LifeWealth Investments LLC Purchases Shares of 2,418 Fortinet, Inc. (NASDAQ:FTNT)

LifeWealth Investments LLC acquired a new position in shares of Fortinet, Inc. (NASDAQ:FTNT) in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 2,418 shares of the software maker’s stock, valued at approximately $233,000.

Several other institutional investors have also recently modified their holdings of FTNT. SJS Investment Consulting Inc. increased its position in Fortinet by 703.1% during the first quarter. SJS Investment Consulting Inc. now owns 257 shares of the software maker’s stock worth $25,000 after buying an additional 225 shares in the last quarter. Edmond DE Rothschild Holding S.A. acquired a new stake in shares of Fortinet during the fourth quarter valued at $27,000. Oarsman Capital Inc. increased its position in Fortinet by 188.9% during the 4th quarter. Oarsman Capital Inc. now owns 416 shares of the software maker’s stock worth $39,000 after purchasing an additional 272 shares in the last quarter. Graney & King LLC acquired a new position in Fortinet in the 4th quarter valued at about $43,000. Finally, Banque Transatlantique SA purchased a new position in Fortinet in the 4th quarter valued at about $43,000. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Fortinet Stock Performance

NASDAQ:FTNT opened at $100.82 on Thursday. The firm’s fifty day simple moving average is $101.73 and its 200 day simple moving average is $100.21. The company has a current ratio of 1.36, a quick ratio of 1.29 and a debt-to-equity ratio of 0.25. Fortinet, Inc. has a twelve month low of $54.57 and a twelve month high of $114.82. The firm has a market capitalization of $77.17 billion, a price-to-earnings ratio of 41.49, a PEG ratio of 3.55 and a beta of 1.06.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings data on Wednesday, May 7th. The software maker reported $0.58 EPS for the quarter, topping analysts’ consensus estimates of $0.53 by $0.05. Fortinet had a return on equity of 148.79% and a net margin of 30.60%. The company had revenue of $1.54 billion for the quarter, compared to analysts’ expectations of $1.54 billion. During the same quarter in the previous year, the firm posted $0.43 earnings per share. The firm’s quarterly revenue was up 13.8% on a year-over-year basis. As a group, equities research analysts expect that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Director William H. Neukom acquired 335 shares of the business’s stock in a transaction on Friday, June 6th. The shares were purchased at an average price of $104.22 per share, for a total transaction of $34,913.70. Following the acquisition, the director now directly owns 301,471 shares of the company’s stock, valued at $31,419,307.62. This represents a 0.11% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Michael Xie sold 3,546 shares of the firm’s stock in a transaction dated Friday, May 2nd. The shares were sold at an average price of $106.11, for a total value of $376,266.06. Following the sale, the vice president now owns 11,000,068 shares of the company’s stock, valued at $1,167,217,215.48. This represents a 0.03% decrease in their ownership of the stock. The disclosure for this sale can be found here. 17.20% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on the stock. DZ Bank upgraded shares of Fortinet from a “strong sell” rating to a “hold” rating in a report on Thursday, May 8th. Roth Capital set a $103.00 target price on shares of Fortinet and gave the stock a “neutral” rating in a research report on Tuesday, April 22nd. Jefferies Financial Group cut their price target on Fortinet from $115.00 to $105.00 and set a “hold” rating for the company in a report on Monday, March 31st. Stephens began coverage on Fortinet in a research note on Tuesday, April 1st. They set an “equal weight” rating and a $108.00 price target on the stock. Finally, Cantor Fitzgerald lowered their price objective on Fortinet from $115.00 to $100.00 and set a “neutral” rating for the company in a research report on Thursday, April 24th. One investment analyst has rated the stock with a sell rating, twenty have assigned a hold rating, twelve have issued a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $104.80.

About Fortinet

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.