First National Trust Co Raises Stock Position in Fortinet, Inc. (NASDAQ:FTNT)

First National Trust Co grew its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 17.7% during the fourth quarter, HoldingsChannel.com reports. The fund owned 3,703 shares of the software maker’s stock after purchasing an additional 558 shares during the quarter. First National Trust Co’s holdings in Fortinet were worth $350,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in the business. Assetmark Inc. grew its holdings in Fortinet by 3.8% during the 3rd quarter. Assetmark Inc. now owns 12,232 shares of the software maker’s stock valued at $949,000 after purchasing an additional 448 shares in the last quarter. Aptus Capital Advisors LLC grew its holdings in Fortinet by 15.2% during the 3rd quarter. Aptus Capital Advisors LLC now owns 6,157 shares of the software maker’s stock valued at $477,000 after purchasing an additional 813 shares in the last quarter. Huntington National Bank grew its holdings in Fortinet by 12.1% during the 3rd quarter. Huntington National Bank now owns 2,395 shares of the software maker’s stock valued at $186,000 after purchasing an additional 258 shares in the last quarter. Metis Global Partners LLC grew its holdings in Fortinet by 3.7% during the 3rd quarter. Metis Global Partners LLC now owns 25,521 shares of the software maker’s stock valued at $1,979,000 after purchasing an additional 900 shares in the last quarter. Finally, OneDigital Investment Advisors LLC grew its holdings in Fortinet by 3.9% during the 3rd 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 in the last quarter. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Wall Street Analyst Weigh In

FTNT has been the subject of a number of recent analyst reports. Stifel Nicolaus raised their price target on shares of Fortinet from $103.00 to $115.00 and gave the company a “hold” rating in a report on Friday, February 7th. StockNews.com lowered shares of Fortinet from a “buy” rating to a “hold” rating in a report on Friday, March 7th. Morgan Stanley raised their price objective on shares of Fortinet from $105.00 to $106.00 and gave the stock an “overweight” rating in a report on Tuesday, November 19th. Truist Financial reissued a “buy” rating and set a $105.00 price objective (up from $85.00) on shares of Fortinet in a report on Wednesday, November 20th. Finally, Wells Fargo & Company lifted their price target on shares of Fortinet from $85.00 to $105.00 and gave the company an “equal weight” rating in a report on Friday, February 7th. One research analyst has rated the stock with a sell rating, twenty have issued a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Fortinet presently has a consensus rating of “Hold” and a consensus price target of $103.72.

Fortinet Stock Performance

Shares of FTNT opened at $96.25 on Friday. The firm’s 50 day moving average is $102.17 and its 200-day moving average is $91.68. The stock has a market capitalization of $74.01 billion, a P/E ratio of 42.59, a P/E/G ratio of 4.19 and a beta of 0.97. The company has a debt-to-equity ratio of 0.67, a current ratio of 1.47 and a quick ratio of 1.39. Fortinet, Inc. has a 12-month low of $54.57 and a 12-month high of $114.82.

Fortinet (NASDAQ:FTNT) last announced its quarterly earnings data on Thursday, February 6th. The software maker reported $0.67 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.60 by $0.07. Fortinet had a net margin of 29.30% and a return on equity of 256.53%. Equities research analysts anticipate that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

Insider Transactions at Fortinet

In other news, CFO Keith Jensen sold 17,660 shares of Fortinet stock in a transaction that occurred on Wednesday, February 26th. The shares were sold at an average price of $109.18, for a total value of $1,928,118.80. Following the transaction, the chief financial officer now directly owns 4,736 shares of the company’s stock, valued at $517,076.48. This trade represents a 78.85 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Ken Xie sold 23,044 shares of Fortinet stock in a transaction that occurred on Wednesday, January 15th. The stock was sold at an average price of $93.32, for a total transaction of $2,150,466.08. Following the completion of the transaction, the chief executive officer now directly owns 49,039,698 shares in the company, valued at approximately $4,576,384,617.36. This trade represents a 0.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 622,904 shares of company stock valued at $61,338,694 in the last quarter. Insiders own 18.00% of the company’s stock.

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.