Fortinet, Inc. (NASDAQ:FTNT) Shares Sold by Atlantic Union Bankshares Corp

Atlantic Union Bankshares Corp lessened its stake in Fortinet, Inc. (NASDAQ:FTNT) by 16.4% in the 4th quarter, Holdings Channel reports. The firm owned 41,727 shares of the software maker’s stock after selling 8,185 shares during the period. Atlantic Union Bankshares Corp’s holdings in Fortinet were worth $3,942,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in FTNT. FMR LLC increased its holdings in Fortinet by 276.3% in the 3rd quarter. FMR LLC now owns 3,685,230 shares of the software maker’s stock valued at $285,790,000 after purchasing an additional 2,705,767 shares during the last quarter. Amundi increased its holdings in Fortinet by 36.7% in the 4th quarter. Amundi now owns 6,577,467 shares of the software maker’s stock valued at $631,700,000 after purchasing an additional 1,766,860 shares during the last quarter. Los Angeles Capital Management LLC increased its holdings in Fortinet by 136.0% in the 4th quarter. Los Angeles Capital Management LLC now owns 2,919,952 shares of the software maker’s stock valued at $275,877,000 after purchasing an additional 1,682,708 shares during the last quarter. State Street Corp increased its holdings in Fortinet by 2.9% in the 3rd quarter. State Street Corp now owns 27,281,279 shares of the software maker’s stock valued at $2,115,663,000 after purchasing an additional 766,135 shares during the last quarter. Finally, Raymond James Financial Inc. acquired a new stake in Fortinet in the 4th quarter valued at approximately $69,381,000. Institutional investors and hedge funds own 83.71% of the company’s stock.

Analysts Set New Price Targets

Several analysts recently weighed in on the stock. Bank of America lifted their target price on shares of Fortinet from $87.00 to $104.00 and gave the company a “buy” rating in a report on Tuesday, November 19th. The Goldman Sachs Group raised their price target on shares of Fortinet from $114.00 to $130.00 and gave the company a “buy” rating in a research report on Friday, February 7th. Stifel Nicolaus raised their price target on shares of Fortinet from $103.00 to $115.00 and gave the company a “hold” rating in a research report on Friday, February 7th. HSBC raised shares of Fortinet from a “hold” rating to a “buy” rating and raised their price target for the company from $83.00 to $111.00 in a research report on Monday, November 11th. Finally, Robert W. Baird reaffirmed a “neutral” rating and set a $112.00 price objective (up from $105.00) on shares of Fortinet in a research report on Monday, February 3rd. One investment analyst has rated the stock with a sell rating, twenty have given a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Fortinet has a consensus rating of “Hold” and an average target price of $103.72.

Fortinet Price Performance

Shares of NASDAQ:FTNT opened at $101.28 on Friday. The company has a quick ratio of 1.39, a current ratio of 1.47 and a debt-to-equity ratio of 0.67. The company has a market cap of $77.88 billion, a P/E ratio of 44.81, a PEG 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. The company has a 50-day moving average price of $101.95 and a 200 day moving average price of $90.64.

Fortinet (NASDAQ:FTNT) last released its earnings results on Thursday, February 6th. The software maker reported $0.67 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%. Research analysts predict that Fortinet, Inc. will post 2.09 earnings per share for the current year.

Insider Buying and Selling at Fortinet

In other Fortinet news, Director William H. Neukom bought 328 shares of Fortinet stock in a transaction on Thursday, March 6th. The stock was bought at an average price of $106.33 per share, with a total value of $34,876.24. Following the completion of the acquisition, the director now owns 300,006 shares in the company, valued at $31,899,637.98. The trade was a 0.11 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Keith Jensen sold 23,500 shares of the firm’s stock in a transaction on Wednesday, February 19th. The shares were sold at an average price of $113.56, for a total value of $2,668,660.00. Following the completion of the sale, the chief financial officer now directly owns 4,736 shares of the company’s stock, valued at approximately $537,820.16. This trade represents a 83.23 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 87,120 shares of company stock valued at $8,991,409. 18.00% of the stock is owned by company insiders.

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.