Fortinet, Inc. (NASDAQ:FTNT) Shares Sold by Independence Bank of Kentucky

Independence Bank of Kentucky trimmed its position in shares of Fortinet, Inc. (NASDAQ:FTNT) by 31.6% during the fourth quarter, Holdings Channel reports. The firm owned 5,595 shares of the software maker’s stock after selling 2,585 shares during the quarter. Independence Bank of Kentucky’s holdings in Fortinet were worth $327,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of FTNT. Headinvest LLC acquired a new stake in Fortinet in the 3rd quarter valued at about $29,000. Atwood & Palmer Inc. purchased a new stake in shares of Fortinet in the fourth quarter valued at $29,000. Retirement Group LLC acquired a new position in Fortinet in the 4th quarter valued at about $30,000. Resurgent Financial Advisors LLC acquired a new position in shares of Fortinet in the fourth quarter valued at approximately $31,000. Finally, Annis Gardner Whiting Capital Advisors LLC purchased a new position in shares of Fortinet during the third quarter valued at approximately $37,000. Institutional investors and hedge funds own 83.71% of the company’s stock.

Insider Buying and Selling

In other news, CEO Ken Xie sold 46,733 shares of the company’s stock in a transaction that occurred on Tuesday, January 9th. The stock was sold at an average price of $60.12, for a total transaction of $2,809,587.96. Following the completion of the transaction, the chief executive officer now directly owns 51,701,091 shares of the company’s stock, valued at $3,108,269,590.92. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CEO Ken Xie sold 46,733 shares of the company’s stock in a transaction on Tuesday, January 9th. The stock was sold at an average price of $60.12, for a total transaction of $2,809,587.96. Following the completion of the transaction, the chief executive officer now directly owns 51,701,091 shares in the company, valued at approximately $3,108,269,590.92. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, VP Michael Xie sold 38,369 shares of the firm’s stock in a transaction on Friday, February 2nd. The shares were sold at an average price of $66.45, for a total value of $2,549,620.05. Following the completion of the sale, the vice president now owns 29,887,018 shares in the company, valued at $1,985,992,346.10. The disclosure for this sale can be found here. Insiders have sold a total of 154,880 shares of company stock worth $10,233,981 over the last quarter. 17.54% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on FTNT. StockNews.com cut Fortinet from a “buy” rating to a “hold” rating in a report on Monday, March 4th. Stifel Nicolaus boosted their target price on shares of Fortinet from $52.00 to $78.00 and gave the company a “hold” rating in a report on Wednesday, February 7th. JPMorgan Chase & Co. boosted their price objective on shares of Fortinet from $52.00 to $56.00 and gave the company a “neutral” rating in a research note on Monday, December 11th. Cantor Fitzgerald reaffirmed a “neutral” rating and issued a $75.00 target price (up from $50.00) on shares of Fortinet in a research report on Wednesday, February 7th. Finally, BMO Capital Markets boosted their price target on Fortinet from $70.00 to $82.00 and gave the company a “market perform” rating in a research report on Wednesday, February 7th. Two investment analysts have rated the stock with a sell rating, twenty-one have issued a hold rating and eleven have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $71.55.

Fortinet Stock Up 1.5 %

NASDAQ:FTNT opened at $68.85 on Wednesday. The stock has a 50-day simple moving average of $68.46 and a 200 day simple moving average of $60.83. Fortinet, Inc. has a one year low of $44.12 and a one year high of $81.24. The company has a market capitalization of $52.53 billion, a price-to-earnings ratio of 47.48, a price-to-earnings-growth ratio of 3.01 and a beta of 1.08. The company has a debt-to-equity ratio of 13.38, a quick ratio of 1.06 and a current ratio of 1.19.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings data on Monday, February 5th. The software maker reported $0.51 EPS for the quarter, topping analysts’ consensus estimates of $0.43 by $0.08. The firm had revenue of $1.42 billion during the quarter, compared to the consensus estimate of $1.41 billion. Fortinet had a net margin of 21.64% and a negative return on equity of 7,572.46%. The firm’s revenue was up 10.3% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.38 earnings per share. Sell-side analysts predict that Fortinet, Inc. will post 1.39 EPS for the current fiscal year.

Fortinet 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.