Marshall Financial Group LLC Purchases 1,148 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Marshall Financial Group LLC boosted its position in Fortinet, Inc. (NASDAQ:FTNT) by 4.5% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 26,561 shares of the software maker’s stock after acquiring an additional 1,148 shares during the period. Marshall Financial Group LLC’s holdings in Fortinet were worth $1,814,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of FTNT. Vima LLC bought a new stake in shares of Fortinet in the fourth quarter worth about $25,000. Rise Advisors LLC grew its position in shares of Fortinet by 135.6% in the 1st quarter. Rise Advisors LLC now owns 377 shares of the software maker’s stock worth $26,000 after buying an additional 217 shares during the last quarter. Headinvest LLC purchased a new position in shares of Fortinet during the third quarter valued at approximately $29,000. Atwood & Palmer Inc. bought a new position in shares of Fortinet during the fourth quarter valued at approximately $29,000. Finally, Creekmur Asset Management LLC purchased a new stake in Fortinet in the fourth quarter worth $32,000. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Insider Buying and Selling at Fortinet

In other Fortinet news, Director William H. Neukom acquired 586 shares of the stock in a transaction dated Thursday, June 6th. The shares were purchased at an average price of $59.55 per share, for a total transaction of $34,896.30. Following the purchase, the director now directly owns 295,778 shares of the company’s stock, valued at $17,613,579.90. The acquisition was disclosed in a filing with the SEC, which is available at this link. In other Fortinet news, Director William H. Neukom bought 586 shares of Fortinet stock in a transaction on Thursday, June 6th. The stock was acquired at an average cost of $59.55 per share, with a total value of $34,896.30. Following the completion of the acquisition, the director now owns 295,778 shares in the company, valued at $17,613,579.90. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Michael Xie sold 24,710 shares of the stock in a transaction that occurred on 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 $700,705,320.64. The disclosure for this sale can be found here. Insiders sold a total of 91,638 shares of company stock worth $5,705,568 in the last three months. 18.00% of the stock is currently owned by company insiders.

Fortinet Price Performance

Fortinet stock traded down $0.28 during midday trading on Thursday, reaching $60.73. 3,039,750 shares of the company traded hands, compared to its average volume of 5,316,013. Fortinet, Inc. has a 12 month low of $44.12 and a 12 month high of $81.24. The business has a 50 day moving average of $60.34 and a two-hundred day moving average of $63.80. The firm has a market capitalization of $46.39 billion, a price-to-earnings ratio of 39.69, a price-to-earnings-growth ratio of 2.98 and a beta of 0.98.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings results on Thursday, May 2nd. The software maker reported $0.43 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.38 by $0.05. The firm had revenue of $1.35 billion for the quarter, compared to the consensus estimate of $1.34 billion. Fortinet had a negative return on equity of 2,235.48% and a net margin of 22.23%. The company’s revenue for the quarter was up 7.2% on a year-over-year basis. During the same period last year, the business posted $0.29 EPS. As a group, equities analysts forecast that Fortinet, Inc. will post 1.47 EPS for the current year.

Analyst Upgrades and Downgrades

FTNT has been the topic of a number of research analyst reports. Truist Financial reduced 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, May 3rd. Wells Fargo & Company decreased their price target on shares of Fortinet from $70.00 to $62.00 and set an “equal weight” rating for the company in a research note on Friday, May 3rd. Piper Sandler lowered their price objective on shares of Fortinet from $75.00 to $70.00 and set a “neutral” rating for the company in a report on Friday, May 3rd. Royal Bank of Canada reduced their target price on Fortinet from $71.00 to $68.00 and set a “sector perform” rating on the stock in a report on Friday, May 3rd. Finally, Mizuho lowered their target price on Fortinet from $70.00 to $66.00 and set a “neutral” rating for the company in a research note on Friday, May 3rd. Two research analysts have rated the stock with a sell rating, twenty have assigned a hold rating and eleven have issued a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and an average target price of $70.03.

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.