Moody National Bank Trust Division Acquires Shares of 8,825 Fortinet, Inc. (NASDAQ:FTNT)

Moody National Bank Trust Division purchased a new position in Fortinet, Inc. (NASDAQ:FTNTGet Rating) during the second quarter, according to its most recent Form 13F filing with the SEC. The fund purchased 8,825 shares of the software maker’s stock, valued at approximately $499,000.

A number of other hedge funds have also recently made changes to their positions in FTNT. Covestor Ltd bought a new stake in shares of Fortinet in the 4th quarter worth approximately $39,000. Advisor Resource Council bought a new stake in shares of Fortinet in the 4th quarter worth approximately $221,000. Eagle Asset Management Inc. bought a new stake in shares of Fortinet in the 4th quarter worth approximately $1,444,000. Cibc World Markets Corp boosted its position in shares of Fortinet by 10.1% in the 4th quarter. Cibc World Markets Corp now owns 8,414 shares of the software maker’s stock worth $3,024,000 after purchasing an additional 772 shares in the last quarter. Finally, American International Group Inc. boosted its position in shares of Fortinet by 5.0% in the 4th quarter. American International Group Inc. now owns 59,891 shares of the software maker’s stock worth $21,525,000 after purchasing an additional 2,832 shares in the last quarter. 65.72% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of analysts have recently commented on the company. Cantor Fitzgerald assumed coverage on Fortinet in a research report on Wednesday, September 7th. They issued an “overweight” rating and a $70.00 price target on the stock. BMO Capital Markets decreased their price objective on shares of Fortinet from $70.00 to $68.00 and set an “outperform” rating for the company in a report on Thursday, August 4th. Oppenheimer decreased their price objective on shares of Fortinet to $80.00 and set an “outperform” rating for the company in a report on Tuesday, June 28th. Evercore ISI decreased their price objective on shares of Fortinet to $75.00 in a report on Tuesday, August 9th. Finally, Wells Fargo & Company decreased their price objective on shares of Fortinet from $80.00 to $70.00 and set an “overweight” rating for the company in a report on Monday, July 18th. Six research analysts have rated the stock with a hold rating and nineteen have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $71.84.

Fortinet Trading Down 0.8 %

NASDAQ:FTNT opened at $50.42 on Monday. The company has a debt-to-equity ratio of 4.24, a current ratio of 1.12 and a quick ratio of 1.05. The firm has a market capitalization of $39.76 billion, a price-to-earnings ratio of 62.25, a price-to-earnings-growth ratio of 3.58 and a beta of 1.20. Fortinet, Inc. has a one year low of $47.37 and a one year high of $74.35. The business has a fifty day moving average price of $54.43 and a 200-day moving average price of $59.68.

Insider Buying and Selling

In related news, CFO Keith Jensen sold 39,440 shares of the company’s stock in a transaction on Thursday, August 25th. The shares were sold at an average price of $50.57, for a total value of $1,994,480.80. Following the completion of the transaction, the chief financial officer now owns 4,541 shares of the company’s stock, valued at approximately $229,638.37. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In related news, VP Michael Xie sold 8,267 shares of the company’s stock in a transaction on Tuesday, August 2nd. The shares were sold at an average price of $60.64, for a total value of $501,310.88. Following the completion of the transaction, the vice president now owns 29,772,120 shares of the company’s stock, valued at approximately $1,805,381,356.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Keith Jensen sold 39,440 shares of the company’s stock in a transaction on Thursday, August 25th. The stock was sold at an average price of $50.57, for a total transaction of $1,994,480.80. Following the completion of the transaction, the chief financial officer now directly owns 4,541 shares of the company’s stock, valued at approximately $229,638.37. The disclosure for this sale can be found here. In the last quarter, insiders sold 54,207 shares of company stock valued at $2,839,577. Company insiders own 18.60% of the company’s stock.

About Fortinet

(Get Rating)

Fortinet, Inc provides broad, integrated, and automated cybersecurity solutions in the Americas, Europe, the Middle East, Africa, and the Asia Pacific. 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.

See Also

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Institutional Ownership by Quarter for Fortinet (NASDAQ:FTNT)

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