Atlantic Union Bankshares Corp Increases Stock Holdings in Fortinet, Inc. (NASDAQ:FTNT)

Atlantic Union Bankshares Corp lifted its stake in Fortinet, Inc. (NASDAQ:FTNT) by 7.9% in the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 41,139 shares of the software maker’s stock after purchasing an additional 2,997 shares during the quarter. Atlantic Union Bankshares Corp’s holdings in Fortinet were worth $2,810,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. 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 worth $67,000 after purchasing an additional 180 shares during the period. Buckhead Capital Management LLC boosted its holdings in shares of Fortinet by 0.6% in the 4th quarter. Buckhead Capital Management LLC now owns 30,134 shares of the software maker’s stock worth $1,764,000 after purchasing an additional 187 shares during the period. STF Management LP boosted its holdings in shares of Fortinet by 1.5% in the 4th quarter. STF Management LP now owns 12,917 shares of the software maker’s stock worth $756,000 after purchasing an additional 187 shares during the period. Johnson Investment Counsel Inc. lifted its stake in shares of Fortinet by 1.0% during the 4th quarter. Johnson Investment Counsel Inc. now owns 20,696 shares of the software maker’s stock worth $1,211,000 after acquiring an additional 200 shares during the last quarter. Finally, Quadrant Capital Group LLC lifted its stake in shares of Fortinet by 2.1% during the 4th quarter. Quadrant Capital Group LLC now owns 9,804 shares of the software maker’s stock worth $574,000 after acquiring an additional 202 shares during the last quarter. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Fortinet Price Performance

Shares of Fortinet stock traded up $0.23 during mid-day trading on Friday, reaching $60.27. 7,986,918 shares of the stock traded hands, compared to its average volume of 5,916,282. The business has a 50-day moving average of $60.58 and a 200 day moving average of $63.66. Fortinet, Inc. has a fifty-two week low of $44.12 and a fifty-two week high of $81.24. The stock has a market capitalization of $46.04 billion, a PE ratio of 39.39, a PEG ratio of 2.84 and a beta of 0.98. The company has a quick ratio of 1.08, a current ratio of 1.20 and a debt-to-equity ratio of 13.38.

Fortinet (NASDAQ:FTNT) last announced its earnings results on Thursday, May 2nd. The software maker reported $0.43 EPS for the quarter, beating analysts’ consensus estimates of $0.38 by $0.05. The business had revenue of $1.35 billion during the quarter, compared to analysts’ expectations of $1.34 billion. Fortinet had a negative return on equity of 2,235.48% and a net margin of 22.23%. The business’s revenue was up 7.2% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.29 earnings per share. On average, analysts predict that Fortinet, Inc. will post 1.46 EPS for the current year.

Insider Activity

In related news, Director William H. Neukom purchased 586 shares of the company’s stock in a transaction dated Thursday, June 6th. The stock was acquired at an average cost of $59.55 per share, for a total transaction of $34,896.30. Following the completion of the transaction, the director now directly owns 295,778 shares of the company’s stock, valued at $17,613,579.90. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other Fortinet news, Director William H. Neukom acquired 586 shares of the stock in a transaction that occurred on Thursday, June 6th. The stock was bought at an average cost of $59.55 per share, for a total transaction of $34,896.30. Following the completion of the transaction, the director now owns 295,778 shares of the company’s stock, valued at approximately $17,613,579.90. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Michael Xie sold 24,710 shares of the stock in a transaction that occurred 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 completion of the transaction, the vice president now owns 10,867,018 shares of the company’s stock, valued at $700,705,320.64. The disclosure for this sale can be found here. Insiders sold 91,638 shares of company stock worth $5,705,568 over the last ninety days. Corporate insiders own 18.00% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on FTNT shares. Wedbush reissued an “outperform” rating and set a $78.00 price target on shares of Fortinet in a research note on Wednesday, May 22nd. Wells Fargo & Company decreased their target price on Fortinet from $70.00 to $62.00 and set an “equal weight” rating for the company in a research report on Friday, May 3rd. Jefferies Financial Group decreased their target price on Fortinet from $75.00 to $70.00 and set a “hold” rating for the company in a research report on Thursday, April 18th. Scotiabank dropped their price target on Fortinet from $90.00 to $80.00 and set a “sector outperform” rating on the stock in a research note on Friday, May 3rd. Finally, HSBC dropped their price target on Fortinet from $57.00 to $54.00 and set a “reduce” rating on the stock in a research note on Friday, May 3rd. Two research analysts have rated the stock with a sell rating, twenty-one have given a hold rating and ten have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $70.03.

Fortinet Company 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.