Independence Bank of Kentucky Sells 1,915 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Independence Bank of Kentucky lessened its position in shares of Fortinet, Inc. (NASDAQ:FTNT) by 34.2% in the second quarter, according to its most recent filing with the SEC. The firm owned 3,680 shares of the software maker’s stock after selling 1,915 shares during the quarter. Independence Bank of Kentucky’s holdings in Fortinet were worth $222,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Winthrop Capital Management LLC acquired a new stake in Fortinet during the 1st quarter valued at approximately $25,000. Rise Advisors LLC grew its position in shares of Fortinet by 135.6% during the 1st quarter. Rise Advisors LLC now owns 377 shares of the software maker’s stock worth $26,000 after buying an additional 217 shares during the period. Vima LLC acquired a new stake in shares of Fortinet during the 4th quarter worth approximately $25,000. Oakworth Capital Inc. acquired a new stake in shares of Fortinet during the 2nd quarter worth approximately $33,000. Finally, Creekmur Asset Management LLC acquired a new stake in shares of Fortinet during the 4th quarter worth approximately $32,000. Institutional investors and hedge funds own 83.71% of the company’s stock.

Analyst Ratings Changes

Several analysts have recently commented on the stock. Susquehanna raised their price objective on shares of Fortinet from $65.00 to $70.00 and gave the stock a “neutral” rating in a research report on Thursday, August 8th. Cantor Fitzgerald raised their price objective on Fortinet from $55.00 to $65.00 and gave the company a “neutral” rating in a research note on Wednesday, August 7th. Piper Sandler upgraded Fortinet from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, August 7th. Royal Bank of Canada raised their price objective on Fortinet from $68.00 to $72.00 and gave the company a “sector perform” rating in a research note on Wednesday, August 7th. Finally, Evercore ISI dropped their target price on shares of Fortinet from $72.00 to $67.00 and set an “in-line” rating on the stock in a research note on Friday, May 3rd. Twenty-three research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $71.31.

Insider Activity

In other news, VP Michael Xie sold 24,712 shares of the firm’s stock in a transaction on Friday, August 2nd. The shares were sold at an average price of $56.11, for a total transaction of $1,386,590.32. Following the sale, the vice president now owns 10,847,018 shares in the company, valued at approximately $608,626,179.98. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In other news, VP Michael Xie sold 24,712 shares of the firm’s stock in a transaction on Friday, August 2nd. The shares were sold at an average price of $56.11, for a total transaction of $1,386,590.32. Following the sale, the vice president now owns 10,847,018 shares in the company, valued at approximately $608,626,179.98. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director William H. Neukom acquired 586 shares of the stock in a transaction dated Thursday, June 6th. The shares were bought at an average price of $59.55 per share, for a total transaction of $34,896.30. Following the transaction, the director now owns 295,778 shares in the company, valued at approximately $17,613,579.90. The disclosure for this purchase can be found here. In the last quarter, insiders have sold 115,608 shares of company stock worth $7,132,649. 18.00% of the stock is currently owned by corporate insiders.

Fortinet Price Performance

Shares of NASDAQ:FTNT opened at $74.73 on Monday. The firm has a fifty day moving average price of $62.38 and a two-hundred day moving average price of $64.23. Fortinet, Inc. has a one year low of $44.12 and a one year high of $76.31. The company has a market cap of $57.09 billion, a price-to-earnings ratio of 48.84, a PEG ratio of 2.79 and a beta of 0.98.

Fortinet (NASDAQ:FTNT) last announced its quarterly earnings results on Tuesday, August 6th. The software maker reported $0.57 EPS for the quarter, beating the consensus estimate of $0.41 by $0.16. Fortinet had a net margin of 22.23% and a negative return on equity of 2,235.48%. The firm had revenue of $1.43 billion during the quarter, compared to the consensus estimate of $1.40 billion. During the same period last year, the firm earned $0.31 EPS. The business’s quarterly revenue was up 10.9% compared to the same quarter last year. Equities research analysts expect that Fortinet, Inc. will post 1.47 EPS for the current fiscal year.

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.