Country Trust Bank Trims Stock Holdings in Fortinet, Inc. (NASDAQ:FTNT)

Country Trust Bank lessened its position in shares of Fortinet, Inc. (NASDAQ:FTNT) by 14.3% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 407,407 shares of the software maker’s stock after selling 67,949 shares during the quarter. Country Trust Bank owned 0.05% of Fortinet worth $31,594,000 at the end of the most recent reporting period.

Several other large investors have also added to or reduced their stakes in the company. Parallel Advisors LLC lifted its holdings in shares of Fortinet by 2.0% during the second quarter. Parallel Advisors LLC now owns 7,504 shares of the software maker’s stock worth $452,000 after purchasing an additional 148 shares during the period. Simplicity Wealth LLC lifted its stake in Fortinet by 2.2% during the 2nd quarter. Simplicity Wealth LLC now owns 8,260 shares of the software maker’s stock valued at $498,000 after acquiring an additional 174 shares during the period. Massmutual Trust Co. FSB ADV boosted its holdings in shares of Fortinet by 22.4% in the 1st quarter. Massmutual Trust Co. FSB ADV now owns 984 shares of the software maker’s stock valued at $67,000 after acquiring an additional 180 shares during the last quarter. Werlinich Asset Management LLC increased its stake in shares of Fortinet by 1.7% in the second quarter. Werlinich Asset Management LLC now owns 10,650 shares of the software maker’s stock worth $639,000 after acquiring an additional 180 shares during the period. Finally, Mount Yale Investment Advisors LLC raised its holdings in shares of Fortinet by 0.9% during the first quarter. Mount Yale Investment Advisors LLC now owns 21,319 shares of the software maker’s stock worth $1,456,000 after purchasing an additional 185 shares during the last quarter. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Insider Buying and Selling

In other Fortinet news, VP Michael Xie sold 24,712 shares of the business’s stock in a transaction that occurred on Friday, August 2nd. The stock was sold at an average price of $56.11, for a total value of $1,386,590.32. Following the sale, the vice president now owns 10,847,018 shares of the company’s stock, valued at $608,626,179.98. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other Fortinet news, VP Michael Xie sold 24,712 shares of the business’s stock in a transaction dated 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 sale, the vice president now directly owns 10,847,018 shares in the company, valued at $608,626,179.98. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Ken Xie sold 24,267 shares of the firm’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 completion of the transaction, 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 trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 96,210 shares of company stock valued at $6,337,801. Company insiders own 18.00% of the company’s stock.

Fortinet Trading Up 0.4 %

Shares of Fortinet stock opened at $77.78 on Wednesday. The stock has a 50 day moving average of $73.50 and a 200 day moving average of $65.85. The company has a debt-to-equity ratio of 3.45, a quick ratio of 1.22 and a current ratio of 1.32. The firm has a market capitalization of $59.42 billion, a price-to-earnings ratio of 50.84, a PEG ratio of 2.77 and a beta of 1.00. Fortinet, Inc. has a fifty-two week low of $44.12 and a fifty-two week high of $79.08.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings data on Tuesday, August 6th. The software maker reported $0.57 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.41 by $0.16. Fortinet had a negative return on equity of 2,160.10% and a net margin of 23.71%. The firm had revenue of $1.43 billion during the quarter, compared to the consensus estimate of $1.40 billion. During the same period last year, the company earned $0.31 EPS. The company’s quarterly revenue was up 10.9% on a year-over-year basis. As a group, research analysts predict that Fortinet, Inc. will post 1.72 earnings per share for the current year.

Wall Street Analyst Weigh In

FTNT has been the topic of several recent research reports. Wedbush reaffirmed an “outperform” rating and issued a $78.00 price target on shares of Fortinet in a report on Wednesday, August 7th. Piper Sandler upgraded Fortinet from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, August 7th. Morgan Stanley reduced their price target on Fortinet from $73.00 to $69.00 and set an “overweight” rating for the company in a research report on Wednesday, July 17th. Susquehanna upped their price objective on Fortinet from $65.00 to $70.00 and gave the stock a “neutral” rating in a research report on Thursday, August 8th. Finally, Citigroup lifted their target price on shares of Fortinet from $66.00 to $76.00 and gave the company a “neutral” rating in a report on Friday, September 13th. Twenty-three investment analysts have rated the stock with a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $72.11.

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.