $63.00 and set a “neutral” rating for the company in a research note on Friday. Finally, Truist Financial lowered their price objective on shares of Fortinet from $80.00 to $70.00 and set a “buy” rating on the stock in a research report on Friday. Two research analysts have rated the stock with a sell rating, twenty have given a hold rating and twelve have assigned a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $70.68.

Insider Activity at Fortinet

In related news, CEO Ken Xie sold 23,694 shares of the firm’s stock in a transaction dated Tuesday, March 12th. The shares were sold at an average price of $71.40, for a total value of $1,691,751.60. Following the completion of the sale, the chief executive officer now owns 48,625,005 shares in the company, valued at $3,471,825,357. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In other Fortinet news, CEO Ken Xie sold 23,694 shares of the firm’s stock in a transaction on Tuesday, March 12th. The stock was sold at an average price of $71.40, for a total value of $1,691,751.60. Following the completion of the sale, the chief executive officer now owns 48,625,005 shares of the company’s stock, valued at $3,471,825,357. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, VP Michael Xie sold 24,710 shares of the stock in a transaction dated 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 approximately $700,705,320.64. The disclosure for this sale can be found here. Insiders have sold 118,480 shares of company stock valued at $8,021,556 over the last quarter. 17.54% of the stock is owned by insiders.

Fortinet Stock Performance

Shares of Fortinet stock traded down $6.32 during midday trading on Friday, hitting $58.88. The company had a trading volume of 15,896,615 shares, compared to its average volume of 4,338,557. The stock has a market cap of $44.94 billion, a price-to-earnings ratio of 38.48, a PEG ratio of 2.89 and a beta of 1.08. Fortinet, Inc. has a 12-month low of $44.12 and a 12-month high of $81.24. The company has a quick ratio of 1.06, a current ratio of 1.19 and a debt-to-equity ratio of 13.38. The company has a fifty day simple moving average of $67.53 and a 200 day simple moving average of $61.90.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings results on Thursday, May 2nd. The software maker reported $0.43 EPS for the quarter, topping analysts’ consensus estimates of $0.38 by $0.05. The company had revenue of $1.35 billion during the quarter, compared to analysts’ expectations of $1.34 billion. Fortinet had a negative return on equity of 5,061.85% and a net margin of 22.23%. The firm’s revenue was up 7.2% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.29 EPS. As a group, analysts predict that Fortinet, Inc. will post 1.39 earnings per share for the current fiscal year.

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.