Pinnacle Financial Partners Inc Acquires 342 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Pinnacle Financial Partners Inc grew its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 2.3% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 15,204 shares of the software maker’s stock after acquiring an additional 342 shares during the period. Pinnacle Financial Partners Inc’s holdings in Fortinet were worth $890,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently modified their holdings of the company. Covestor Ltd grew its position in shares of Fortinet by 53.3% during the 1st quarter. Covestor Ltd now owns 164 shares of the software maker’s stock valued at $56,000 after acquiring an additional 57 shares during the period. Zions Bancorporation N.A. boosted its holdings in Fortinet by 20.4% in the 1st quarter. Zions Bancorporation N.A. now owns 430 shares of the software maker’s stock worth $147,000 after buying an additional 73 shares during the period. Atwood & Palmer Inc. bought a new position in Fortinet in the 4th quarter worth $29,000. Headinvest LLC bought a new position in Fortinet in the 3rd quarter worth $29,000. Finally, Quarry LP boosted its holdings in Fortinet by 686.6% in the 2nd quarter. Quarry LP now owns 527 shares of the software maker’s stock worth $40,000 after buying an additional 460 shares during the period. Institutional investors own 83.71% of the company’s stock.

Fortinet Price Performance

Shares of FTNT stock opened at $68.85 on Wednesday. The company has a debt-to-equity ratio of 13.38, a current ratio of 1.19 and a quick ratio of 1.06. The company has a market capitalization of $52.53 billion, a P/E ratio of 47.48, a P/E/G ratio of 3.03 and a beta of 1.08. The company’s 50-day simple moving average is $68.46 and its two-hundred day simple moving average is $60.83. Fortinet, Inc. has a one year low of $44.12 and a one year high of $81.24.

Fortinet (NASDAQ:FTNT) last issued its earnings results on Monday, February 5th. The software maker reported $0.51 EPS for the quarter, topping analysts’ consensus estimates of $0.43 by $0.08. The business had revenue of $1.42 billion for the quarter, compared to the consensus estimate of $1.41 billion. Fortinet had a net margin of 21.64% and a negative return on equity of 7,572.46%. The company’s revenue for the quarter was up 10.3% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.38 EPS. As a group, equities analysts anticipate that Fortinet, Inc. will post 1.39 EPS for the current year.

Insiders Place Their Bets

In other Fortinet news, CEO Ken Xie sold 46,733 shares of the company’s stock in a transaction dated Tuesday, January 9th. The shares were sold at an average price of $60.12, for a total value of $2,809,587.96. Following the transaction, the chief executive officer now directly owns 51,701,091 shares in the company, valued at approximately $3,108,269,590.92. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, VP Michael Xie sold 38,369 shares of the stock in a transaction that occurred on Friday, February 2nd. The shares were sold at an average price of $66.45, for a total transaction of $2,549,620.05. Following the transaction, the vice president now directly owns 29,887,018 shares in the company, valued at $1,985,992,346.10. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Ken Xie sold 46,733 shares of the stock in a transaction that occurred on Tuesday, January 9th. The shares were sold at an average price of $60.12, for a total transaction of $2,809,587.96. Following the transaction, the chief executive officer now owns 51,701,091 shares in the company, valued at $3,108,269,590.92. The disclosure for this sale can be found here. Insiders have sold 154,880 shares of company stock worth $10,233,981 in the last three months. Corporate insiders own 17.54% of the company’s stock.

Analysts Set New Price Targets

FTNT has been the subject of several recent analyst reports. Truist Financial upped their target price on shares of Fortinet from $60.00 to $80.00 and gave the stock a “buy” rating in a report on Wednesday, February 7th. Daiwa Capital Markets upgraded shares of Fortinet from a “neutral” rating to an “outperform” rating and set a $75.00 price target on the stock in a research note on Tuesday, February 13th. UBS Group boosted their price target on shares of Fortinet from $55.00 to $65.00 and gave the stock a “neutral” rating in a research note on Wednesday, January 10th. StockNews.com cut shares of Fortinet from a “buy” rating to a “hold” rating in a research note on Monday, March 4th. Finally, Wedbush boosted their price target on shares of Fortinet from $75.00 to $86.00 and gave the stock an “outperform” rating in a research note on Wednesday, February 7th. Two research analysts have rated the stock with a sell rating, twenty-one have given a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $71.55.

Fortinet Company 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.