First National Trust Co Sells 85,510 Shares of Fortinet, Inc. (NASDAQ:FTNT)

First National Trust Co cut its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 80.5% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 20,711 shares of the software maker’s stock after selling 85,510 shares during the period. First National Trust Co’s holdings in Fortinet were worth $1,212,000 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of the company. Commonwealth Equity Services LLC raised its position in Fortinet by 7.0% in the third quarter. Commonwealth Equity Services LLC now owns 129,130 shares of the software maker’s stock worth $7,577,000 after acquiring an additional 8,402 shares during the period. Pinnacle Associates Ltd. lifted its stake in Fortinet by 26.6% in the third quarter. Pinnacle Associates Ltd. now owns 5,717 shares of the software maker’s stock valued at $335,000 after purchasing an additional 1,201 shares during the last quarter. Raymond James Financial Services Advisors Inc. grew its holdings in Fortinet by 5.9% during the third quarter. Raymond James Financial Services Advisors Inc. now owns 123,042 shares of the software maker’s stock valued at $7,220,000 after purchasing an additional 6,815 shares during the period. Forsta AP Fonden increased its position in Fortinet by 3.7% in the third quarter. Forsta AP Fonden now owns 134,600 shares of the software maker’s stock worth $7,898,000 after buying an additional 4,800 shares during the last quarter. Finally, Compass Wealth Management LLC purchased a new stake in Fortinet in the third quarter worth $64,000. 83.71% of the stock is owned by hedge funds and other institutional investors.

Fortinet Trading Down 9.7 %

NASDAQ FTNT traded down $6.32 during trading on Friday, hitting $58.88. 15,896,615 shares of the company’s stock traded hands, compared to its average volume of 4,338,557. The firm has a market cap of $44.94 billion, a P/E ratio of 38.48, a PEG ratio of 2.61 and a beta of 1.08. The stock has a fifty day moving average of $67.53 and a two-hundred day moving average of $61.92. The company has a debt-to-equity ratio of 13.38, a current ratio of 1.19 and a quick ratio of 1.06. Fortinet, Inc. has a 12-month low of $44.12 and a 12-month high of $81.24.

Fortinet (NASDAQ:FTNT) last announced its quarterly earnings data on Thursday, May 2nd. The software maker reported $0.43 earnings per share for the quarter, beating the consensus estimate of $0.38 by $0.05. The firm had revenue of $1.35 billion during the quarter, compared to the consensus estimate of $1.34 billion. Fortinet had a negative return on equity of 5,061.85% and a net margin of 22.23%. The business’s revenue was up 7.2% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.29 earnings per share. As a group, sell-side analysts expect that Fortinet, Inc. will post 1.4 EPS for the current year.

Analyst Ratings Changes

Several research analysts have recently weighed in on the company. Wells Fargo & Company cut their price target on Fortinet from $70.00 to $62.00 and set an “equal weight” rating for the company in a research note on Friday. Barclays reduced their target price on shares of Fortinet from $80.00 to $75.00 and set an “equal weight” rating for the company in a research note on Friday. UBS Group raised their price objective on shares of Fortinet from $55.00 to $65.00 and gave the stock a “neutral” rating in a report on Wednesday, January 10th. Citigroup downgraded Fortinet from a “buy” rating to a “neutral” rating and increased their target price for the stock from $60.00 to $62.00 in a research report on Tuesday, January 9th. Finally, Jefferies Financial Group reduced their price target on Fortinet from $75.00 to $70.00 and set a “hold” rating for the company in a research report on Thursday, April 18th. Two research analysts have rated the stock with a sell rating, twenty have issued a hold rating and twelve have given a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $70.68.

Insider Buying and Selling

In other news, CEO Ken Xie sold 23,694 shares of the company’s stock in a transaction dated Tuesday, March 12th. The shares were sold at an average price of $71.40, for a total value of $1,691,751.60. Following the sale, the chief executive officer now directly owns 48,625,005 shares of the company’s stock, valued at approximately $3,471,825,357. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, CEO Ken Xie sold 23,694 shares of the business’s stock in a transaction that occurred on Tuesday, March 12th. The stock was sold at an average price of $71.40, for a total value of $1,691,751.60. Following the sale, the chief executive officer now directly owns 48,625,005 shares of the company’s stock, valued at approximately $3,471,825,357. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, VP Michael Xie sold 24,710 shares of Fortinet stock in a transaction on Thursday, May 2nd. The shares were 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 disclosure for this sale can be found here. Insiders have sold a total of 118,480 shares of company stock valued at $8,021,556 over the last ninety days. Company insiders own 17.54% of the company’s stock.

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.