Raymond James Financial Services Advisors Inc. Buys 7,739 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Raymond James Financial Services Advisors Inc. raised its stake in Fortinet, Inc. (NASDAQ:FTNT) by 4.8% during the 1st quarter, Holdings Channel reports. The fund owned 170,273 shares of the software maker’s stock after acquiring an additional 7,739 shares during the period. Raymond James Financial Services Advisors Inc.’s holdings in Fortinet were worth $11,631,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently bought and sold shares of FTNT. Stonegate Investment Group LLC acquired a new position in shares of Fortinet in the first quarter valued at about $837,000. Raymond James & Associates grew its position in shares of Fortinet by 10.1% during the 1st quarter. Raymond James & Associates now owns 487,323 shares of the software maker’s stock worth $33,289,000 after purchasing an additional 44,676 shares in the last quarter. Accordant Advisory Group Inc bought a new position in shares of Fortinet during the first quarter worth approximately $148,000. Ashton Thomas Private Wealth LLC raised its position in shares of Fortinet by 4.3% in the first quarter. Ashton Thomas Private Wealth LLC now owns 34,072 shares of the software maker’s stock valued at $2,327,000 after buying an additional 1,412 shares in the last quarter. Finally, Kesler Norman & Wride LLC bought a new stake in shares of Fortinet in the first quarter valued at approximately $219,000. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on the company. Wells Fargo & Company dropped 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. Cantor Fitzgerald cut their price objective on shares of Fortinet from $65.00 to $55.00 and set a “neutral” rating for the company in a research report on Friday. DZ Bank lowered shares of Fortinet from a “hold” rating to a “sell” rating and set a $60.00 target price on the stock. in a report on Thursday, February 8th. Barclays cut their target price on Fortinet from $80.00 to $75.00 and set an “equal weight” rating for the company in a research note on Friday. Finally, Piper Sandler reduced their price target on shares of Fortinet from $75.00 to $70.00 and set a “neutral” rating on the stock in a research note on Friday. Two analysts have rated the stock with a sell rating, twenty have assigned a hold rating and twelve have given a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $70.68.

Fortinet Stock Down 9.7 %

FTNT stock traded down $6.32 during trading on Friday, reaching $58.88. 15,896,615 shares of the stock were exchanged, compared to its average volume of 4,338,557. The firm’s 50 day moving average is $67.53 and its 200 day moving average is $61.90. The firm has a market cap of $44.94 billion, a P/E ratio of 38.48, a price-to-earnings-growth ratio of 2.89 and a beta of 1.08. The company has a current ratio of 1.19, a quick ratio of 1.06 and a debt-to-equity ratio of 13.38. Fortinet, Inc. has a twelve month low of $44.12 and a twelve month high of $81.24.

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

Insider Buying and Selling at Fortinet

In other Fortinet news, VP Michael Xie sold 24,710 shares of Fortinet stock in a transaction dated Thursday, May 2nd. The stock was 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 in the company, valued at approximately $700,705,320.64. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other Fortinet news, CEO Ken Xie sold 46,084 shares of Fortinet stock in a transaction on Tuesday, February 13th. The shares were sold at an average price of $69.07, for a total transaction of $3,183,021.88. Following the transaction, the chief executive officer now directly owns 51,813,638 shares of the company’s stock, valued at approximately $3,578,767,976.66. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, 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 sale, 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. Over the last three months, insiders have sold 118,480 shares of company stock valued at $8,021,556. Corporate insiders own 17.54% of the company’s stock.

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.