First National Trust Co Lowers Stock Position in Fortinet, Inc. (NASDAQ:FTNT)

First National Trust Co lowered its position in shares of Fortinet, Inc. (NASDAQ:FTNT) by 45.3% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 5,653 shares of the software maker’s stock after selling 4,691 shares during the quarter. First National Trust Co’s holdings in Fortinet were worth $341,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the company. Simplicity Wealth LLC lifted its position in Fortinet by 2.2% during the second quarter. Simplicity Wealth LLC now owns 8,260 shares of the software maker’s stock valued at $498,000 after buying an additional 174 shares during the period. Massmutual Trust Co. FSB ADV increased its holdings in shares of Fortinet by 22.4% during the first quarter. Massmutual Trust Co. FSB ADV now owns 984 shares of the software maker’s stock valued at $67,000 after acquiring an additional 180 shares in the last quarter. Werlinich Asset Management LLC increased its holdings in shares of Fortinet by 1.7% during the second quarter. Werlinich Asset Management LLC now owns 10,650 shares of the software maker’s stock valued at $639,000 after acquiring an additional 180 shares in the last quarter. Mount Yale Investment Advisors LLC increased its holdings in shares of Fortinet by 0.9% during the first quarter. Mount Yale Investment Advisors LLC now owns 21,319 shares of the software maker’s stock valued at $1,456,000 after acquiring an additional 185 shares in the last quarter. Finally, STF Management LP increased its holdings in shares of Fortinet by 1.5% during the fourth quarter. STF Management LP now owns 12,917 shares of the software maker’s stock valued at $756,000 after acquiring an additional 187 shares in the last quarter. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Insider Buying and Selling at Fortinet

In other Fortinet news, CEO Ken Xie sold 24,267 shares of the company’s stock in a transaction on Monday, July 15th. The stock was sold at an average price of $60.01, for a total value of $1,456,262.67. Following the transaction, the chief executive officer now owns 48,777,294 shares of the company’s stock, valued at approximately $2,927,125,412.94. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Fortinet news, CEO Ken Xie sold 24,267 shares of the company’s stock in a transaction on Monday, July 15th. The stock was sold at an average price of $60.01, for a total value of $1,456,262.67. Following the completion of the sale, the chief executive officer now directly owns 48,777,294 shares in the company, valued at approximately $2,927,125,412.94. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, VP Michael Xie sold 24,712 shares of the company’s stock in a transaction on Friday, August 2nd. The stock was sold at an average price of $56.11, for a total value of $1,386,590.32. Following the completion of the sale, the vice president now owns 10,847,018 shares of the company’s stock, valued at $608,626,179.98. The disclosure for this sale can be found here. Insiders have sold 96,907 shares of company stock valued at $6,016,573 in the last quarter. 18.00% of the stock is owned by insiders.

Analyst Ratings Changes

FTNT has been the subject of several analyst reports. Barclays reduced their price target on Fortinet from $75.00 to $70.00 and set an “equal weight” rating for the company in a report on Thursday, July 11th. Guggenheim downgraded Fortinet from a “buy” rating to a “neutral” rating in a report on Monday, July 29th. Royal Bank of Canada lifted their price objective on Fortinet from $68.00 to $72.00 and gave the stock a “sector perform” rating in a report on Wednesday, August 7th. StockNews.com downgraded Fortinet from a “buy” rating to a “hold” rating in a report on Thursday, August 29th. Finally, JPMorgan Chase & Co. lifted their price objective on Fortinet from $63.00 to $70.00 and gave the stock a “neutral” rating in a report on Wednesday, August 7th. Twenty-four equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $71.31.

Fortinet Stock Performance

NASDAQ FTNT opened at $75.80 on Friday. The company has a market cap of $57.91 billion, a P/E ratio of 49.54, a P/E/G ratio of 2.77 and a beta of 1.00. The company has a debt-to-equity ratio of 3.45, a quick ratio of 1.22 and a current ratio of 1.32. The business’s 50 day moving average price is $65.49 and its 200-day moving average price is $64.72. Fortinet, Inc. has a fifty-two week low of $44.12 and a fifty-two week high of $78.08.

Fortinet (NASDAQ:FTNT) last released its earnings results on Tuesday, August 6th. The software maker reported $0.57 earnings per share for the quarter, beating the consensus estimate of $0.41 by $0.16. The firm had revenue of $1.43 billion for the quarter, compared to the consensus estimate of $1.40 billion. Fortinet had a negative return on equity of 2,160.10% and a net margin of 23.71%. The company’s revenue for the quarter was up 10.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.31 EPS. Sell-side analysts predict that Fortinet, Inc. will post 1.7 earnings per share 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.