Fortinet, Inc. $FTNT Shares Purchased by Truist Financial Corp

Truist Financial Corp increased its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 6.2% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 44,567 shares of the software maker’s stock after acquiring an additional 2,596 shares during the quarter. Truist Financial Corp’s holdings in Fortinet were worth $4,712,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently bought and sold shares of the company. Chicago Capital LLC boosted its holdings in Fortinet by 55.0% in the 2nd quarter. Chicago Capital LLC now owns 7,768 shares of the software maker’s stock valued at $821,000 after purchasing an additional 2,756 shares during the last quarter. Poinciana Advisors Group LLC boosted its holdings in Fortinet by 9.4% in the 2nd quarter. Poinciana Advisors Group LLC now owns 5,050 shares of the software maker’s stock valued at $534,000 after purchasing an additional 434 shares during the last quarter. Raleigh Capital Management Inc. boosted its holdings in Fortinet by 27.3% in the 2nd quarter. Raleigh Capital Management Inc. now owns 2,268 shares of the software maker’s stock valued at $240,000 after purchasing an additional 486 shares during the last quarter. Janney Montgomery Scott LLC boosted its holdings in Fortinet by 0.5% in the 2nd quarter. Janney Montgomery Scott LLC now owns 122,246 shares of the software maker’s stock valued at $12,924,000 after purchasing an additional 599 shares during the last quarter. Finally, Oakworth Capital Inc. boosted its holdings in Fortinet by 40.0% in the 2nd quarter. Oakworth Capital Inc. now owns 612 shares of the software maker’s stock valued at $65,000 after purchasing an additional 175 shares during the last quarter. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Fortinet Trading Down 1.7%

Shares of NASDAQ:FTNT opened at $84.92 on Wednesday. Fortinet, Inc. has a 52 week low of $70.12 and a 52 week high of $114.82. The company’s 50 day moving average is $82.58 and its two-hundred day moving average is $94.88. The company has a current ratio of 1.33, a quick ratio of 1.24 and a debt-to-equity ratio of 0.24. The company has a market cap of $65.07 billion, a PE ratio of 33.83, a P/E/G ratio of 3.26 and a beta of 1.09.

Fortinet (NASDAQ:FTNT) last announced its quarterly earnings data on Wednesday, August 6th. The software maker reported $0.64 EPS for the quarter, beating analysts’ consensus estimates of $0.59 by $0.05. Fortinet had a net margin of 30.60% and a return on equity of 111.46%. The company had revenue of $1.63 billion for the quarter, compared to the consensus estimate of $1.63 billion. During the same period in the prior year, the firm posted $0.57 EPS. The company’s quarterly revenue was up 13.6% compared to the same quarter last year. Equities analysts predict that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several equities analysts have weighed in on the stock. Cowen lowered shares of Fortinet from a “buy” rating to a “hold” rating in a report on Thursday, August 7th. TD Cowen restated a “hold” rating and issued a $105.00 price objective on shares of Fortinet in a report on Thursday, August 7th. Morgan Stanley restated an “underweight” rating and issued a $67.00 price objective (down from $78.00) on shares of Fortinet in a report on Tuesday, September 2nd. Wells Fargo & Company decreased their price objective on shares of Fortinet from $110.00 to $85.00 and set an “equal weight” rating on the stock in a report on Thursday, August 7th. Finally, Rosenblatt Securities restated a “neutral” rating and issued a $85.00 price objective (down from $125.00) on shares of Fortinet in a report on Thursday, August 7th. Two investment analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating, twenty-six have given a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, Fortinet has an average rating of “Hold” and a consensus price target of $97.03.

Insider Buying and Selling

In other Fortinet news, CEO Ken Xie sold 158,486 shares of the stock in a transaction that occurred on Monday, August 4th. The shares were sold at an average price of $98.48, for a total value of $15,607,701.28. Following the sale, the chief executive officer directly owned 51,391,879 shares of the company’s stock, valued at approximately $5,061,072,243.92. This represents a 0.31% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, VP Michael Xie sold 476,596 shares of the stock in a transaction that occurred on Monday, August 4th. The shares were sold at an average price of $98.48, for a total transaction of $46,935,174.08. Following the completion of the sale, the vice president directly owned 9,730,560 shares in the company, valued at approximately $958,265,548.80. This represents a 4.67% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 18.00% of the company’s stock.

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.