Truist Financial Corp Sells 82,146 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Truist Financial Corp decreased its position in Fortinet, Inc. (NASDAQ:FTNT) by 62.4% during the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 49,581 shares of the software maker’s stock after selling 82,146 shares during the period. Truist Financial Corp’s holdings in Fortinet were worth $2,902,000 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. Atwood & Palmer Inc. purchased a new position in shares of Fortinet in the fourth quarter valued at about $29,000. Headinvest LLC purchased a new position in Fortinet during the 3rd quarter valued at about $29,000. Annis Gardner Whiting Capital Advisors LLC bought a new position in Fortinet during the 3rd quarter valued at approximately $37,000. Rakuten Securities Inc. purchased a new stake in Fortinet in the 4th quarter worth approximately $43,000. Finally, CVA Family Office LLC purchased a new position in shares of Fortinet during the fourth quarter valued at approximately $46,000. 83.71% of the stock is owned by hedge funds and other institutional investors.

Fortinet Price Performance

Shares of FTNT opened at $59.43 on Wednesday. The firm has a fifty day simple moving average of $67.13 and a two-hundred day simple moving average of $61.98. The firm has a market cap of $45.36 billion, a PE ratio of 38.84, a P/E/G ratio of 2.60 and a beta of 1.08. The company has a current ratio of 1.20, a quick ratio of 1.08 and a debt-to-equity ratio of 13.38. Fortinet, Inc. has a 1-year low of $44.12 and a 1-year high of $81.24.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings results on Thursday, May 2nd. The software maker reported $0.43 earnings per share for the quarter, beating the consensus estimate of $0.38 by $0.05. Fortinet had a negative return on equity of 2,235.48% and a net margin of 22.23%. The business had revenue of $1.35 billion during the quarter, compared to analysts’ expectations of $1.34 billion. During the same quarter last year, the business posted $0.29 EPS. The firm’s revenue for the quarter was up 7.2% compared to the same quarter last year. On average, equities analysts anticipate that Fortinet, Inc. will post 1.4 EPS for the current year.

Insider Buying and Selling at Fortinet

In other Fortinet news, VP Michael Xie sold 24,710 shares of the business’s stock in a transaction that occurred on Thursday, May 2nd. The stock was sold at an average price of $64.48, for a total transaction of $1,593,300.80. Following the completion of the transaction, the vice president now owns 10,867,018 shares in the company, valued at $700,705,320.64. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other Fortinet news, VP Michael Xie sold 24,710 shares of the business’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 completion of the sale, the vice president now directly owns 10,867,018 shares of the company’s stock, valued at approximately $700,705,320.64. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CEO Ken Xie sold 23,694 shares of the firm’s stock in a transaction that occurred on Tuesday, March 12th. The stock was sold at an average price of $71.40, for a total transaction of $1,691,751.60. Following the transaction, the chief executive officer now directly owns 48,625,005 shares in the company, valued at $3,471,825,357. The disclosure for this sale can be found here. Insiders have sold 118,480 shares of company stock worth $8,021,556 over the last quarter. Insiders own 17.54% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on FTNT shares. UBS Group lifted their price target on shares of Fortinet from $55.00 to $65.00 and gave the company a “neutral” rating in a report on Wednesday, January 10th. Cantor Fitzgerald reduced their price target on shares of Fortinet from $65.00 to $55.00 and set a “neutral” rating on the stock in a research report on Friday, May 3rd. Wells Fargo & Company lowered their price objective on shares of Fortinet from $70.00 to $62.00 and set an “equal weight” rating for the company in a report on Friday, May 3rd. BMO Capital Markets decreased their target price on Fortinet from $82.00 to $70.00 and set a “market perform” rating for the company in a research report on Friday, May 3rd. Finally, Daiwa Capital Markets upgraded Fortinet from a “neutral” rating to an “outperform” rating and set a $75.00 price target on the stock in a research report on Tuesday, February 13th. Two research analysts have rated the stock with a sell rating, twenty have assigned a hold rating and twelve have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $70.37.

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.