Mercer Global Advisors Inc. ADV acquired a new position in Fortinet Inc (NASDAQ:FTNT) in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 3,054 shares of the software maker’s stock, valued at approximately $309,000.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in FTNT. Farmers & Merchants Investments Inc. lifted its stake in shares of Fortinet by 260.9% in the 1st quarter. Farmers & Merchants Investments Inc. now owns 249 shares of the software maker’s stock valued at $25,000 after purchasing an additional 180 shares during the last quarter. Harwood Advisory Group LLC purchased a new stake in shares of Fortinet in the first quarter worth approximately $34,000. First Manhattan Co. purchased a new stake in shares of Fortinet in the first quarter worth approximately $51,000. Sunbelt Securities Inc. purchased a new stake in shares of Fortinet in the fourth quarter worth approximately $15,534,000. Finally, Benjamin F. Edwards & Company Inc. raised its holdings in shares of Fortinet by 15.2% in the first quarter. Benjamin F. Edwards & Company Inc. now owns 584 shares of the software maker’s stock worth $59,000 after buying an additional 77 shares during the period. 72.10% of the stock is owned by hedge funds and other institutional investors.

FTNT opened at $134.55 on Tuesday. Fortinet Inc has a one year low of $70.20 and a one year high of $149.69. The stock has a market capitalization of $21.75 billion, a PE ratio of 67.96, a P/E/G ratio of 4.98 and a beta of 1.00. The business’s 50 day moving average price is $138.52 and its 200 day moving average price is $115.28.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings data on Wednesday, May 6th. The software maker reported $0.60 EPS for the quarter, beating analysts’ consensus estimates of $0.50 by $0.10. Fortinet had a return on equity of 32.91% and a net margin of 16.44%. The firm had revenue of $576.90 million for the quarter, compared to analysts’ expectations of $554.22 million. During the same period in the prior year, the firm posted $0.46 earnings per share. The firm’s quarterly revenue was up 22.1% on a year-over-year basis. As a group, equities analysts predict that Fortinet Inc will post 1.93 earnings per share for the current year.

In other Fortinet news, CFO Keith Jensen sold 6,693 shares of the company’s stock in a transaction on Tuesday, May 26th. The stock was sold at an average price of $140.35, for a total transaction of $939,362.55. Following the transaction, the chief financial officer now directly owns 3,881 shares in the company, valued at $544,698.35. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP John Whittle sold 700 shares of the company’s stock in a transaction on Thursday, May 21st. The stock was sold at an average price of $144.83, for a total value of $101,381.00. Following the transaction, the vice president now owns 1,894 shares in the company, valued at $274,308.02. The disclosure for this sale can be found here. Insiders have sold 42,728 shares of company stock worth $5,900,055 over the last 90 days. 18.20% of the stock is owned by insiders.

FTNT has been the topic of several recent analyst reports. Robert W. Baird increased their price target on Fortinet from $105.00 to $120.00 and gave the stock a “neutral” rating in a report on Thursday, May 7th. Oppenheimer restated a “buy” rating and set a $160.00 price objective on shares of Fortinet in a report on Monday. DA Davidson raised their price objective on Fortinet from $90.00 to $110.00 and gave the stock a “neutral” rating in a report on Thursday, May 7th. Bank of America restated a “buy” rating and set a $140.00 price objective (up from $120.00) on shares of Fortinet in a report on Thursday, May 7th. Finally, BidaskClub upgraded Fortinet from a “hold” rating to a “buy” rating in a report on Wednesday, June 24th. One research analyst has rated the stock with a sell rating, fifteen have assigned a hold rating and thirteen have given a buy rating to the company. The stock has an average rating of “Hold” and a consensus price target of $123.88.

Fortinet Profile

Fortinet, Inc provides broad, integrated, and automated cybersecurity solutions worldwide. It offers FortiGate hardware and software licenses that provide various security and networking functions, including firewall, intrusion prevention, anti-malware, virtual private network, application control, Web filtering, anti-spam, and wide area network acceleration; FortiSandbox technology that delivers proactive detection and mitigation services; and FortiSIEM family of software solutions, which offers a cloud-ready security information and event management solutions.

Read More: Can individual investors take part in an IPO?

Want to see what other hedge funds are holding FTNT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Fortinet Inc (NASDAQ:FTNT).

Institutional Ownership by Quarter for Fortinet (NASDAQ:FTNT)

Receive News & Ratings for Fortinet Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Fortinet and related companies with MarketBeat.com's FREE daily email newsletter.