Intrust Bank NA Takes Position in Fortinet, Inc. (NASDAQ:FTNT)

Intrust Bank NA bought a new position in Fortinet, Inc. (NASDAQ:FTNT) during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund bought 2,506 shares of the software maker’s stock, valued at approximately $237,000.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the business. Graney & King LLC acquired a new stake in shares of Fortinet during the 4th quarter valued at $43,000. Golden State Wealth Management LLC acquired a new stake in shares of Fortinet during the fourth quarter worth $46,000. Runnymede Capital Advisors Inc. purchased a new stake in shares of Fortinet during the fourth quarter valued at $56,000. LFA Lugano Financial Advisors SA boosted its position in shares of Fortinet by 445.5% in the 4th quarter. LFA Lugano Financial Advisors SA now owns 600 shares of the software maker’s stock valued at $57,000 after purchasing an additional 490 shares during the period. Finally, Private Trust Co. NA increased its stake in Fortinet by 95.0% in the 4th quarter. Private Trust Co. NA now owns 630 shares of the software maker’s stock worth $60,000 after purchasing an additional 307 shares in the last quarter. 83.71% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several brokerages have commented on FTNT. Jefferies Financial Group raised their target price on shares of Fortinet from $95.00 to $105.00 and gave the stock a “hold” rating in a report on Thursday, December 19th. Stifel Nicolaus lifted their price objective on shares of Fortinet from $103.00 to $115.00 and gave the stock a “hold” rating in a research report on Friday, February 7th. Scotiabank increased their target price on Fortinet from $115.00 to $135.00 and gave the company a “sector outperform” rating in a report on Friday, February 7th. Needham & Company LLC reiterated a “hold” rating on shares of Fortinet in a report on Friday, February 7th. Finally, Raymond James reissued a “market perform” rating on shares of Fortinet in a research note on Tuesday, January 14th. One equities research analyst has rated the stock with a sell rating, nineteen have issued a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $105.69.

Insider Buying and Selling at Fortinet

In other Fortinet news, CFO Keith Jensen sold 23,500 shares of the company’s stock in a transaction that occurred on Wednesday, February 19th. The stock was sold at an average price of $113.56, for a total value of $2,668,660.00. Following the completion of the transaction, the chief financial officer now owns 4,736 shares of the company’s stock, valued at $537,820.16. This represents a 83.23 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, VP Michael Xie sold 326,784 shares of Fortinet stock in a transaction that occurred on Tuesday, March 11th. The stock was sold at an average price of $98.17, for a total value of $32,080,385.28. Following the sale, the vice president now directly owns 11,000,068 shares in the company, valued at $1,079,876,675.56. The trade was a 2.89 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 599,988 shares of company stock valued at $59,094,530 in the last ninety days. Company insiders own 18.00% of the company’s stock.

Fortinet Stock Down 3.0 %

FTNT stock opened at $96.60 on Monday. The company has a debt-to-equity ratio of 0.67, a current ratio of 1.47 and a quick ratio of 1.39. The company has a 50-day moving average of $102.97 and a two-hundred day moving average of $93.38. The stock has a market capitalization of $74.28 billion, a price-to-earnings ratio of 42.74, a price-to-earnings-growth ratio of 4.19 and a beta of 0.97. Fortinet, Inc. has a 52-week low of $54.57 and a 52-week high of $114.82.

Fortinet (NASDAQ:FTNT) last released its earnings results on Thursday, February 6th. The software maker reported $0.67 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.60 by $0.07. Fortinet had a return on equity of 256.53% and a net margin of 29.30%. As a group, equities research analysts anticipate that Fortinet, Inc. will post 2.09 EPS for the current year.

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.