Fortinet, Inc. (NASDAQ:FTNT) Shares Sold by Hancock Whitney Corp

Hancock Whitney Corp trimmed its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 0.7% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 41,021 shares of the software maker’s stock after selling 276 shares during the period. Hancock Whitney Corp’s holdings in Fortinet were worth $2,472,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of FTNT. Vima LLC bought a new position in Fortinet in the fourth quarter worth about $25,000. Winthrop Capital Management LLC bought a new stake in shares of Fortinet in the 1st quarter worth approximately $25,000. Rise Advisors LLC boosted its position in Fortinet by 135.6% during the 1st quarter. Rise Advisors LLC now owns 377 shares of the software maker’s stock valued at $26,000 after purchasing an additional 217 shares during the period. Creekmur Asset Management LLC bought a new position in Fortinet during the 4th quarter worth $32,000. Finally, Oakworth Capital Inc. acquired a new stake in Fortinet in the second quarter worth $33,000. 83.71% of the stock is currently owned by institutional investors.

Fortinet Price Performance

NASDAQ FTNT opened at $76.78 on Friday. Fortinet, Inc. has a 1 year low of $44.12 and a 1 year high of $78.08. The stock’s 50-day moving average price is $68.88 and its two-hundred day moving average price is $65.22. The company has a market cap of $58.66 billion, a PE ratio of 50.18, a PEG ratio of 2.77 and a beta of 1.00. The company has a current ratio of 1.32, a quick ratio of 1.22 and a debt-to-equity ratio of 3.45.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings results on Tuesday, August 6th. The software maker reported $0.57 EPS for the quarter, beating the consensus estimate of $0.41 by $0.16. Fortinet had a net margin of 23.71% and a negative return on equity of 2,160.10%. The business had revenue of $1.43 billion during the quarter, compared to the consensus estimate of $1.40 billion. During the same quarter in the prior year, the firm earned $0.31 EPS. The firm’s quarterly revenue was up 10.9% on a year-over-year basis. On average, analysts predict that Fortinet, Inc. will post 1.7 EPS for the current year.

Insider Activity

In related news, CEO Ken Xie sold 24,267 shares of the stock in a transaction dated Monday, July 15th. The stock was sold at an average price of $60.01, for a total value of $1,456,262.67. Following the completion of the sale, the chief executive officer now directly owns 48,777,294 shares of the company’s stock, valued at approximately $2,927,125,412.94. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, CEO Ken Xie sold 24,267 shares of the business’s stock in a transaction that occurred on Monday, July 15th. The shares were sold at an average price of $60.01, for a total transaction of $1,456,262.67. Following the transaction, the chief executive officer now directly owns 48,777,294 shares of the company’s stock, valued at $2,927,125,412.94. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Michael Xie sold 24,712 shares of the company’s stock in a transaction that occurred on Friday, August 2nd. The shares were sold at an average price of $56.11, for a total transaction of $1,386,590.32. Following the completion of the transaction, the vice president now owns 10,847,018 shares in the company, valued at approximately $608,626,179.98. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 96,210 shares of company stock worth $6,337,801. 18.00% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

FTNT has been the subject of several recent research reports. Deutsche Bank Aktiengesellschaft upped their price target on shares of Fortinet from $71.00 to $75.00 and gave the stock a “hold” rating in a research report on Wednesday, August 7th. TD Cowen upgraded shares of Fortinet from a “hold” rating to a “buy” rating and set a $75.00 target price for the company in a research report on Thursday, July 18th. Wells Fargo & Company lifted their price target on Fortinet from $62.00 to $64.00 and gave the company an “equal weight” rating in a report on Wednesday, August 7th. Hsbc Global Res raised Fortinet from a “moderate sell” rating to a “hold” rating in a report on Wednesday, August 7th. Finally, Scotiabank lifted their target price on Fortinet from $61.00 to $75.00 and gave the company a “sector outperform” rating in a research note on Wednesday, August 7th. Twenty-three investment analysts have rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $71.57.

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.