First National Trust Co Sells 85,510 Shares of Fortinet, Inc. (NASDAQ:FTNT)

First National Trust Co decreased its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 80.5% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 20,711 shares of the software maker’s stock after selling 85,510 shares during the period. First National Trust Co’s holdings in Fortinet were worth $1,212,000 as of its most recent SEC filing.

Other institutional investors also recently added to or reduced their stakes in the company. Nordea Investment Management AB lifted its holdings in Fortinet by 156.8% during the 3rd quarter. Nordea Investment Management AB now owns 9,441,059 shares of the software maker’s stock valued at $554,945,000 after purchasing an additional 5,765,174 shares during the last quarter. Morgan Stanley boosted its holdings in shares of Fortinet by 1.3% in the 3rd quarter. Morgan Stanley now owns 8,664,124 shares of the software maker’s stock worth $508,411,000 after acquiring an additional 108,548 shares in the last quarter. Invesco Ltd. increased its holdings in Fortinet by 5.1% during the 3rd quarter. Invesco Ltd. now owns 5,595,608 shares of the software maker’s stock valued at $328,350,000 after purchasing an additional 269,202 shares in the last quarter. Charles Schwab Investment Management Inc. raised its position in Fortinet by 4.2% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 3,789,106 shares of the software maker’s stock valued at $222,345,000 after purchasing an additional 153,119 shares during the last quarter. Finally, Van ECK Associates Corp boosted its stake in Fortinet by 17.6% in the fourth quarter. Van ECK Associates Corp now owns 2,926,924 shares of the software maker’s stock worth $171,313,000 after purchasing an additional 438,476 shares in the last quarter. 83.71% of the stock is owned by institutional investors and hedge funds.

Fortinet Stock Performance

NASDAQ FTNT traded down $6.32 on Friday, hitting $58.88. 15,896,615 shares of the stock were exchanged, compared to its average volume of 4,338,557. The business’s fifty day moving average is $67.53 and its 200 day moving average is $61.92. Fortinet, Inc. has a 52 week low of $44.12 and a 52 week high of $81.24. The company has a market capitalization of $44.94 billion, a PE ratio of 38.48, a P/E/G ratio of 2.61 and a beta of 1.08. The company has a debt-to-equity ratio of 13.38, a current ratio of 1.19 and a quick ratio of 1.06.

Fortinet (NASDAQ:FTNT) last issued its earnings results on Thursday, May 2nd. The software maker reported $0.43 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.38 by $0.05. Fortinet had a net margin of 22.23% and a negative return on equity of 5,061.85%. The company had revenue of $1.35 billion for the quarter, compared to analysts’ expectations of $1.34 billion. During the same period in the prior year, the firm earned $0.29 EPS. Fortinet’s quarterly revenue was up 7.2% compared to the same quarter last year. Research analysts anticipate that Fortinet, Inc. will post 1.4 EPS for the current fiscal year.

Insider Transactions at Fortinet

In related news, VP Michael Xie sold 24,710 shares of the stock in a transaction on Thursday, May 2nd. The stock was sold at an average price of $64.48, for a total value of $1,593,300.80. Following the sale, the vice president now owns 10,867,018 shares in the company, valued at approximately $700,705,320.64. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, VP Michael Xie sold 24,710 shares of the company’s stock in a transaction dated 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 transaction, the vice president now owns 10,867,018 shares in the company, valued at approximately $700,705,320.64. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CEO Ken Xie sold 46,084 shares of the firm’s stock in a transaction that occurred on Tuesday, February 13th. The stock was sold at an average price of $69.07, for a total transaction of $3,183,021.88. Following the sale, the chief executive officer now owns 51,813,638 shares of the company’s stock, valued at $3,578,767,976.66. The disclosure for this sale can be found here. In the last three months, insiders sold 118,480 shares of company stock worth $8,021,556. 17.54% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on FTNT shares. Sanford C. Bernstein assumed coverage on Fortinet in a report on Thursday, January 18th. They issued a “market perform” rating and a $65.00 price target for the company. Wedbush reiterated an “outperform” rating and set a $86.00 target price on shares of Fortinet in a research report on Wednesday. Daiwa Capital Markets raised shares of Fortinet from a “neutral” rating to an “outperform” rating and set a $75.00 price target for the company in a report on Tuesday, February 13th. DZ Bank downgraded Fortinet from a “hold” rating to a “sell” rating and set a $60.00 price objective on the stock. in a report on Thursday, February 8th. Finally, The Goldman Sachs Group increased their price objective on Fortinet from $60.00 to $85.00 and gave the company a “buy” rating in a research report on Thursday, February 8th. Two research analysts have rated the stock with a sell rating, twenty have given a hold rating and twelve have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $70.68.

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.