Fortinet, Inc. (NASDAQ:FTNT) Shares Sold by M&T Bank Corp

M&T Bank Corp lowered its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 12.2% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 32,615 shares of the software maker's stock after selling 4,511 shares during the period. M&T Bank Corp's holdings in Fortinet were worth $3,139,000 at the end of the most recent reporting period.

Several other large investors have also bought and sold shares of FTNT. Norges Bank bought a new stake in shares of Fortinet in the 4th quarter valued at about $724,048,000. Schroder Investment Management Group purchased a new stake in Fortinet during the fourth quarter worth about $389,867,000. FMR LLC boosted its holdings in Fortinet by 77.2% in the fourth quarter. FMR LLC now owns 6,531,705 shares of the software maker's stock valued at $617,115,000 after purchasing an additional 2,846,475 shares in the last quarter. Arrowstreet Capital Limited Partnership lifted its holdings in shares of Fortinet by 39.3% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 7,622,253 shares of the software maker's stock worth $720,150,000 after purchasing an additional 2,151,811 shares during the period. Finally, Bessemer Group Inc. increased its position in shares of Fortinet by 72.6% in the fourth quarter. Bessemer Group Inc. now owns 4,906,439 shares of the software maker's stock valued at $463,561,000 after buying an additional 2,064,016 shares in the last quarter. 83.71% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several brokerages have recently issued reports on FTNT. UBS Group reduced their price target on Fortinet from $115.00 to $105.00 and set a "neutral" rating for the company in a report on Thursday, May 8th. Wolfe Research started coverage on Fortinet in a report on Monday, May 12th. They set a "peer perform" rating for the company. KeyCorp cut their price objective on Fortinet from $120.00 to $115.00 and set an "overweight" rating for the company in a research report on Thursday, May 8th. Rosenblatt Securities reiterated a "buy" rating and issued a $125.00 price target on shares of Fortinet in a research note on Tuesday, June 17th. Finally, Cantor Fitzgerald cut their target price on Fortinet from $115.00 to $100.00 and set a "neutral" rating on the stock in a report on Thursday, April 24th. One investment analyst has rated the stock with a sell rating, twenty have assigned a hold rating, twelve have issued a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of "Hold" and a consensus price target of $106.14.

Fortinet Price Performance

NASDAQ:FTNT traded up $1.96 during trading hours on Tuesday, hitting $104.93. The stock had a trading volume of 4,167,139 shares, compared to its average volume of 4,880,500. Fortinet, Inc. has a one year low of $54.57 and a one year high of $114.82. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.36 and a quick ratio of 1.29. The firm has a market capitalization of $80.32 billion, a price-to-earnings ratio of 43.18, a P/E/G ratio of 3.42 and a beta of 1.06. The company has a 50 day simple moving average of $103.23 and a two-hundred day simple moving average of $101.02.

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 the consensus estimate of $0.53 by $0.05. Fortinet had a net margin of 30.60% and a return on equity of 148.79%. The company had revenue of $1.54 billion for the quarter, compared to analysts' expectations of $1.54 billion. During the same quarter in the previous year, the company earned $0.43 earnings per share. Fortinet's quarterly revenue was up 13.8% on a year-over-year basis. Research analysts forecast that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, VP Michael Xie sold 3,546 shares of Fortinet 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 of the company's stock, valued at approximately $1,167,217,215.48. The trade was a 0.03% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director William H. Neukom purchased 335 shares of Fortinet stock in a transaction dated Friday, June 6th. The stock was acquired at an average price of $104.22 per share, with a total value of $34,913.70. Following the acquisition, the director owned 301,471 shares in the company, valued at approximately $31,419,307.62. This represents a 0.11% increase in their position. The disclosure for this purchase can be found here. 18.00% of the stock is owned by company insiders.

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.