Truist Financial Corp Has $2.90 Million Stake in Fortinet, Inc. (NASDAQ:FTNT)

Truist Financial Corp reduced its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 62.4% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund owned 49,581 shares of the software maker’s stock after selling 82,146 shares during the quarter. Truist Financial Corp’s holdings in Fortinet were worth $2,902,000 as of its most recent filing with the SEC.

A number of other institutional investors have also made changes to their positions in the business. Atwood & Palmer Inc. acquired a new position in shares of Fortinet during the fourth quarter worth approximately $29,000. Headinvest LLC acquired a new stake in Fortinet in the 3rd quarter worth $29,000. Annis Gardner Whiting Capital Advisors LLC bought a new position in shares of Fortinet during the 3rd quarter worth about $37,000. Rakuten Securities Inc. acquired a new position in shares of Fortinet during the fourth quarter valued at about $43,000. Finally, CVA Family Office LLC bought a new stake in shares of Fortinet in the fourth quarter valued at about $46,000. 83.71% of the stock is currently owned by institutional investors.

Insider Activity at Fortinet

In other Fortinet news, CEO Ken Xie sold 46,084 shares of the business’s stock in a transaction dated Tuesday, February 13th. The stock was sold at an average price of $69.07, for a total value 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 transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In related news, VP Michael Xie sold 24,710 shares of the business’s stock in a transaction on Thursday, May 2nd. The shares were sold at an average price of $64.48, for a total value of $1,593,300.80. Following the sale, the vice president now directly owns 10,867,018 shares of the company’s stock, valued at approximately $700,705,320.64. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Ken Xie sold 46,084 shares of the stock in a transaction dated Tuesday, February 13th. The stock was sold at an average price of $69.07, for a total value of $3,183,021.88. Following the transaction, the chief executive officer now owns 51,813,638 shares of the company’s stock, valued at approximately $3,578,767,976.66. The disclosure for this sale can be found here. Insiders sold a total of 118,480 shares of company stock worth $8,021,556 in the last quarter. Corporate insiders own 17.54% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on FTNT. Jefferies Financial Group dropped their price objective on shares of Fortinet from $75.00 to $70.00 and set a “hold” rating for the company in a research note on Thursday, April 18th. Scotiabank lowered their price objective on Fortinet from $90.00 to $80.00 and set a “sector outperform” rating on the stock in a research note on Friday, May 3rd. Needham & Company LLC restated a “hold” rating on shares of Fortinet in a research report on Friday, May 3rd. Stifel Nicolaus upped their price target on Fortinet from $52.00 to $78.00 and gave the company a “hold” rating in a research report on Wednesday, February 7th. Finally, Morgan Stanley cut their price objective on Fortinet from $81.00 to $73.00 and set an “overweight” rating for the company in a report on Friday, May 3rd. Two research analysts have rated the stock with a sell rating, twenty have given a hold rating and twelve have assigned a buy rating to the company’s stock. According to MarketBeat.com, Fortinet presently has an average rating of “Hold” and a consensus target price of $70.37.

Fortinet Trading Up 1.1 %

NASDAQ:FTNT opened at $59.43 on Wednesday. The company has a current ratio of 1.20, a quick ratio of 1.08 and a debt-to-equity ratio of 13.38. Fortinet, Inc. has a 1-year low of $44.12 and a 1-year high of $81.24. The firm has a market capitalization of $45.36 billion, a price-to-earnings ratio of 38.84, a PEG ratio of 2.60 and a beta of 1.08. The business’s 50-day moving average price is $67.13 and its two-hundred day moving average price is $61.98.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings data on Thursday, May 2nd. The software maker reported $0.43 earnings per share for the quarter, topping the consensus estimate of $0.38 by $0.05. Fortinet had a net margin of 22.23% and a negative return on equity of 2,235.48%. The business had revenue of $1.35 billion for the quarter, compared to analyst estimates of $1.34 billion. During the same quarter last year, the firm earned $0.29 EPS. Fortinet’s quarterly revenue was up 7.2% compared to the same quarter last year. On average, equities analysts expect that Fortinet, Inc. will post 1.4 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.