First United Bank & Trust Cuts Stake in Fortinet, Inc. (NASDAQ:FTNT)

First United Bank & Trust lessened its position in Fortinet, Inc. (NASDAQ:FTNT) by 1.9% during the 1st quarter, HoldingsChannel reports. The institutional investor owned 19,185 shares of the software maker’s stock after selling 375 shares during the period. First United Bank & Trust’s holdings in Fortinet were worth $1,847,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the company. Manchester Capital Management LLC raised its position in Fortinet by 13.5% in the 4th quarter. Manchester Capital Management LLC now owns 843 shares of the software maker’s stock worth $80,000 after purchasing an additional 100 shares during the period. Eagle Capital Management LLC lifted its stake in shares of Fortinet by 0.4% during the 1st quarter. Eagle Capital Management LLC now owns 26,285 shares of the software maker’s stock worth $2,530,000 after acquiring an additional 109 shares during the last quarter. Fielder Capital Group LLC lifted its stake in shares of Fortinet by 1.6% during the 4th quarter. Fielder Capital Group LLC now owns 6,904 shares of the software maker’s stock worth $652,000 after acquiring an additional 111 shares during the last quarter. Sheaff Brock Investment Advisors LLC boosted its holdings in Fortinet by 1.4% during the 4th quarter. Sheaff Brock Investment Advisors LLC now owns 8,346 shares of the software maker’s stock valued at $789,000 after acquiring an additional 114 shares during the period. Finally, CIBC Private Wealth Group LLC grew its position in Fortinet by 1.3% in the 4th quarter. CIBC Private Wealth Group LLC now owns 9,390 shares of the software maker’s stock valued at $902,000 after acquiring an additional 116 shares during the last quarter. Institutional investors own 83.71% of the company’s stock.

Fortinet Trading Up 0.4%

Shares of NASDAQ:FTNT opened at $102.02 on Thursday. The company has a quick ratio of 1.39, a current ratio of 1.47 and a debt-to-equity ratio of 0.67. Fortinet, Inc. has a 52-week low of $54.57 and a 52-week high of $114.82. The stock has a market cap of $78.09 billion, a price-to-earnings ratio of 45.14, a PEG ratio of 4.19 and a beta of 1.06. The business has a 50-day moving average price of $100.85 and a 200-day moving average price of $99.97.

Fortinet (NASDAQ:FTNT) last announced its quarterly earnings data on Wednesday, May 7th. The software maker reported $0.58 EPS for the quarter, beating the consensus estimate of $0.53 by $0.05. The business had revenue of $1.54 billion during the quarter, compared to analysts’ expectations of $1.54 billion. Fortinet had a net margin of 29.30% and a return on equity of 256.53%. The business’s quarterly revenue was up 13.8% compared to the same quarter last year. During the same period in the previous year, the business posted $0.43 EPS. Equities analysts predict that Fortinet, Inc. will post 2.09 EPS for the current year.

Insider Buying and Selling at Fortinet

In other Fortinet news, CEO Ken Xie sold 158,488 shares of Fortinet stock in a transaction on Friday, May 2nd. The shares were sold at an average price of $106.10, for a total value of $16,815,576.80. Following the completion of the transaction, the chief executive officer now owns 51,391,879 shares of the company’s stock, valued at approximately $5,452,678,361.90. The trade was a 0.31% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director William H. Neukom purchased 335 shares of the business’s stock in a transaction that occurred on Friday, June 6th. The stock was acquired at an average price of $104.22 per share, with a total value of $34,913.70. Following the purchase, the director now owns 301,471 shares in the company, valued at $31,419,307.62. This represents a 0.11% increase in their ownership of the stock. The disclosure for this purchase can be found here. 17.20% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several research analysts recently commented on the stock. Morgan Stanley reduced their price target on shares of Fortinet from $123.00 to $105.00 and set an “overweight” rating on the stock in a research note on Wednesday, April 16th. Robert W. Baird raised their target price on shares of Fortinet from $110.00 to $113.00 and gave the stock a “neutral” rating in a research report on Tuesday, May 6th. Cantor Fitzgerald lowered their price target on Fortinet from $115.00 to $100.00 and set a “neutral” rating for the company in a report on Thursday, April 24th. Roth Capital set a $103.00 price objective on Fortinet and gave the stock a “neutral” rating in a report on Tuesday, April 22nd. Finally, Wells Fargo & Company lowered their target price on Fortinet from $105.00 to $95.00 and set an “equal weight” rating for the company in a report on Thursday, May 8th. One analyst has rated the stock with a sell rating, twenty have assigned a hold rating, twelve have given a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $104.80.

Fortinet Company 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.