Jaffetilchin Investment Partners LLC Acquires New Shares in Fortinet, Inc. (NASDAQ:FTNT)

Jaffetilchin Investment Partners LLC bought a new stake in shares of Fortinet, Inc. (NASDAQ:FTNT) in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 5,815 shares of the software maker’s stock, valued at approximately $397,000.

A number of other hedge funds have also recently modified their holdings of FTNT. Price T Rowe Associates Inc. MD raised its position in shares of Fortinet by 664.8% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 35,137,089 shares of the software maker’s stock valued at $2,400,215,000 after buying an additional 30,542,551 shares in the last quarter. Norges Bank bought a new position in shares of Fortinet during the fourth quarter valued at approximately $203,501,000. Sarasin & Partners LLP purchased a new stake in shares of Fortinet during the 1st quarter worth $120,746,000. Bessemer Group Inc. boosted its holdings in shares of Fortinet by 102.5% in the 1st quarter. Bessemer Group Inc. now owns 3,284,203 shares of the software maker’s stock valued at $224,344,000 after buying an additional 1,662,156 shares in the last quarter. Finally, Parnassus Investments LLC grew its holdings in Fortinet by 223.6% in the fourth quarter. Parnassus Investments LLC now owns 1,366,467 shares of the software maker’s stock worth $79,979,000 after purchasing an additional 944,161 shares during the last quarter. Institutional investors own 83.71% of the company’s stock.

Insider Activity at Fortinet

In related news, Director William H. Neukom purchased 586 shares of Fortinet stock in a transaction dated Thursday, June 6th. The shares were acquired at an average price of $59.55 per share, with a total value of $34,896.30. Following the completion of the transaction, the director now owns 295,778 shares of the company’s stock, valued at approximately $17,613,579.90. The purchase was disclosed in a filing with the SEC, which is available through this hyperlink. In related news, CFO Keith Jensen sold 18,701 shares of the company’s stock in a transaction on Wednesday, June 5th. The stock was sold at an average price of $59.68, for a total transaction of $1,116,075.68. Following the completion of the transaction, the chief financial officer now directly owns 4,663 shares in the company, valued at approximately $278,287.84. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, Director William H. Neukom acquired 586 shares of the firm’s stock in a transaction dated Thursday, June 6th. The stock was bought at an average price of $59.55 per share, with a total value of $34,896.30. Following the completion of the acquisition, the director now directly owns 295,778 shares of the company’s stock, valued at $17,613,579.90. The disclosure for this purchase can be found here. Insiders have sold 67,203 shares of company stock valued at $4,015,048 over the last ninety days. Corporate insiders own 18.00% of the company’s stock.

Wall Street Analysts Forecast Growth

FTNT has been the topic of several research reports. Royal Bank of Canada cut their price target on shares of Fortinet from $71.00 to $68.00 and set a “sector perform” rating on the stock in a report on Friday, May 3rd. Wedbush restated an “outperform” rating and set a $78.00 target price on shares of Fortinet in a research report on Wednesday, May 22nd. Wells Fargo & Company cut their price target on Fortinet from $70.00 to $62.00 and set an “equal weight” rating on the stock in a research report on Friday, May 3rd. Cantor Fitzgerald decreased their price objective on Fortinet from $65.00 to $55.00 and set a “neutral” rating for the company in a report on Friday, May 3rd. Finally, Citigroup dropped their target price on Fortinet from $68.00 to $65.00 and set a “neutral” rating on the stock in a report on Tuesday. Two research 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. According to MarketBeat, Fortinet currently has a consensus rating of “Hold” and a consensus target price of $70.00.

Fortinet Stock Down 1.4 %

Shares of FTNT traded down $0.84 during mid-day trading on Thursday, reaching $57.20. 4,276,782 shares of the stock traded hands, compared to its average volume of 5,727,317. The stock has a fifty day simple moving average of $59.33 and a 200 day simple moving average of $63.75. Fortinet, Inc. has a 12-month low of $44.12 and a 12-month high of $77.24. The firm has a market cap of $43.70 billion, a price-to-earnings ratio of 37.93, a P/E/G ratio of 2.81 and a beta of 0.98.

Fortinet (NASDAQ:FTNT) last announced its earnings results on Thursday, May 2nd. The software maker reported $0.43 earnings per share for the quarter, beating 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 negative return on equity of 2,235.48% and a net margin of 22.23%. The company’s revenue was up 7.2% on a year-over-year basis. During the same period last year, the firm earned $0.29 earnings per share. On average, equities research analysts expect that Fortinet, Inc. will post 1.47 earnings per share 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.