Private Trust Co. NA Acquires 2,508 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Private Trust Co. NA grew its stake in Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 398.1% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,138 shares of the software maker's stock after acquiring an additional 2,508 shares during the period. Private Trust Co. NA's holdings in Fortinet were worth $302,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. Aaron Wealth Advisors LLC grew its stake in Fortinet by 16.2% in the first quarter. Aaron Wealth Advisors LLC now owns 2,877 shares of the software maker's stock valued at $277,000 after purchasing an additional 401 shares in the last quarter. Rossby Financial LCC bought a new position in shares of Fortinet in the first quarter valued at $41,000. DAVENPORT & Co LLC grew its stake in shares of Fortinet by 2.1% in the first quarter. DAVENPORT & Co LLC now owns 8,715 shares of the software maker's stock valued at $839,000 after buying an additional 179 shares in the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd grew its stake in shares of Fortinet by 2.4% in the first quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 223,609 shares of the software maker's stock valued at $21,525,000 after buying an additional 5,228 shares in the last quarter. Finally, BLB&B Advisors LLC bought a new position in shares of Fortinet in the first quarter valued at $479,000. Institutional investors own 83.71% of the company's stock.

Insider Buying and Selling

In other news, Director William H. Neukom bought 335 shares of Fortinet stock in a transaction dated Friday, June 6th. The stock was purchased at an average price of $104.22 per share, for a total transaction of $34,913.70. Following the purchase, the director directly owned 301,471 shares in the company, valued at $31,419,307.62. The trade was a 0.11% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Michael Xie sold 3,546 shares of the company's stock in a transaction dated Friday, May 2nd. The stock was sold at an average price of $106.11, for a total transaction of $376,266.06. Following the completion of the sale, the vice president directly owned 11,000,068 shares of the company's stock, valued at $1,167,217,215.48. The trade was a 0.03% decrease in their ownership of the stock. The disclosure for this sale can be found here. 17.20% of the stock is currently owned by corporate insiders.

Fortinet Stock Down 6.9%

FTNT stock traded down $7.45 during midday trading on Thursday, reaching $100.20. 5,954,142 shares of the company's stock traded hands, compared to its average volume of 4,873,899. The company has a market cap of $76.69 billion, a price-to-earnings ratio of 41.23, a P/E/G ratio of 3.71 and a beta of 1.06. The firm's fifty day moving average price is $103.45 and its 200-day moving average price is $100.94. The company has a quick ratio of 1.29, a current ratio of 1.36 and a debt-to-equity ratio of 0.25. Fortinet, Inc. has a 52 week low of $54.57 and a 52 week high of $114.82.

Fortinet (NASDAQ:FTNT - Get Free Report) last posted its 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. The company had revenue of $1.54 billion during the quarter, compared to the consensus estimate of $1.54 billion. Fortinet had a net margin of 30.60% and a return on equity of 148.79%. The firm's revenue for the quarter was up 13.8% on a year-over-year basis. During the same period in the previous year, the firm posted $0.43 earnings per share. As a group, sell-side analysts forecast that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of research analysts have recently commented on the stock. Robert W. Baird lifted their price objective on shares of Fortinet from $110.00 to $113.00 and gave the company a "neutral" rating in a research report on Tuesday, May 6th. Stifel Nicolaus reduced their price target on Fortinet from $115.00 to $95.00 and set a "hold" rating for the company in a report on Thursday, May 8th. Cantor Fitzgerald reduced their price target on Fortinet from $115.00 to $100.00 and set a "neutral" rating for the company in a report on Thursday, April 24th. Stephens initiated coverage on Fortinet in a research note on Tuesday, April 1st. They set an "equal weight" rating and a $108.00 target price for the company. Finally, Scotiabank reduced their target price on Fortinet from $135.00 to $115.00 and set a "sector outperform" rating for the company in a research note on Thursday, May 8th. One equities research analyst has rated the stock with a sell rating, twenty-one have issued a hold rating, eleven have given a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target of $105.62.

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.