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

Atlantic Union Bankshares Corp boosted its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 17.4% during the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 48,305 shares of the software maker’s stock after buying an additional 7,166 shares during the period. Atlantic Union Bankshares Corp’s holdings in Fortinet were worth $2,911,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in the stock. Winthrop Capital Management LLC purchased a new stake in shares of Fortinet during the 1st quarter valued at approximately $25,000. Rise Advisors LLC raised its position in Fortinet by 135.6% in the first quarter. Rise Advisors LLC now owns 377 shares of the software maker’s stock valued at $26,000 after purchasing an additional 217 shares during the period. Vima LLC acquired a new position in shares of Fortinet in the 4th quarter valued at $25,000. Oakworth Capital Inc. purchased a new position in shares of Fortinet during the 2nd quarter worth $33,000. Finally, Creekmur Asset Management LLC acquired a new stake in shares of Fortinet during the 4th quarter worth about $32,000. 83.71% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other Fortinet news, CEO Ken Xie sold 23,693 shares of Fortinet stock in a transaction that occurred on Wednesday, August 14th. The stock was sold at an average price of $73.06, for a total transaction of $1,731,010.58. Following the transaction, the chief executive officer now owns 48,842,522 shares of the company’s stock, valued at $3,568,434,657.32. The transaction was disclosed in a filing with the SEC, which is available at this link. In other Fortinet news, Director William H. Neukom bought 586 shares of the firm’s stock in a transaction dated Thursday, June 6th. The stock was acquired at an average price of $59.55 per share, for a total transaction of $34,896.30. Following the completion of the purchase, the director now owns 295,778 shares of the company’s stock, valued at $17,613,579.90. The acquisition was disclosed in a filing with the SEC, which is available through this link. Also, CEO Ken Xie sold 23,693 shares of the business’s stock in a transaction dated Wednesday, August 14th. The shares were sold at an average price of $73.06, for a total value of $1,731,010.58. Following the completion of the transaction, the chief executive officer now owns 48,842,522 shares in the company, valued at approximately $3,568,434,657.32. The disclosure for this sale can be found here. In the last three months, insiders sold 115,608 shares of company stock valued at $7,132,649. Insiders own 18.00% of the company’s stock.

Wall Street Analysts Forecast Growth

FTNT has been the subject of several research analyst reports. Wells Fargo & Company increased their target price on shares of Fortinet from $62.00 to $64.00 and gave the stock an “equal weight” rating in a research note on Wednesday, August 7th. Evercore ISI dropped their target price on shares of Fortinet from $72.00 to $67.00 and set an “in-line” rating for the company in a report on Friday, May 3rd. Susquehanna boosted their target price on Fortinet from $65.00 to $70.00 and gave the company a “neutral” rating in a research report on Thursday, August 8th. Royal Bank of Canada raised their price target on Fortinet from $68.00 to $72.00 and gave the stock a “sector perform” rating in a research report on Wednesday, August 7th. Finally, DZ Bank upgraded Fortinet from a “sell” rating to a “hold” rating and set a $65.00 price objective on the stock in a report on Thursday, August 8th. Twenty-three analysts have rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $71.31.

Fortinet Stock Up 0.3 %

Shares of Fortinet stock opened at $74.73 on Friday. The firm has a market capitalization of $57.09 billion, a P/E ratio of 48.84, a P/E/G ratio of 2.79 and a beta of 0.98. Fortinet, Inc. has a 52 week low of $44.12 and a 52 week high of $76.31. The firm’s 50 day moving average is $62.38 and its two-hundred day moving average is $64.27.

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 22.23% and a negative return on equity of 2,235.48%. 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. As a group, research analysts expect that Fortinet, Inc. will post 1.47 earnings per share for the current fiscal 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.