Private Trust Co. NA Reduces Stake in Fortinet, Inc. (NASDAQ:FTNT)

Posted by on Mar 30th, 2023

Private Trust Co. NA reduced its stake in Fortinet, Inc. (NASDAQ:FTNT – Get Rating) by 22.4% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,603 shares of the software maker’s stock after selling 463 shares during the quarter. Private Trust Co. NA’s holdings in Fortinet were worth $78,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in FTNT. Ronald Blue Trust Inc. grew its holdings in shares of Fortinet by 632.9% during the 3rd quarter. Ronald Blue Trust Inc. now owns 535 shares of the software maker’s stock worth $30,000 after purchasing an additional 462 shares during the period. Phocas Financial Corp. purchased a new position in shares of Fortinet during the 4th quarter worth $43,000. Beacon Capital Management LLC grew its holdings in shares of Fortinet by 400.0% during the 3rd quarter. Beacon Capital Management LLC now owns 840 shares of the software maker’s stock worth $47,000 after purchasing an additional 672 shares during the period. Armstrong Advisory Group Inc. purchased a new position in shares of Fortinet during the 4th quarter worth $49,000. Finally, Guardian Wealth Advisors LLC purchased a new position in shares of Fortinet during the 3rd quarter worth $50,000. 64.35% of the stock is currently owned by hedge funds and other institutional investors.

Fortinet Stock Up 0.8 %

FTNT opened at $64.81 on Thursday. The firm has a market cap of $50.82 billion, a price-to-earnings ratio of 60.57, a price-to-earnings-growth ratio of 3.08 and a beta of 1.14. Fortinet, Inc. has a 52 week low of $42.61 and a 52 week high of $71.52. The business’s 50 day moving average is $58.35 and its two-hundred day moving average is $53.78.

Fortinet (NASDAQ:FTNT – Get Rating) last released its quarterly earnings results on Tuesday, February 7th. The software maker reported $0.44 EPS for the quarter, topping the consensus estimate of $0.39 by $0.05. The company had revenue of $1.28 billion for the quarter, compared to analyst estimates of $1.30 billion. Fortinet had a negative return on equity of 309.63% and a net margin of 19.41%. The firm’s revenue was up 33.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.19 earnings per share. Equities analysts expect that Fortinet, Inc. will post 1.14 EPS for the current fiscal year.

Insiders Place Their Bets

In other Fortinet news, EVP Patrice Perche sold 7,535 shares of Fortinet stock in a transaction that occurred on Tuesday, March 21st. The stock was sold at an average price of $61.81, for a total value of $465,738.35. Following the transaction, the executive vice president now directly owns 25,730 shares in the company, valued at approximately $1,590,371.30. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other Fortinet news, VP Michael Xie sold 240,046 shares of Fortinet stock in a transaction that occurred on Thursday, February 2nd. The stock was sold at an average price of $53.72, for a total value of $12,895,271.12. Following the transaction, the vice president now directly owns 29,727,018 shares in the company, valued at approximately $1,596,935,406.96. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Patrice Perche sold 7,535 shares of Fortinet stock in a transaction that occurred on Tuesday, March 21st. The shares were sold at an average price of $61.81, for a total value of $465,738.35. Following the completion of the transaction, the executive vice president now owns 25,730 shares in the company, valued at $1,590,371.30. The disclosure for this sale can be found here. Insiders have sold a total of 932,484 shares of company stock valued at $53,877,379 over the last quarter. Company insiders own 18.60% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on FTNT. BTIG Research cut Fortinet from a “buy” rating to a “neutral” rating in a report on Friday, January 13th. Roth Capital restated a “buy” rating on shares of Fortinet in a report on Wednesday, February 8th. Raymond James raised their target price on Fortinet from $60.00 to $70.00 and gave the company an “outperform” rating in a report on Wednesday, February 8th. JPMorgan Chase & Co. raised their target price on Fortinet from $69.00 to $70.00 and gave the company an “overweight” rating in a report on Wednesday, February 8th. Finally, Wedbush raised their target price on Fortinet from $64.00 to $70.00 and gave the company an “outperform” rating in a report on Wednesday, February 8th. Eight research analysts have rated the stock with a hold rating and twenty-two have given a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $69.33.

Fortinet Company Profile

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Fortinet, Inc provides cybersecurity solutions to a variety of businesses, such as enterprises, communication service providers and small businesses. It operates through the following segments: Network Security, Infrastructure Security, Cloud Security, and Endpoint Protection, Internet of Things and Operational Technology.

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Institutional Ownership by Quarter for Fortinet (NASDAQ:FTNT)

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