First National Bank of Mount Dora Trust Investment Services Buys Shares of 53,634 Fortinet, Inc. (NASDAQ:FTNT)

First National Bank of Mount Dora Trust Investment Services purchased a new stake in Fortinet, Inc. (NASDAQ:FTNT - Free Report) in the 1st quarter, according to its most recent filing with the SEC. The fund purchased 53,634 shares of the software maker's stock, valued at approximately $5,163,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. SJS Investment Consulting Inc. raised its stake in Fortinet by 703.1% during the first quarter. SJS Investment Consulting Inc. now owns 257 shares of the software maker's stock worth $25,000 after purchasing an additional 225 shares during the period. Edmond DE Rothschild Holding S.A. purchased a new position in shares of Fortinet in the 4th quarter worth $27,000. Oarsman Capital Inc. boosted its holdings in Fortinet by 188.9% in the fourth quarter. Oarsman Capital Inc. now owns 416 shares of the software maker's stock valued at $39,000 after acquiring an additional 272 shares during the last quarter. Graney & King LLC acquired a new position in Fortinet in the fourth quarter valued at $43,000. Finally, Banque Transatlantique SA purchased a new stake in Fortinet during the fourth quarter valued at about $43,000. Hedge funds and other institutional investors own 83.71% of the company's stock.

Fortinet Stock Performance

FTNT stock traded down $0.45 during trading on Tuesday, reaching $101.63. 3,789,146 shares of the company's stock were exchanged, compared to its average volume of 4,975,227. The firm has a market cap of $77.79 billion, a PE ratio of 44.97, a P/E/G ratio of 4.19 and a beta of 1.06. 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 1-year low of $54.57 and a 1-year high of $114.82. The company's fifty day moving average price is $100.26 and its 200-day moving average price is $99.94.

Fortinet (NASDAQ:FTNT - Get Free Report) last issued its quarterly earnings results on Wednesday, May 7th. The software maker reported $0.58 EPS for the quarter, topping the consensus estimate of $0.53 by $0.05. Fortinet had a net margin of 29.30% and a return on equity of 256.53%. The firm had revenue of $1.54 billion for the quarter, compared to analysts' expectations of $1.54 billion. During the same period in the previous year, the business earned $0.43 earnings per share. Fortinet's revenue for the quarter was up 13.8% compared to the same quarter last year. On average, research analysts expect that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

Insider Transactions at Fortinet

In related news, Director William H. Neukom bought 335 shares of the business's stock in a transaction on Friday, June 6th. The stock was bought at an average price of $104.22 per share, for a total transaction of $34,913.70. Following the transaction, the director now directly 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Ken Xie sold 158,488 shares of the business's stock in a transaction on Friday, May 2nd. The shares were sold at an average price of $106.10, for a total transaction of $16,815,576.80. Following the transaction, the chief executive officer now owns 51,391,879 shares in the company, valued at approximately $5,452,678,361.90. This represents a 0.31% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 164,034 shares of company stock valued at $17,391,843 in the last three months. 17.20% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of brokerages have commented on FTNT. Scotiabank reduced their price objective on Fortinet from $135.00 to $115.00 and set a "sector outperform" rating on the stock in a research note on Thursday, May 8th. BMO Capital Markets reduced their target price on shares of Fortinet from $122.00 to $110.00 and set a "market perform" rating on the stock in a research report on Thursday, May 8th. Stephens began coverage on shares of Fortinet in a research note on Tuesday, April 1st. They set an "equal weight" rating and a $108.00 price target on the stock. Stifel Nicolaus decreased their price objective on shares of Fortinet from $115.00 to $95.00 and set a "hold" rating for the company in a research report on Thursday, May 8th. Finally, Morgan Stanley cut their price target on shares of Fortinet from $123.00 to $105.00 and set an "overweight" rating on the stock in a report on Wednesday, April 16th. One investment analyst has rated the stock with a sell rating, twenty have issued a hold rating, twelve have assigned a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average target price of $104.80.

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.