Atlantic Union Bankshares Corp Raises Stock Position in Fortinet, Inc. (NASDAQ:FTNT)

Atlantic Union Bankshares Corp increased its position in shares of Fortinet, Inc. (NASDAQ:FTNT) by 7.9% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 41,139 shares of the software maker’s stock after buying an additional 2,997 shares during the period. Atlantic Union Bankshares Corp’s holdings in Fortinet were worth $2,810,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in FTNT. Vima LLC purchased a new stake in Fortinet during the 4th quarter worth $25,000. Rise Advisors LLC increased its position in shares of Fortinet by 135.6% in the 1st quarter. Rise Advisors LLC now owns 377 shares of the software maker’s stock worth $26,000 after purchasing an additional 217 shares during the last quarter. Headinvest LLC bought a new stake in shares of Fortinet in the 3rd quarter worth about $29,000. Atwood & Palmer Inc. bought a new stake in shares of Fortinet in the 4th quarter worth about $29,000. Finally, Creekmur Asset Management LLC bought a new stake in shares of Fortinet in the 4th quarter worth about $32,000. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Insider Buying and Selling

In related news, CEO Ken Xie sold 24,235 shares of the business’s stock in a transaction that occurred on Tuesday, June 11th. The shares were sold at an average price of $59.53, for a total value of $1,442,709.55. Following the sale, the chief executive officer now directly owns 48,742,483 shares in the company, valued at approximately $2,901,640,012.99. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CEO Ken Xie sold 24,235 shares of the business’s stock in a transaction that occurred on Tuesday, June 11th. The shares were sold at an average price of $59.53, for a total value of $1,442,709.55. Following the sale, the chief executive officer now directly owns 48,742,483 shares in the company, valued at approximately $2,901,640,012.99. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director William H. Neukom purchased 586 shares of the business’s stock in a transaction dated Thursday, June 6th. The shares were purchased at an average price of $59.55 per share, for a total transaction of $34,896.30. Following the acquisition, the director now directly owns 295,778 shares of the company’s stock, valued at $17,613,579.90. The disclosure for this purchase can be found here. Insiders have sold 91,638 shares of company stock worth $5,705,568 in the last ninety days. 18.00% of the stock is currently owned by corporate insiders.

Fortinet Price Performance

Shares of FTNT stock traded up $0.23 during midday trading on Friday, reaching $60.27. 7,986,918 shares of the company were exchanged, compared to its average volume of 5,916,282. Fortinet, Inc. has a 12 month low of $44.12 and a 12 month high of $81.24. The company has a market cap of $46.04 billion, a P/E ratio of 39.39, a PEG ratio of 2.84 and a beta of 0.98. The company’s 50 day moving average price is $60.58 and its two-hundred day moving average price is $63.66. The company has a debt-to-equity ratio of 13.38, a quick ratio of 1.08 and a current ratio of 1.20.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings results on Thursday, May 2nd. The software maker reported $0.43 EPS for the quarter, topping analysts’ consensus estimates 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 company had revenue of $1.35 billion for the quarter, compared to the consensus estimate of $1.34 billion. During the same period in the previous year, the firm earned $0.29 EPS. Fortinet’s revenue was up 7.2% on a year-over-year basis. On average, sell-side analysts expect that Fortinet, Inc. will post 1.46 earnings per share for the current year.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the stock. HSBC dropped their target price on shares of Fortinet from $57.00 to $54.00 and set a “reduce” rating for the company in a research report on Friday, May 3rd. Scotiabank dropped their target price on shares of Fortinet from $90.00 to $80.00 and set a “sector outperform” rating for the company in a research report on Friday, May 3rd. JPMorgan Chase & Co. decreased their price target on shares of Fortinet from $67.00 to $63.00 and set a “neutral” rating for the company in a report on Friday, May 3rd. Mizuho decreased their price target on shares of Fortinet from $70.00 to $66.00 and set a “neutral” rating for the company in a report on Friday, May 3rd. Finally, Piper Sandler decreased their price target on shares of Fortinet from $75.00 to $70.00 and set a “neutral” rating for the company in a report on Friday, May 3rd. Two equities research analysts have rated the stock with a sell rating, twenty-one have given a hold rating and ten have given a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average target price of $70.03.

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.