Private Trust Co. NA Sells 2,608 Shares of Fortinet, Inc. $FTNT

Private Trust Co. NA reduced its position in shares of Fortinet, Inc. (NASDAQ:FTNT) by 83.1% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 530 shares of the software maker’s stock after selling 2,608 shares during the period. Private Trust Co. NA’s holdings in Fortinet were worth $56,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in FTNT. Saudi Central Bank bought a new position in Fortinet during the 1st quarter valued at about $25,000. Clearstead Trust LLC bought a new position in Fortinet during the 1st quarter valued at about $28,000. Caitong International Asset Management Co. Ltd lifted its holdings in Fortinet by 2,184.6% during the 1st quarter. Caitong International Asset Management Co. Ltd now owns 297 shares of the software maker’s stock valued at $29,000 after purchasing an additional 284 shares during the last quarter. Wayfinding Financial LLC bought a new position in Fortinet during the 1st quarter valued at about $36,000. Finally, Mechanics Financial Corp bought a new position in Fortinet during the 1st quarter valued at about $36,000. 83.71% of the stock is owned by institutional investors.

Insider Activity at Fortinet

In other news, CEO Ken Xie sold 158,486 shares of Fortinet stock in a transaction that occurred on Monday, August 4th. The shares were sold at an average price of $98.48, for a total transaction of $15,607,701.28. Following the completion of the sale, the chief executive officer owned 51,391,879 shares in the company, valued at $5,061,072,243.92. The trade was a 0.31% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, VP Michael Xie sold 476,596 shares of Fortinet stock in a transaction that occurred on Monday, August 4th. The stock was sold at an average price of $98.48, for a total transaction of $46,935,174.08. Following the sale, the vice president owned 9,730,560 shares of the company’s stock, valued at approximately $958,265,548.80. This represents a 4.67% decrease in their position. The disclosure for this sale can be found here. 17.20% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on FTNT. Wells Fargo & Company cut their price target on shares of Fortinet from $110.00 to $85.00 and set an “equal weight” rating for the company in a report on Thursday, August 7th. Wedbush lowered their price objective on shares of Fortinet from $120.00 to $100.00 and set an “outperform” rating for the company in a research report on Thursday, August 7th. Scotiabank lowered their price objective on shares of Fortinet from $115.00 to $85.00 and set a “sector outperform” rating for the company in a research report on Thursday, August 7th. Barclays lowered their price objective on shares of Fortinet from $110.00 to $90.00 and set an “equal weight” rating for the company in a research report on Thursday, August 7th. Finally, Truist Financial lowered their price objective on shares of Fortinet from $125.00 to $95.00 and set a “buy” rating for the company in a research report on Thursday, August 7th. Two analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating, twenty-five have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $97.03.

Fortinet Stock Up 0.3%

Shares of NASDAQ:FTNT opened at $84.93 on Friday. Fortinet, Inc. has a one year low of $70.12 and a one year high of $114.82. The company has a 50 day moving average of $81.84 and a 200-day moving average of $93.95. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.33 and a quick ratio of 1.24. The stock has a market cap of $65.08 billion, a price-to-earnings ratio of 33.84, a P/E/G ratio of 3.19 and a beta of 1.09.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings results on Wednesday, August 6th. The software maker reported $0.64 EPS for the quarter, topping the consensus estimate of $0.59 by $0.05. Fortinet had a net margin of 30.60% and a return on equity of 111.46%. The company had revenue of $1.63 billion during the quarter, compared to analysts’ expectations of $1.63 billion. During the same quarter in the previous year, the company earned $0.57 EPS. Fortinet’s revenue was up 13.6% on a year-over-year basis. On average, sell-side analysts forecast that Fortinet, Inc. will post 2.09 earnings per share for the current 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.