Stock Yards Bank & Trust Co. Trims Holdings in Fortinet, Inc. (NASDAQ:FTNT)

Stock Yards Bank & Trust Co. cut its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 14.2% during the fourth quarter, Holdings Channel reports. The institutional investor owned 3,630 shares of the software maker’s stock after selling 600 shares during the quarter. Stock Yards Bank & Trust Co.’s holdings in Fortinet were worth $212,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Headinvest LLC purchased a new stake in shares of Fortinet in the 3rd quarter worth about $29,000. Atwood & Palmer Inc. purchased a new stake in Fortinet during the 4th quarter valued at about $29,000. Annis Gardner Whiting Capital Advisors LLC purchased a new stake in Fortinet during the 3rd quarter valued at about $37,000. Rakuten Securities Inc. purchased a new stake in Fortinet during the 4th quarter valued at about $43,000. Finally, CVA Family Office LLC purchased a new stake in Fortinet during the 4th quarter valued at about $46,000. 83.71% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Fortinet

In other Fortinet news, CEO Ken Xie sold 23,694 shares of the stock in a transaction that occurred on Tuesday, March 12th. The shares were sold at an average price of $71.40, for a total transaction of $1,691,751.60. Following the completion of the sale, the chief executive officer now directly owns 48,625,005 shares of the company’s stock, valued at approximately $3,471,825,357. The sale was disclosed in a legal filing with the SEC, which is available at this link. In other Fortinet news, CEO Ken Xie sold 23,694 shares of the stock in a transaction that occurred on Tuesday, March 12th. The shares were sold at an average price of $71.40, for a total transaction of $1,691,751.60. Following the completion of the sale, the chief executive officer now directly owns 48,625,005 shares of the company’s stock, valued at approximately $3,471,825,357. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, VP Michael Xie sold 38,369 shares of the stock in a transaction that occurred on Friday, February 2nd. The shares were sold at an average price of $66.45, for a total transaction of $2,549,620.05. Following the sale, the vice president now directly owns 29,887,018 shares of the company’s stock, valued at $1,985,992,346.10. The disclosure for this sale can be found here. Insiders sold a total of 132,139 shares of company stock valued at $8,977,876 in the last three months. 17.54% of the stock is currently owned by corporate insiders.

Fortinet Price Performance

NASDAQ FTNT opened at $65.45 on Thursday. Fortinet, Inc. has a 12 month low of $44.12 and a 12 month high of $81.24. The stock has a market cap of $49.94 billion, a price-to-earnings ratio of 45.14, a PEG ratio of 2.88 and a beta of 1.08. The company’s 50 day moving average is $68.17 and its two-hundred day moving average is $61.70. The company has a current ratio of 1.19, a quick ratio of 1.06 and a debt-to-equity ratio of 13.38.

Fortinet (NASDAQ:FTNT) last released its earnings results on Monday, February 5th. The software maker reported $0.51 EPS for the quarter, topping analysts’ consensus estimates of $0.43 by $0.08. Fortinet had a net margin of 21.64% and a negative return on equity of 7,572.46%. The company had revenue of $1.42 billion for the quarter, compared to analysts’ expectations of $1.41 billion. During the same quarter last year, the business earned $0.38 EPS. The firm’s revenue was up 10.3% compared to the same quarter last year. As a group, research analysts anticipate that Fortinet, Inc. will post 1.39 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several analysts recently commented on FTNT shares. Mizuho increased their price objective on shares of Fortinet from $60.00 to $70.00 and gave the company a “neutral” rating in a research report on Wednesday, February 7th. Rosenblatt Securities reissued a “buy” rating and set a $85.00 price objective on shares of Fortinet in a research report on Wednesday, April 3rd. Wedbush increased their price objective on shares of Fortinet from $75.00 to $86.00 and gave the company an “outperform” rating in a research report on Wednesday, February 7th. UBS Group increased their price objective on shares of Fortinet from $55.00 to $65.00 and gave the company a “neutral” rating in a research report on Wednesday, January 10th. Finally, The Goldman Sachs Group upped their target price on shares of Fortinet from $60.00 to $85.00 and gave the company a “buy” rating in a research note on Thursday, February 8th. Two equities research analysts have rated the stock with a sell rating, twenty-one have assigned a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $72.19.

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.