Private Trust Co. NA Cuts Position in Fortinet, Inc. (NASDAQ:FTNT)

Private Trust Co. NA lessened its stake in Fortinet, Inc. (NASDAQ:FTNT) by 37.9% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 1,392 shares of the software maker’s stock after selling 848 shares during the quarter. Private Trust Co. NA’s holdings in Fortinet were worth $81,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of FTNT. Moneta Group Investment Advisors LLC raised its holdings in shares of Fortinet by 125,937.5% in the 4th quarter. Moneta Group Investment Advisors LLC now owns 14,597,668 shares of the software maker’s stock worth $713,680,000 after purchasing an additional 14,586,086 shares during the period. Norges Bank bought a new stake in shares of Fortinet in the 4th quarter worth approximately $312,964,000. Nordea Investment Management AB raised its holdings in shares of Fortinet by 156.8% in the 3rd quarter. Nordea Investment Management AB now owns 9,441,059 shares of the software maker’s stock worth $554,945,000 after purchasing an additional 5,765,174 shares during the period. Robeco Institutional Asset Management B.V. raised its holdings in shares of Fortinet by 79.6% in the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 3,576,224 shares of the software maker’s stock worth $209,853,000 after purchasing an additional 1,585,236 shares during the period. Finally, DSM Capital Partners LLC bought a new stake in Fortinet during the 3rd quarter valued at $75,698,000. Institutional investors own 83.71% of the company’s stock.

Insider Activity

In other news, CEO Ken Xie sold 46,084 shares of the company’s stock in a transaction dated Tuesday, February 13th. The shares were sold at an average price of $69.07, for a total transaction of $3,183,021.88. Following the completion of the transaction, the chief executive officer now directly owns 51,813,638 shares of the company’s stock, valued at $3,578,767,976.66. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other news, CEO Ken Xie sold 46,084 shares of the company’s stock in a transaction dated Tuesday, February 13th. The shares were sold at an average price of $69.07, for a total transaction of $3,183,021.88. Following the completion of the transaction, the chief executive officer now directly owns 51,813,638 shares of the company’s stock, valued at $3,578,767,976.66. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, VP Michael Xie sold 38,369 shares of the company’s stock in a transaction dated 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 of the company’s stock, valued at $1,985,992,346.10. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 108,147 shares of company stock valued at $7,424,394. Insiders own 17.54% of the company’s stock.

Wall Street Analysts Forecast Growth

FTNT has been the topic of a number of analyst reports. HSBC cut shares of Fortinet from a “hold” rating to a “reduce” rating and set a $57.00 target price on the stock. in a report on Wednesday, February 7th. Wells Fargo & Company boosted their target price on shares of Fortinet from $65.00 to $70.00 and gave the company an “equal weight” rating in a report on Wednesday, February 7th. Susquehanna reissued a “neutral” rating and set a $80.00 target price on shares of Fortinet in a report on Wednesday, April 3rd. Daiwa Capital Markets raised shares of Fortinet from a “neutral” rating to an “outperform” rating and set a $75.00 target price on the stock in a report on Tuesday, February 13th. Finally, DZ Bank cut shares of Fortinet from a “hold” rating to a “sell” rating and set a $60.00 target price on the stock. in a report on Thursday, February 8th. Two investment analysts have rated the stock with a sell rating, twenty have given a hold rating and twelve have issued a buy rating to the stock. Based on data from MarketBeat, Fortinet has an average rating of “Hold” and an average price target of $72.35.

Fortinet Stock Performance

NASDAQ FTNT opened at $68.13 on Thursday. The company has a 50-day simple moving average of $68.88 and a two-hundred day simple moving average of $61.24. The company has a quick ratio of 1.06, a current ratio of 1.19 and a debt-to-equity ratio of 13.38. Fortinet, Inc. has a 12-month low of $44.12 and a 12-month high of $81.24. The firm has a market cap of $51.99 billion, a price-to-earnings ratio of 46.99, a PEG ratio of 3.04 and a beta of 1.08.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings results on Monday, February 5th. The software maker reported $0.51 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.43 by $0.08. Fortinet had a net margin of 21.64% and a negative return on equity of 7,572.46%. The business had revenue of $1.42 billion during the quarter, compared to analyst estimates of $1.41 billion. During the same period in the prior year, the business posted $0.38 earnings per share. The company’s revenue was up 10.3% on a year-over-year basis. On average, equities analysts forecast that Fortinet, Inc. will post 1.39 EPS for the current year.

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.