Fortinet, Inc. (NASDAQ:FTNT) Shares Sold by Wesbanco Bank Inc.

Wesbanco Bank Inc. lowered its position in Fortinet, Inc. (NASDAQ:FTNT) by 6.4% during the third quarter, according to its most recent filing with the SEC. The institutional investor owned 7,335 shares of the software maker’s stock after selling 500 shares during the period. Wesbanco Bank Inc.’s holdings in Fortinet were worth $569,000 at the end of the most recent quarter.

Other large investors have also modified their holdings of the company. EP Wealth Advisors LLC acquired a new position in shares of Fortinet during the 4th quarter worth approximately $247,000. Fisher Asset Management LLC boosted its stake in Fortinet by 24.7% during the fourth quarter. Fisher Asset Management LLC now owns 11,961 shares of the software maker’s stock worth $700,000 after buying an additional 2,373 shares during the last quarter. Nomura Holdings Inc. grew its holdings in Fortinet by 227.3% in the 4th quarter. Nomura Holdings Inc. now owns 28,446 shares of the software maker’s stock valued at $1,665,000 after buying an additional 19,754 shares in the last quarter. Rise Advisors LLC increased its stake in shares of Fortinet by 135.6% in the 1st quarter. Rise Advisors LLC now owns 377 shares of the software maker’s stock worth $26,000 after acquiring an additional 217 shares during the last quarter. Finally, Massmutual Trust Co. FSB ADV raised its holdings in shares of Fortinet by 22.4% during the 1st quarter. Massmutual Trust Co. FSB ADV now owns 984 shares of the software maker’s stock worth $67,000 after acquiring an additional 180 shares during the period. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Insider Buying and Selling

In other Fortinet news, CEO Ken Xie sold 23,307 shares of the business’s stock in a transaction that occurred on Wednesday, October 16th. The stock was sold at an average price of $81.89, for a total value of $1,908,610.23. Following the completion of the sale, the chief executive officer now owns 48,915,530 shares in the company, valued at approximately $4,005,692,751.70. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, VP Michael Xie sold 24,712 shares of the business’s stock in a transaction dated 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 transaction, the vice president now owns 10,847,018 shares in the company, valued at $608,626,179.98. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO Ken Xie sold 23,307 shares of the stock in a transaction that occurred on Wednesday, October 16th. The stock was sold at an average price of $81.89, for a total value of $1,908,610.23. Following the sale, the chief executive officer now directly owns 48,915,530 shares of the company’s stock, valued at $4,005,692,751.70. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 95,250 shares of company stock worth $6,790,149 in the last quarter. 18.00% of the stock is owned by insiders.

Fortinet Stock Down 0.6 %

FTNT stock opened at $82.12 on Thursday. The stock has a market cap of $62.73 billion, a P/E ratio of 53.67, a PEG ratio of 2.84 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, Inc. has a twelve month low of $44.12 and a twelve month high of $83.77. The company’s 50 day moving average is $76.30 and its two-hundred day moving average is $66.47.

Fortinet (NASDAQ:FTNT) last announced its quarterly earnings results on Tuesday, August 6th. The software maker reported $0.57 EPS for the quarter, topping 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 firm had revenue of $1.43 billion for the quarter, compared to analyst estimates of $1.40 billion. During the same period last year, the business earned $0.31 EPS. Fortinet’s revenue for the quarter was up 10.9% compared to the same quarter last year. Research analysts expect that Fortinet, Inc. will post 1.74 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on the stock. DZ Bank upgraded shares of Fortinet from a “sell” rating to a “hold” rating and set a $65.00 price objective for the company in a research report on Thursday, August 8th. Cantor Fitzgerald lifted their price target on shares of Fortinet from $55.00 to $65.00 and gave the company a “neutral” rating in a research report on Wednesday, August 7th. Royal Bank of Canada upped their price objective on Fortinet from $68.00 to $72.00 and gave the company a “sector perform” rating in a report on Wednesday, August 7th. Susquehanna raised their target price on Fortinet from $65.00 to $70.00 and gave the stock a “neutral” rating in a research note on Thursday, August 8th. Finally, Morgan Stanley decreased their price target on Fortinet from $73.00 to $69.00 and set an “overweight” rating on the stock in a research note on Wednesday, July 17th. Twenty-three investment analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $72.64.

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.