Fortinet, Inc. (NASDAQ:FTNT) Shares Purchased by First National Trust Co

First National Trust Co increased its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 17.7% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,703 shares of the software maker’s stock after acquiring 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.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Golden State Wealth Management LLC acquired a new position in Fortinet in the fourth quarter valued at $46,000. LFA Lugano Financial Advisors SA increased its stake in Fortinet by 445.5% in the fourth quarter. LFA Lugano Financial Advisors SA now owns 600 shares of the software maker’s stock valued at $57,000 after purchasing an additional 490 shares during the period. Private Trust Co. NA increased its stake in Fortinet by 95.0% in the fourth quarter. Private Trust Co. NA now owns 630 shares of the software maker’s stock valued at $60,000 after purchasing an additional 307 shares during the period. R Squared Ltd acquired a new position in Fortinet in the fourth quarter valued at $65,000. Finally, Venturi Wealth Management LLC increased its stake in Fortinet by 30.6% in the fourth quarter. Venturi Wealth Management LLC now owns 696 shares of the software maker’s stock valued at $66,000 after purchasing an additional 163 shares during the period. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Fortinet news, VP Michael Xie sold 326,784 shares of the stock in a transaction that occurred on Tuesday, March 11th. The shares were sold at an average price of $98.17, for a total transaction of $32,080,385.28. Following the transaction, the vice president now owns 11,000,068 shares of the company’s stock, valued at $1,079,876,675.56. This trade represents a 2.89 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Kenneth A. Goldman sold 2,000 shares of the stock in a transaction that occurred on Wednesday, March 12th. The stock was sold at an average price of $100.00, for a total transaction of $200,000.00. Following the transaction, the director now directly owns 18,612 shares in the company, valued at approximately $1,861,200. This represents a 9.70 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 622,904 shares of company stock valued at $61,338,694 over the last quarter. Company insiders own 18.00% of the company’s stock.

Fortinet Stock Performance

Shares of FTNT opened at $96.25 on Friday. The company has a debt-to-equity ratio of 0.67, a quick ratio of 1.39 and a current ratio of 1.47. The company has a market capitalization of $74.01 billion, a price-to-earnings ratio of 42.59, a PEG ratio of 4.19 and a beta of 0.97. The company’s 50 day simple moving average is $102.17 and its 200 day simple moving average is $91.68. Fortinet, Inc. has a 1 year low of $54.57 and a 1 year high of $114.82.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings results on Thursday, February 6th. The software maker reported $0.67 earnings per share for the quarter, topping analysts’ consensus estimates of $0.60 by $0.07. Fortinet had a net margin of 29.30% and a return on equity of 256.53%. On average, sell-side analysts predict that Fortinet, Inc. will post 2.09 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on FTNT shares. Truist Financial restated a “buy” rating and issued a $105.00 price objective (up from $85.00) on shares of Fortinet in a research note on Wednesday, November 20th. Guggenheim reiterated a “neutral” rating on shares of Fortinet in a research note on Friday, February 7th. BMO Capital Markets boosted their price target on shares of Fortinet from $88.00 to $100.00 and gave the stock a “market perform” rating in a research note on Tuesday, November 19th. Bank of America boosted their price target on shares of Fortinet from $87.00 to $104.00 and gave the stock a “buy” rating in a research note on Tuesday, November 19th. Finally, Jefferies Financial Group boosted their price target on shares of Fortinet from $95.00 to $105.00 and gave the stock a “hold” rating in a research note on Thursday, December 19th. One research analyst has rated the stock with a sell rating, twenty have given a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average price target of $103.72.

About Fortinet

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.