PNC Financial Services Group Inc. Acquires 14,414 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Key Points

• PNC Financial Services Group Inc. increased its holdings in Fortinet, acquiring an additional 14,414 shares and totaling 522,492 shares worth approximately $50.3 million.
• Fortinet analysts provided mixed ratings, with a consensus target price of $107.00 and various ratings ranging from "strong buy" to "sell."
• The company reported a quarterly earnings per share (EPS) of $0.58, exceeding estimates, with revenue growth of 13.8% year-over-year.

PNC Financial Services Group Inc. boosted its position in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 2.8% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 522,492 shares of the software maker's stock after buying an additional 14,414 shares during the period. PNC Financial Services Group Inc. owned approximately 0.07% of Fortinet worth $50,295,000 at the end of the most recent quarter.

A number of other large investors have also recently bought and sold shares of FTNT. SJS Investment Consulting Inc. grew 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 buying an additional 225 shares in the last quarter. ORG Partners LLC grew its stake in Fortinet by 47.5% during the first quarter. ORG Partners LLC now owns 348 shares of the software maker's stock worth $34,000 after buying an additional 112 shares in the last quarter. EQ Wealth Advisors LLC acquired a new stake in shares of Fortinet in the 1st quarter valued at approximately $35,000. Wayfinding Financial LLC acquired a new stake in shares of Fortinet in the 1st quarter valued at approximately $36,000. Finally, Mechanics Financial Corp acquired a new stake in shares of Fortinet in the 1st quarter valued at approximately $36,000. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the stock. BMO Capital Markets reduced their price target on shares of Fortinet from $122.00 to $110.00 and set a "market perform" rating on the stock in a research note on Thursday, May 8th. Rosenblatt Securities restated a "buy" rating and issued a $125.00 price target on shares of Fortinet in a research note on Monday, July 28th. Morgan Stanley reduced their price target 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. DZ Bank upgraded shares of Fortinet from a "strong sell" rating to a "hold" rating in a research note on Thursday, May 8th. Finally, UBS Group reduced their price target on shares of Fortinet from $115.00 to $105.00 and set a "neutral" rating on the stock in a research note on Thursday, May 8th. One analyst has rated the stock with a sell rating, twenty have assigned a hold rating, twelve have issued a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, Fortinet currently has a consensus rating of "Hold" and a consensus target price of $107.00.

Fortinet Stock Performance

NASDAQ:FTNT opened at $97.36 on Monday. The company has a fifty day moving average of $103.27 and a 200-day moving average of $101.93. The firm has a market capitalization of $74.52 billion, a P/E ratio of 40.07, a P/E/G ratio of 3.36 and a beta of 1.07. 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 twelve month low of $54.57 and a twelve month high of $114.82.

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

Insider Buying and Selling at Fortinet

In related news, Director William H. Neukom acquired 335 shares of the stock in a transaction dated 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 purchase, the director directly owned 301,471 shares of the company's stock, valued at $31,419,307.62. The trade was a 0.11% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 18.00% of the stock is owned by corporate 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.

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