Fulton Bank N.A. Buys 7,091 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Fulton Bank N.A. boosted its holdings in Fortinet, Inc. (NASDAQ:FTNTGet Rating) by 363.8% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 9,040 shares of the software maker’s stock after purchasing an additional 7,091 shares during the quarter. Fulton Bank N.A.’s holdings in Fortinet were worth $511,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in FTNT. Covestor Ltd bought a new position in Fortinet in the 4th quarter worth approximately $39,000. Advisor Resource Council bought a new position in Fortinet in the 4th quarter worth approximately $221,000. Charles Schwab Investment Management Inc. boosted its stake in Fortinet by 1.9% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 694,619 shares of the software maker’s stock worth $249,647,000 after purchasing an additional 12,632 shares during the period. Eagle Asset Management Inc. bought a new position in shares of Fortinet during the 4th quarter valued at approximately $1,444,000. Finally, Cibc World Markets Corp boosted its position in shares of Fortinet by 10.1% during the 4th quarter. Cibc World Markets Corp now owns 8,414 shares of the software maker’s stock valued at $3,024,000 after acquiring an additional 772 shares during the last quarter. 65.72% of the stock is currently owned by institutional investors.

Fortinet Price Performance

FTNT opened at $50.42 on Friday. Fortinet, Inc. has a 12-month low of $47.37 and a 12-month high of $74.35. The company has a current ratio of 1.12, a quick ratio of 1.05 and a debt-to-equity ratio of 4.24. The business’s fifty day simple moving average is $54.43 and its 200-day simple moving average is $59.74. The company has a market capitalization of $39.76 billion, a price-to-earnings ratio of 62.25, a PEG ratio of 3.61 and a beta of 1.20.

Analyst Ratings Changes

A number of research firms have recently commented on FTNT. Wells Fargo & Company lowered their target price on Fortinet from $80.00 to $70.00 and set an “overweight” rating for the company in a research report on Monday, July 18th. Cantor Fitzgerald began coverage on Fortinet in a research report on Wednesday, September 7th. They set an “overweight” rating and a $70.00 target price for the company. Morgan Stanley lowered their target price on Fortinet to $66.00 and set an “equal weight” rating for the company in a research report on Monday, June 27th. Deutsche Bank Aktiengesellschaft increased their target price on Fortinet from $60.00 to $63.00 in a research report on Thursday, August 4th. Finally, Jefferies Financial Group assumed coverage on Fortinet in a report on Thursday. They set a “buy” rating and a $65.00 price target on the stock. Six analysts have rated the stock with a hold rating and nineteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $71.84.

Insider Transactions at Fortinet

In other news, CFO Keith Jensen sold 39,440 shares of the stock in a transaction on Thursday, August 25th. The stock was sold at an average price of $50.57, for a total transaction of $1,994,480.80. Following the transaction, the chief financial officer now owns 4,541 shares of the company’s stock, valued at approximately $229,638.37. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In related news, CFO Keith Jensen sold 39,440 shares of the firm’s stock in a transaction dated Thursday, August 25th. The stock was sold at an average price of $50.57, for a total transaction of $1,994,480.80. Following the sale, the chief financial officer now owns 4,541 shares of the company’s stock, valued at $229,638.37. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, VP Michael Xie sold 8,267 shares of the firm’s stock in a transaction dated Tuesday, August 2nd. The shares were sold at an average price of $60.64, for a total value of $501,310.88. Following the sale, the vice president now directly owns 29,772,120 shares in the company, valued at approximately $1,805,381,356.80. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 54,207 shares of company stock valued at $2,839,577. 18.60% of the stock is currently owned by corporate insiders.

About Fortinet

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Fortinet, Inc provides broad, integrated, and automated cybersecurity solutions in the Americas, Europe, the Middle East, Africa, and the Asia Pacific. It offers FortiGate hardware and software licenses that provide various security and networking functions, including firewall, intrusion prevention, anti-malware, virtual private network, application control, web filtering, anti-spam, and wide area network acceleration.

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Institutional Ownership by Quarter for Fortinet (NASDAQ:FTNT)

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