Private Trust Co. NA Grows Stock Holdings in Fortinet, Inc. (NASDAQ:FTNT)

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

Other large investors also recently made changes to their positions in the company. Vanguard Group Inc. grew its holdings in Fortinet by 1.1% during the fourth quarter. Vanguard Group Inc. now owns 68,115,470 shares of the software maker's stock valued at $6,435,550,000 after purchasing an additional 730,994 shares during the last quarter. Geode Capital Management LLC grew its holdings in Fortinet by 2.6% during the fourth quarter. Geode Capital Management LLC now owns 15,270,913 shares of the software maker's stock valued at $1,440,648,000 after purchasing an additional 387,901 shares during the last quarter. Invesco Ltd. grew its holdings in Fortinet by 31.3% during the fourth quarter. Invesco Ltd. now owns 8,388,693 shares of the software maker's stock valued at $792,564,000 after purchasing an additional 2,000,888 shares during the last quarter. Norges Bank bought a new stake in shares of Fortinet in the fourth quarter valued at approximately $724,048,000. Finally, Arrowstreet Capital Limited Partnership boosted its position in shares of Fortinet by 39.3% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 7,622,253 shares of the software maker's stock valued at $720,150,000 after acquiring an additional 2,151,811 shares during the period. Institutional investors and hedge funds own 83.71% of the company's stock.

Analyst Upgrades and Downgrades

FTNT has been the subject of several research reports. BMO Capital Markets reduced their price objective on Fortinet from $122.00 to $110.00 and set a "market perform" rating for the company in a research report on Thursday, May 8th. Wall Street Zen cut Fortinet from a "buy" rating to a "hold" rating in a report on Saturday, June 28th. Stifel Nicolaus reduced their target price on shares of Fortinet from $115.00 to $95.00 and set a "hold" rating on the stock in a research note on Thursday, May 8th. Morgan Stanley reduced their target price on shares of Fortinet from $123.00 to $105.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 16th. Finally, Cantor Fitzgerald reduced their target price on shares of Fortinet from $115.00 to $100.00 and set a "neutral" rating on the stock in a research note on Thursday, April 24th. One analyst has rated the stock with a sell rating, twenty-one have assigned a hold rating, eleven have assigned a buy rating and two have given a strong buy rating to the company's stock. According to MarketBeat.com, Fortinet currently has an average rating of "Hold" and a consensus target price of $105.62.

Insider Activity at Fortinet

In other news, Director William H. Neukom bought 335 shares of the stock in a transaction dated Friday, June 6th. The shares were acquired at an average cost of $104.22 per share, with a total value 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 SEC, which is available through the SEC website. Also, VP Michael Xie sold 3,546 shares of the firm's stock in a transaction dated Friday, May 2nd. The shares were sold at an average price of $106.11, for a total transaction of $376,266.06. Following the completion of the transaction, the vice president directly owned 11,000,068 shares in the company, valued at $1,167,217,215.48. This represents a 0.03% decrease in their ownership of the stock. The disclosure for this sale can be found here. 18.00% of the stock is owned by insiders.

Fortinet Trading Up 0.1%

Shares of NASDAQ:FTNT traded up $0.12 during trading hours on Tuesday, hitting $106.77. 356,734 shares of the company's stock traded hands, compared to its average volume of 4,846,729. Fortinet, Inc. has a 1 year low of $54.57 and a 1 year high of $114.82. The business has a fifty day moving average price of $103.31 and a 200-day moving average price of $100.84. The firm has a market capitalization of $81.72 billion, a P/E ratio of 43.92, a price-to-earnings-growth ratio of 3.64 and a beta of 1.06. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.36 and a quick ratio of 1.29.

Fortinet (NASDAQ:FTNT - Get Free Report) last announced its quarterly earnings results on Wednesday, May 7th. The software maker reported $0.58 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.53 by $0.05. The firm had revenue of $1.54 billion during the quarter, compared to analyst estimates of $1.54 billion. Fortinet had a return on equity of 148.79% and a net margin of 30.60%. Fortinet's quarterly revenue was up 13.8% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.43 earnings per share. Equities analysts expect that Fortinet, Inc. will post 2.09 earnings per share for the current year.

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.