First United Bank & Trust Has $1.37 Million Stock Position in Fortinet, Inc. (NASDAQ:FTNT)

First United Bank & Trust reduced its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 5.0% in the 3rd quarter, according to the company in its most recent filing with the SEC. The firm owned 4,677 shares of the software maker’s stock after selling 245 shares during the quarter. First United Bank & Trust’s holdings in Fortinet were worth $1,366,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in FTNT. Amundi Pioneer Asset Management Inc. increased its position in Fortinet by 5.4% in the 1st quarter. Amundi Pioneer Asset Management Inc. now owns 52,725 shares of the software maker’s stock valued at $4,429,000 after acquiring an additional 2,678 shares during the period. Cubist Systematic Strategies LLC increased its position in shares of Fortinet by 15.5% during the first quarter. Cubist Systematic Strategies LLC now owns 8,908 shares of the software maker’s stock worth $1,643,000 after buying an additional 1,196 shares during the period. Baker Tilly Wealth Management LLC increased its position in shares of Fortinet by 19.1% during the first quarter. Baker Tilly Wealth Management LLC now owns 2,465 shares of the software maker’s stock worth $455,000 after buying an additional 395 shares during the period. B. Metzler seel. Sohn & Co. Holding AG increased its position in shares of Fortinet by 29.5% during the first quarter. B. Metzler seel. Sohn & Co. Holding AG now owns 8,613 shares of the software maker’s stock worth $1,588,000 after buying an additional 1,963 shares during the period. Finally, Advisor Partners LLC increased its position in shares of Fortinet by 14.2% during the first quarter. Advisor Partners LLC now owns 5,425 shares of the software maker’s stock worth $1,000,000 after buying an additional 676 shares during the period. Hedge funds and other institutional investors own 68.86% of the company’s stock.

Several equities research analysts have recently weighed in on FTNT shares. Oppenheimer increased their price objective on shares of Fortinet from $345.00 to $400.00 and gave the stock an “outperform” rating in a research report on Friday, November 5th. William Blair reiterated an “outperform” rating on shares of Fortinet in a research report on Friday, November 5th. Stifel Nicolaus began coverage on shares of Fortinet in a research report on Tuesday, September 21st. They set a “buy” rating and a $355.00 price objective for the company. Royal Bank of Canada increased their target price on shares of Fortinet from $248.00 to $347.00 and gave the stock a “sector perform” rating in a research note on Friday, November 5th. Finally, Cowen increased their target price on shares of Fortinet from $385.00 to $425.00 and gave the stock an “outperform” rating in a research note on Friday, November 5th. Three research analysts have rated the stock with a sell rating, nine have assigned a hold rating and fourteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $308.09.

Shares of FTNT stock opened at $333.24 on Thursday. The firm has a 50-day moving average of $320.41 and a 200-day moving average of $281.61. The company has a market cap of $54.48 billion, a P/E ratio of 100.37, a P/E/G ratio of 8.00 and a beta of 1.13. The company has a debt-to-equity ratio of 0.87, a current ratio of 1.80 and a quick ratio of 1.72. Fortinet, Inc. has a one year low of $119.00 and a one year high of $355.35.

Fortinet (NASDAQ:FTNT) last announced its earnings results on Thursday, November 4th. The software maker reported $0.99 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.94 by $0.05. The company had revenue of $867.20 million during the quarter, compared to the consensus estimate of $812.21 million. Fortinet had a net margin of 17.74% and a return on equity of 47.46%. The firm’s revenue for the quarter was up 33.2% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.58 earnings per share. As a group, research analysts expect that Fortinet, Inc. will post 2.85 earnings per share for the current fiscal year.

In related news, VP Michael Xie sold 2,088 shares of the firm’s stock in a transaction dated Tuesday, November 2nd. The shares were sold at an average price of $327.80, for a total transaction of $684,446.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP John Whittle sold 2,411 shares of the firm’s stock in a transaction dated Tuesday, September 21st. The stock was sold at an average price of $302.00, for a total transaction of $728,122.00. The disclosure for this sale can be found here. In the last quarter, insiders sold 10,870 shares of company stock valued at $3,546,234. 18.60% of the stock is currently owned by corporate insiders.

Fortinet Profile

Fortinet, Inc provides cybersecurity solutions to variety of business, such as enterprises, communication service providers and small businesses. It operates through the following segments: Network Security; Infrastructure Security; Cloud Security; and Endpoint Protection, Internet of Things and Operational Technology.

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Institutional Ownership by Quarter for Fortinet (NASDAQ:FTNT)

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