PNC Financial Services Group Inc. Acquires 8,389 Shares of Fortinet, Inc. (NASDAQ:FTNT)

PNC Financial Services Group Inc. lifted its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 1.7% in the 4th quarter, HoldingsChannel.com reports. The fund owned 508,078 shares of the software maker’s stock after buying an additional 8,389 shares during the period. PNC Financial Services Group Inc.’s holdings in Fortinet were worth $48,003,000 at the end of the most recent quarter.

Several other hedge funds have also recently made changes to their positions in the business. State Street Corp increased its position 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 buying an additional 766,135 shares in the last quarter. Geode Capital Management LLC increased its position in Fortinet by 2.4% in the 3rd quarter. Geode Capital Management LLC now owns 14,883,012 shares of the software maker’s stock valued at $1,151,097,000 after buying an additional 354,692 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in Fortinet by 10.3% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,787,931 shares of the software maker’s stock valued at $448,854,000 after buying an additional 542,727 shares in the last quarter. Charles Schwab Investment Management Inc. increased its position in Fortinet by 4.1% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 3,974,625 shares of the software maker’s stock valued at $375,523,000 after buying an additional 156,766 shares in the last quarter. Finally, FMR LLC increased its position 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 buying an additional 2,705,767 shares in the last quarter. 83.71% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on FTNT. Wells Fargo & Company boosted their target price on Fortinet from $85.00 to $105.00 and gave the company an “equal weight” rating in a research report on Friday, February 7th. BMO Capital Markets boosted their target price on Fortinet from $88.00 to $100.00 and gave the company a “market perform” rating in a research report on Tuesday, November 19th. Raymond James reissued a “market perform” rating on shares of Fortinet in a report on Tuesday, January 14th. Deutsche Bank Aktiengesellschaft boosted their price objective on Fortinet from $77.00 to $90.00 and gave the stock a “hold” rating in a report on Tuesday, November 19th. Finally, KeyCorp raised Fortinet from a “sector weight” rating to an “overweight” rating and set a $115.00 price objective for the company in a report on Thursday, December 19th. One research analyst has rated the stock with a sell rating, twenty have issued a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $103.72.

Fortinet Trading Down 0.4 %

NASDAQ:FTNT opened at $101.28 on Monday. The company has a market cap of $77.88 billion, a P/E ratio of 44.81, a P/E/G ratio of 4.19 and a beta of 0.97. Fortinet, Inc. has a 1 year low of $54.57 and a 1 year high of $114.82. The stock’s fifty day moving average price is $102.06 and its two-hundred day moving average price is $91.04. The company has a debt-to-equity ratio of 0.67, a current ratio of 1.47 and a quick ratio of 1.39.

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

Insider Transactions at Fortinet

In related news, CFO Keith Jensen sold 17,660 shares of the stock in a transaction on Wednesday, February 26th. The stock was sold at an average price of $109.18, for a total value of $1,928,118.80. Following the transaction, the chief financial officer now owns 4,736 shares of the company’s stock, valued at $517,076.48. This represents a 78.85 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director William H. Neukom bought 328 shares of Fortinet stock in a transaction that occurred on Thursday, March 6th. The stock was purchased at an average cost of $106.33 per share, for a total transaction of $34,876.24. Following the purchase, the director now owns 300,006 shares of the company’s stock, valued at $31,899,637.98. The trade was a 0.11 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last quarter, insiders have sold 87,120 shares of company stock valued at $8,991,409. 18.00% of the stock is currently owned by company insiders.

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.