PNC Financial Services Group Inc. Has $38.75 Million Stake in Fortinet, Inc. (NASDAQ:FTNT)

PNC Financial Services Group Inc. raised its stake in Fortinet, Inc. (NASDAQ:FTNT) by 0.7% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 499,689 shares of the software maker’s stock after purchasing an additional 3,703 shares during the quarter. PNC Financial Services Group Inc. owned 0.07% of Fortinet worth $38,751,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors also recently modified their holdings of the company. Eagle Capital Management LLC lifted its stake in Fortinet by 0.6% during the 3rd quarter. Eagle Capital Management LLC now owns 25,772 shares of the software maker’s stock valued at $1,999,000 after acquiring an additional 141 shares in the last quarter. OneDigital Investment Advisors LLC raised its holdings in shares of Fortinet by 3.9% in the third quarter. OneDigital Investment Advisors LLC now owns 3,782 shares of the software maker’s stock valued at $293,000 after purchasing an additional 141 shares during the last quarter. Parallel Advisors LLC lifted its position in shares of Fortinet by 2.0% during the second quarter. Parallel Advisors LLC now owns 7,504 shares of the software maker’s stock valued at $452,000 after purchasing an additional 148 shares in the last quarter. Private Wealth Management Group LLC grew its position in Fortinet by 73.3% in the 3rd quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker’s stock worth $32,000 after purchasing an additional 173 shares in the last quarter. Finally, Simplicity Wealth LLC increased its stake in Fortinet by 2.2% in the 2nd quarter. Simplicity Wealth LLC now owns 8,260 shares of the software maker’s stock valued at $498,000 after buying an additional 174 shares during the last quarter. Institutional investors own 83.71% of the company’s stock.

Insider Transactions at Fortinet

In related news, CFO Keith Jensen sold 4,250 shares of the business’s stock in a transaction that occurred on Tuesday, November 19th. The shares were sold at an average price of $90.83, for a total value of $386,027.50. Following the completion of the transaction, the chief financial officer now directly owns 4,689 shares in the company, valued at $425,901.87. The trade was a 47.54 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Ken Xie sold 23,307 shares of the stock in a transaction on Wednesday, October 16th. The shares were sold at an average price of $81.89, for a total value of $1,908,610.23. Following the sale, the chief executive officer now owns 48,915,530 shares in the company, valued at approximately $4,005,692,751.70. This represents a 0.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 51,095 shares of company stock valued at $4,058,575 in the last quarter. 18.00% of the stock is owned by insiders.

Fortinet Trading Up 1.8 %

Fortinet stock opened at $92.45 on Thursday. Fortinet, Inc. has a 12 month low of $50.65 and a 12 month high of $100.59. The company has a market capitalization of $70.86 billion, a price-to-earnings ratio of 46.69, a price-to-earnings-growth ratio of 2.82 and a beta of 1.00. The business’s fifty day simple moving average is $81.71 and its two-hundred day simple moving average is $69.89. The company has a current ratio of 1.34, a quick ratio of 1.25 and a debt-to-equity ratio of 1.09.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on the company. Royal Bank of Canada boosted their target price on Fortinet from $82.00 to $97.00 and gave the stock a “sector perform” rating in a research note on Tuesday. Bank of America upped their price objective on Fortinet from $87.00 to $104.00 and gave the company a “buy” rating in a research note on Tuesday. DZ Bank upgraded Fortinet from a “sell” rating to a “hold” rating and set a $65.00 target price on the stock in a research note on Thursday, August 8th. Mizuho lowered shares of Fortinet from a “neutral” rating to an “underperform” rating and set a $68.00 price target for the company. in a research report on Thursday, October 17th. Finally, Hsbc Global Res raised shares of Fortinet from a “hold” rating to a “strong-buy” rating in a research report on Monday, November 11th. One investment analyst has rated the stock with a sell rating, nineteen have given a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Fortinet currently has a consensus rating of “Hold” and a consensus price target of $88.93.

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.