Praxis Investment Management Inc. Boosts Stake in Fortinet, Inc. (NASDAQ:FTNT)

Praxis Investment Management Inc. grew its position in shares of Fortinet, Inc. (NASDAQ:FTNT) by 35.5% during the first quarter, according to its most recent filing with the SEC. The firm owned 19,070 shares of the software maker’s stock after acquiring an additional 5,000 shares during the period. Praxis Investment Management Inc.’s holdings in Fortinet were worth $1,836,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. SJS Investment Consulting Inc. boosted its position in shares of Fortinet by 703.1% in the 1st quarter. SJS Investment Consulting Inc. now owns 257 shares of the software maker’s stock worth $25,000 after purchasing an additional 225 shares in the last quarter. Edmond DE Rothschild Holding S.A. bought a new stake in shares of Fortinet in the 4th quarter worth approximately $27,000. ORG Partners LLC boosted its position in shares of Fortinet by 47.5% in the 1st quarter. ORG Partners LLC now owns 348 shares of the software maker’s stock worth $34,000 after purchasing an additional 112 shares in the last quarter. Oarsman Capital Inc. boosted its position in shares of Fortinet by 188.9% in the 4th quarter. Oarsman Capital Inc. now owns 416 shares of the software maker’s stock worth $39,000 after purchasing an additional 272 shares in the last quarter. Finally, Graney & King LLC bought a new stake in shares of Fortinet in the 4th quarter worth approximately $43,000. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Fortinet Price Performance

NASDAQ FTNT opened at $99.85 on Friday. The business’s fifty day moving average price is $101.86 and its 200-day moving average price is $100.28. The stock has a market capitalization of $76.43 billion, a price-to-earnings ratio of 41.09, a PEG ratio of 3.48 and a beta of 1.06. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.36 and a quick ratio of 1.29. Fortinet, Inc. has a 1-year low of $54.57 and a 1-year high of $114.82.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings data on Wednesday, May 7th. The software maker reported $0.58 EPS for the quarter, topping the consensus estimate of $0.53 by $0.05. The firm had revenue of $1.54 billion during the quarter, compared to analyst estimates of $1.54 billion. Fortinet had a return on equity of 148.79% and a net margin of 30.60%. Fortinet’s revenue was up 13.8% on a year-over-year basis. During the same period in the prior year, the business posted $0.43 EPS. On average, equities analysts predict that Fortinet, Inc. will post 2.09 earnings per share for the current year.

Analysts Set New Price Targets

A number of analysts have recently commented on the company. Wall Street Zen raised Fortinet from a “hold” rating to a “buy” rating in a research report on Tuesday, May 20th. KeyCorp dropped their price target on Fortinet from $120.00 to $115.00 and set an “overweight” rating on the stock in a research report on Thursday, May 8th. Scotiabank dropped their price target on Fortinet from $135.00 to $115.00 and set a “sector outperform” rating on the stock in a research report on Thursday, May 8th. Stifel Nicolaus dropped their price target on Fortinet from $115.00 to $95.00 and set a “hold” rating on the stock in a research report on Thursday, May 8th. Finally, Wolfe Research began coverage on Fortinet in a research report on Monday, May 12th. They issued a “peer perform” rating on the stock. One investment analyst has rated the stock with a sell rating, twenty have issued a hold rating, twelve have given a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $104.80.

Insider Transactions at Fortinet

In other Fortinet news, VP Michael Xie sold 3,546 shares of the stock in a transaction on Friday, May 2nd. The stock was sold at an average price of $106.11, for a total value of $376,266.06. Following the completion of the sale, the vice president now owns 11,000,068 shares in the company, valued at approximately $1,167,217,215.48. This represents a 0.03% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Ken Xie sold 158,488 shares of the firm’s stock in a transaction dated Friday, May 2nd. The shares were sold at an average price of $106.10, for a total value of $16,815,576.80. Following the sale, the chief executive officer now directly owns 51,391,879 shares in the company, valued at approximately $5,452,678,361.90. This represents a 0.31% decrease in their ownership of the stock. The disclosure for this sale can be found here. 17.20% of the stock is currently owned by company 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.