First National Bank of South Miami Increases Stake in Fortinet, Inc. (NASDAQ:FTNT)

First National Bank of South Miami grew its stake in Fortinet, Inc. (NASDAQ:FTNT) by 7.7% in the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 4,727 shares of the software maker’s stock after buying an additional 337 shares during the quarter. First National Bank of South Miami’s holdings in Fortinet were worth $357,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Platform Technology Partners purchased a new stake in Fortinet during the second quarter worth approximately $204,000. Buckley Wealth Management LLC purchased a new stake in Fortinet during the second quarter worth approximately $231,000. Atlantic Union Bankshares Corp purchased a new stake in Fortinet during the second quarter worth approximately $765,000. Harbor Capital Advisors Inc. lifted its stake in Fortinet by 4.6% during the second quarter. Harbor Capital Advisors Inc. now owns 24,499 shares of the software maker’s stock worth $1,852,000 after purchasing an additional 1,069 shares during the last quarter. Finally, Capital Investment Advisors LLC purchased a new stake in Fortinet during the second quarter worth approximately $330,000. Hedge funds and other institutional investors own 65.00% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have commented on FTNT. The Goldman Sachs Group lifted their price target on Fortinet from $77.00 to $86.00 and gave the stock a “buy” rating in a research report on Tuesday, July 25th. Scotiabank cut their price target on Fortinet from $90.00 to $71.00 and set a “sector outperform” rating on the stock in a research report on Friday, August 4th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $75.00 price target on shares of Fortinet in a research report on Tuesday, July 18th. BMO Capital Markets cut their price target on Fortinet from $88.00 to $72.00 and set a “market perform” rating on the stock in a research report on Friday, August 4th. Finally, Barclays cut their price target on Fortinet from $86.00 to $71.00 and set an “overweight” rating on the stock in a research report on Friday, August 4th. Ten investment analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Fortinet currently has an average rating of “Moderate Buy” and an average price target of $73.10.

Insider Activity

In related news, Director William H. Neukom acquired 552 shares of Fortinet stock in a transaction dated Friday, September 8th. The shares were acquired at an average cost of $63.28 per share, for a total transaction of $34,930.56. Following the completion of the transaction, the director now directly owns 291,551 shares of the company’s stock, valued at $18,449,347.28. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, CFO Keith Jensen sold 5,100 shares of the company’s stock in a transaction on Friday, August 18th. The stock was sold at an average price of $57.20, for a total value of $291,720.00. Following the sale, the chief financial officer now directly owns 4,578 shares in the company, valued at $261,861.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director William H. Neukom bought 552 shares of the company’s stock in a transaction that occurred on Friday, September 8th. The stock was acquired at an average price of $63.28 per share, with a total value of $34,930.56. Following the completion of the purchase, the director now directly owns 291,551 shares of the company’s stock, valued at approximately $18,449,347.28. The disclosure for this purchase can be found here. Insiders have sold 67,218 shares of company stock worth $4,429,412 over the last three months. 17.54% of the stock is currently owned by corporate insiders.

Fortinet Stock Down 0.9 %

FTNT opened at $60.45 on Tuesday. The business’s fifty day moving average is $66.53 and its two-hundred day moving average is $66.92. The company has a debt-to-equity ratio of 3.09, a quick ratio of 1.29 and a current ratio of 1.39. The company has a market cap of $47.47 billion, a price-to-earnings ratio of 45.45, a PEG ratio of 2.69 and a beta of 1.16. Fortinet, Inc. has a one year low of $42.61 and a one year high of $81.24.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings data on Thursday, August 3rd. The software maker reported $0.38 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.34 by $0.04. Fortinet had a negative return on equity of 698.28% and a net margin of 21.24%. The business had revenue of $1.29 billion for the quarter, compared to the consensus estimate of $1.30 billion. During the same period in the prior year, the business earned $0.18 earnings per share. The business’s revenue was up 25.5% on a year-over-year basis. Analysts anticipate that Fortinet, Inc. will post 1.24 EPS for the current fiscal year.

Fortinet Profile

Fortinet, Inc provides cybersecurity and networking 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.