Fortinet, Inc. (NASDAQ:FTNT) Shares Acquired by First Horizon Advisors Inc.

First Horizon Advisors Inc. raised its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 9.3% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 194,111 shares of the software maker's stock after purchasing an additional 16,577 shares during the period. First Horizon Advisors Inc.'s holdings in Fortinet were worth $11,361,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Atwood & Palmer Inc. bought a new position in Fortinet in the 4th quarter worth about $29,000. Headinvest LLC acquired a new position in Fortinet during the 3rd quarter worth $29,000. Annis Gardner Whiting Capital Advisors LLC bought a new position in Fortinet in the 3rd quarter valued at about $37,000. Rakuten Securities Inc. acquired a new position in Fortinet during the 4th quarter valued at about $43,000. Finally, CVA Family Office LLC acquired a new stake in shares of Fortinet in the 4th quarter worth approximately $46,000. 83.71% of the stock is currently owned by institutional investors.

Insider Activity

In related news, VP Michael Xie sold 24,710 shares of Fortinet stock in a transaction dated Thursday, May 2nd. The stock was sold at an average price of $64.48, for a total value of $1,593,300.80. Following the completion of the sale, the vice president now directly owns 10,867,018 shares in the company, valued at $700,705,320.64. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other news, VP Michael Xie sold 24,710 shares of the stock in a transaction on Thursday, May 2nd. The stock was sold at an average price of $64.48, for a total value of $1,593,300.80. Following the transaction, the vice president now owns 10,867,018 shares of the company's stock, valued at approximately $700,705,320.64. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Ken Xie sold 46,084 shares of the company's stock in a transaction dated Tuesday, February 13th. The shares were sold at an average price of $69.07, for a total value of $3,183,021.88. Following the completion of the sale, the chief executive officer now owns 51,813,638 shares of the company's stock, valued at approximately $3,578,767,976.66. The disclosure for this sale can be found here. Insiders have sold 118,480 shares of company stock valued at $8,021,556 over the last three months. 17.54% of the stock is owned by insiders.

Analyst Ratings Changes

Several equities research analysts recently commented on FTNT shares. Cantor Fitzgerald dropped their target price on Fortinet from $65.00 to $55.00 and set a "neutral" rating on the stock in a report on Friday. Needham & Company LLC reiterated a "hold" rating on shares of Fortinet in a research report on Friday. Wedbush reaffirmed an "outperform" rating and set a $86.00 target price on shares of Fortinet in a research report on Wednesday. Sanford C. Bernstein started coverage on Fortinet in a research report on Thursday, January 18th. They issued a "market perform" rating and a $65.00 price target for the company. Finally, Morgan Stanley cut their price objective on Fortinet from $81.00 to $73.00 and set an "overweight" rating on the stock in a report on Friday. Two research analysts have rated the stock with a sell rating, twenty-one have assigned a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and an average price target of $70.68.

Fortinet Price Performance

Shares of FTNT stock traded down $6.32 during mid-day trading on Friday, reaching $58.88. The company's stock had a trading volume of 15,894,899 shares, compared to its average volume of 5,879,701. Fortinet, Inc. has a 1-year low of $44.12 and a 1-year high of $81.24. The company has a market cap of $44.94 billion, a P/E ratio of 40.61, a PEG ratio of 2.82 and a beta of 1.08. The firm's 50-day moving average is $67.71 and its two-hundred day moving average is $61.90. The company has a debt-to-equity ratio of 13.38, a quick ratio of 1.06 and a current ratio of 1.19.

Fortinet (NASDAQ:FTNT - Get Free Report) last posted its earnings results on Thursday, May 2nd. The software maker reported $0.43 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.38 by $0.05. The company had revenue of $1.35 billion during the quarter, compared to analysts' expectations of $1.34 billion. Fortinet had a net margin of 21.64% and a negative return on equity of 7,572.46%. Fortinet's quarterly revenue was up 7.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.29 earnings per share. On average, research analysts predict that Fortinet, Inc. will post 1.39 earnings per share for the current year.

Fortinet Profile

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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