Meritas Wealth Management LLC Purchases New Shares in Fortinet, Inc. (NASDAQ:FTNT)

Meritas Wealth Management LLC acquired a new position in shares of Fortinet, Inc. (NASDAQ:FTNT) during the 1st quarter, Holdings Channel reports. The firm acquired 3,303 shares of the software maker’s stock, valued at approximately $226,000.

A number of other hedge funds and other institutional investors also recently modified their holdings of the company. Massmutual Trust Co. FSB ADV grew its stake in shares of Fortinet by 22.4% in the first quarter. Massmutual Trust Co. FSB ADV now owns 984 shares of the software maker’s stock valued at $67,000 after acquiring an additional 180 shares in the last quarter. Buckhead Capital Management LLC grew its stake in shares of Fortinet by 0.6% in the fourth quarter. Buckhead Capital Management LLC now owns 30,134 shares of the software maker’s stock valued at $1,764,000 after acquiring an additional 187 shares in the last quarter. STF Management LP grew its stake in shares of Fortinet by 1.5% in the fourth quarter. STF Management LP now owns 12,917 shares of the software maker’s stock valued at $756,000 after acquiring an additional 187 shares in the last quarter. Johnson Investment Counsel Inc. grew its stake in shares of Fortinet by 1.0% in the fourth quarter. Johnson Investment Counsel Inc. now owns 20,696 shares of the software maker’s stock valued at $1,211,000 after acquiring an additional 200 shares in the last quarter. Finally, Quadrant Capital Group LLC grew its stake in shares of Fortinet by 2.1% in the fourth quarter. Quadrant Capital Group LLC now owns 9,804 shares of the software maker’s stock valued at $574,000 after acquiring an additional 202 shares in the last quarter. Institutional investors and hedge funds own 83.71% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts recently commented on FTNT shares. Jefferies Financial Group decreased their price target on shares of Fortinet from $75.00 to $70.00 and set a “hold” rating on the stock in a research note on Thursday, April 18th. HSBC decreased their price target on shares of Fortinet from $57.00 to $54.00 and set a “reduce” rating on the stock in a research note on Friday, May 3rd. StockNews.com cut shares of Fortinet from a “buy” rating to a “hold” rating in a research report on Saturday, June 22nd. Truist Financial cut their price objective on shares of Fortinet from $80.00 to $70.00 and set a “buy” rating for the company in a research report on Friday, May 3rd. Finally, Mizuho cut their price objective on shares of Fortinet from $70.00 to $66.00 and set a “neutral” rating for the company in a research report on Friday, May 3rd. Two analysts have rated the stock with a sell rating, twenty-one have issued a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat.com, Fortinet currently has a consensus rating of “Hold” and a consensus price target of $70.03.

Insider Buying and Selling at Fortinet

In other Fortinet news, CEO Ken Xie sold 23,992 shares of the firm’s stock in a transaction on Tuesday, April 16th. The stock was sold at an average price of $64.75, for a total transaction of $1,553,482.00. Following the transaction, the chief executive officer now directly owns 48,660,648 shares in the company, valued at approximately $3,150,776,958. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In other Fortinet news, CEO Ken Xie sold 23,992 shares of the firm’s stock in a transaction on Tuesday, April 16th. The stock was sold at an average price of $64.75, for a total transaction of $1,553,482.00. Following the transaction, the chief executive officer now directly owns 48,660,648 shares in the company, valued at approximately $3,150,776,958. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Keith Jensen sold 18,701 shares of the firm’s stock in a transaction on Wednesday, June 5th. The shares were sold at an average price of $59.68, for a total value of $1,116,075.68. Following the transaction, the chief financial officer now owns 4,663 shares in the company, valued at $278,287.84. The disclosure for this sale can be found here. In the last three months, insiders have sold 91,638 shares of company stock worth $5,705,568. Corporate insiders own 18.00% of the company’s stock.

Fortinet Trading Up 0.4 %

NASDAQ:FTNT traded up $0.23 on Friday, reaching $60.27. 7,987,420 shares of the stock traded hands, compared to its average volume of 5,622,995. The firm has a market capitalization of $46.04 billion, a price-to-earnings ratio of 39.39, a price-to-earnings-growth ratio of 2.94 and a beta of 0.98. The company’s 50 day moving average is $60.58 and its 200-day moving average is $63.66. The company has a current ratio of 1.20, a quick ratio of 1.08 and a debt-to-equity ratio of 13.38. Fortinet, Inc. has a 1-year low of $44.12 and a 1-year high of $81.24.

Fortinet (NASDAQ:FTNT) last announced its quarterly earnings data on Thursday, May 2nd. The software maker reported $0.43 EPS for the quarter, topping the consensus estimate of $0.38 by $0.05. The company had revenue of $1.35 billion during the quarter, compared to the consensus estimate of $1.34 billion. Fortinet had a net margin of 22.23% and a negative return on equity of 2,235.48%. The company’s quarterly revenue was up 7.2% on a year-over-year basis. During the same quarter last year, the firm posted $0.29 EPS. Equities research analysts anticipate that Fortinet, Inc. will post 1.46 EPS for the current fiscal year.

Fortinet 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.