Financial Advisors Network Inc. bought a new stake in Fortinet Inc (NASDAQ:FTNT) in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 13,698 shares of the software maker’s stock, valued at approximately $993,000.

A number of other institutional investors have also recently modified their holdings of the stock. Northern Trust Corp increased its holdings in Fortinet by 14.1% during the 4th quarter. Northern Trust Corp now owns 1,566,252 shares of the software maker’s stock worth $110,311,000 after purchasing an additional 193,805 shares in the last quarter. Canada Pension Plan Investment Board increased its holdings in Fortinet by 25.1% during the 4th quarter. Canada Pension Plan Investment Board now owns 487,000 shares of the software maker’s stock worth $34,297,000 after purchasing an additional 97,700 shares in the last quarter. Altshuler Shaham Ltd increased its holdings in Fortinet by 2.8% during the 4th quarter. Altshuler Shaham Ltd now owns 1,390,472 shares of the software maker’s stock worth $97,931,000 after purchasing an additional 38,006 shares in the last quarter. BOKF NA increased its holdings in Fortinet by 45.2% during the 4th quarter. BOKF NA now owns 56,431 shares of the software maker’s stock worth $3,975,000 after purchasing an additional 17,574 shares in the last quarter. Finally, Flagship Harbor Advisors LLC increased its holdings in Fortinet by 9.9% during the 1st quarter. Flagship Harbor Advisors LLC now owns 6,607 shares of the software maker’s stock worth $554,000 after purchasing an additional 593 shares in the last quarter. 73.57% of the stock is owned by institutional investors and hedge funds.

In related news, VP Michael Xie sold 40,000 shares of the company’s stock in a transaction that occurred on Monday, June 3rd. The stock was sold at an average price of $70.43, for a total value of $2,817,200.00. Following the transaction, the vice president now owns 6,388,548 shares in the company, valued at $449,945,435.64. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, VP John Whittle sold 3,691 shares of the company’s stock in a transaction that occurred on Friday, May 3rd. The shares were sold at an average price of $87.48, for a total value of $322,888.68. Following the completion of the transaction, the vice president now owns 6,402,500 shares in the company, valued at approximately $560,090,700. The disclosure for this sale can be found here. In the last quarter, insiders sold 64,511 shares of company stock worth $4,865,082. 17.70% of the stock is owned by company insiders.

Shares of NASDAQ FTNT traded down $0.90 during midday trading on Friday, reaching $75.71. The company’s stock had a trading volume of 1,221,394 shares, compared to its average volume of 1,484,408. Fortinet Inc has a 12-month low of $61.08 and a 12-month high of $96.96. The company has a market capitalization of $12.93 billion, a PE ratio of 67.00, a PEG ratio of 3.85 and a beta of 1.13.

Fortinet (NASDAQ:FTNT) last announced its earnings results on Thursday, May 2nd. The software maker reported $0.46 earnings per share for the quarter, topping analysts’ consensus estimates of $0.20 by $0.26. Fortinet had a return on equity of 22.52% and a net margin of 18.64%. The firm had revenue of $472.60 million for the quarter, compared to the consensus estimate of $471.90 million. During the same quarter in the previous year, the business earned $0.33 EPS. The company’s revenue was up 18.4% compared to the same quarter last year. Research analysts expect that Fortinet Inc will post 1.31 earnings per share for the current fiscal year.

A number of analysts have commented on FTNT shares. Northland Securities reissued a “buy” rating and set a $100.00 price objective on shares of Fortinet in a report on Friday, May 3rd. BidaskClub lowered Fortinet from a “strong-buy” rating to a “buy” rating in a report on Tuesday, March 5th. Citigroup lowered Fortinet from a “neutral” rating to a “sell” rating and decreased their price objective for the stock from $84.00 to $78.00 in a report on Friday, May 3rd. Monness Crespi & Hardt reissued a “buy” rating and set a $97.00 price objective (up from $95.00) on shares of Fortinet in a report on Friday, May 3rd. Finally, OTR Global raised Fortinet to a “positive” rating in a report on Monday, April 15th. Three equities research analysts have rated the stock with a sell rating, eighteen have issued a hold rating and ten have given a buy rating to the stock. Fortinet presently has a consensus rating of “Hold” and a consensus target price of $85.54.

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About Fortinet

Fortinet, Inc provides broad, integrated, and automated cybersecurity 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; FortiSandbox technology that delivers proactive detection and mitigation services; and FortiSIEM family of software solutions, which offers a cloud-ready security information and event management solutions.

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Institutional Ownership by Quarter for Fortinet (NASDAQ:FTNT)

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