Brown Advisory Inc. Has $7.49 Million Position in Fortinet, Inc. (NASDAQ:FTNT)

Brown Advisory Inc. lifted its position in shares of Fortinet, Inc. (NASDAQ:FTNT) by 1.6% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 127,919 shares of the software maker’s stock after purchasing an additional 1,964 shares during the period. Brown Advisory Inc.’s holdings in Fortinet were worth $7,487,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently made changes to their positions in FTNT. Headinvest LLC acquired a new position in shares of Fortinet in the 3rd quarter valued at about $29,000. Atwood & Palmer Inc. bought a new stake in shares of Fortinet in the 4th quarter valued at $29,000. American National Bank lifted its position in shares of Fortinet by 443.6% during the 4th quarter. American National Bank now owns 598 shares of the software maker’s stock valued at $35,000 after acquiring an additional 488 shares during the period. Annis Gardner Whiting Capital Advisors LLC bought a new position in Fortinet during the third quarter worth $37,000. Finally, Rakuten Securities Inc. acquired a new stake in Fortinet in the fourth quarter worth $43,000. Institutional investors and hedge funds own 83.71% of the company’s stock.

Analyst Ratings Changes

FTNT has been the topic of several recent research reports. Wedbush reiterated an “outperform” rating and issued a $86.00 price target on shares of Fortinet in a report on Wednesday, May 1st. Cantor Fitzgerald reduced their price target on shares of Fortinet from $65.00 to $55.00 and set a “neutral” rating for the company in a research report on Friday, May 3rd. Rosenblatt Securities restated a “buy” rating and set a $85.00 price objective on shares of Fortinet in a report on Friday, May 3rd. Evercore ISI reduced their price objective on shares of Fortinet from $72.00 to $67.00 and set an “in-line” rating for the company in a report on Friday, May 3rd. Finally, Morgan Stanley cut their price target on Fortinet from $81.00 to $73.00 and set an “overweight” 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 issued a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $70.37.

Fortinet Stock Performance

Fortinet stock opened at $61.31 on Wednesday. The company has a current ratio of 1.20, a quick ratio of 1.08 and a debt-to-equity ratio of 13.38. The firm has a market cap of $46.84 billion, a P/E ratio of 40.07, a P/E/G ratio of 2.58 and a beta of 1.08. Fortinet, Inc. has a 1-year low of $44.12 and a 1-year high of $81.24. The firm has a 50-day moving average of $65.03 and a 200-day moving average of $62.28.

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

Insiders Place Their Bets

In other news, CEO Ken Xie sold 23,992 shares of the business’s stock in a transaction on Tuesday, April 16th. The shares were sold at an average price of $64.75, for a total transaction of $1,553,482.00. Following the sale, the chief executive officer now 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 accessible through this link. In related news, VP Michael Xie sold 24,710 shares of the stock in a transaction 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 sale, the vice president now directly owns 10,867,018 shares of the company’s stock, valued at $700,705,320.64. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Ken Xie sold 23,992 shares of the business’s stock in a transaction that occurred on Tuesday, April 16th. The shares were 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 of the company’s stock, valued at $3,150,776,958. The disclosure for this sale can be found here. In the last ninety days, insiders sold 72,396 shares of company stock worth $4,838,534. 18.00% of the stock is currently owned by corporate insiders.

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.