First United Bank & Trust Sells 375 Shares of Fortinet, Inc. (NASDAQ:FTNT)

First United Bank & Trust trimmed its stake in Fortinet, Inc. (NASDAQ:FTNT) by 1.9% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 19,185 shares of the software maker’s stock after selling 375 shares during the period. First United Bank & Trust’s holdings in Fortinet were worth $1,847,000 at the end of the most recent reporting period.

Several other large investors have also bought and sold shares of FTNT. Eagle Capital Management LLC grew its position in shares of Fortinet by 1.6% during the 4th quarter. Eagle Capital Management LLC now owns 26,176 shares of the software maker’s stock worth $2,473,000 after buying an additional 404 shares during the period. Brighton Jones LLC increased its position in Fortinet by 2.2% in the 4th quarter. Brighton Jones LLC now owns 10,327 shares of the software maker’s stock valued at $976,000 after buying an additional 221 shares in the last quarter. Golden State Wealth Management LLC bought a new stake in Fortinet in the 4th quarter valued at about $46,000. Kestra Private Wealth Services LLC raised its stake in Fortinet by 117.8% during the 4th quarter. Kestra Private Wealth Services LLC now owns 13,953 shares of the software maker’s stock worth $1,318,000 after buying an additional 7,547 shares during the period. Finally, Soltis Investment Advisors LLC bought a new position in Fortinet in the fourth quarter worth approximately $207,000. 83.71% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other news, Director William H. Neukom bought 335 shares of the stock in a transaction dated Friday, June 6th. The stock was bought at an average price of $104.22 per share, for a total transaction of $34,913.70. Following the purchase, the director now directly owns 301,471 shares in the company, valued at $31,419,307.62. This trade represents a 0.11% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Ken Xie sold 158,488 shares of the company’s stock in a transaction on Friday, May 2nd. The stock was sold at an average price of $106.10, for a total value of $16,815,576.80. Following the completion of the sale, the chief executive officer now directly owns 51,391,879 shares in the company, valued at approximately $5,452,678,361.90. The trade was a 0.31% decrease in their ownership of the stock. The disclosure for this sale can be found here. 17.20% of the stock is currently owned by company insiders.

Fortinet Stock Up 0.4%

Shares of Fortinet stock opened at $102.02 on Thursday. The company has a debt-to-equity ratio of 0.67, a quick ratio of 1.39 and a current ratio of 1.47. Fortinet, Inc. has a 52-week low of $54.57 and a 52-week high of $114.82. The company’s 50 day moving average price is $100.85 and its 200-day moving average price is $99.97. The stock has a market capitalization of $78.09 billion, a price-to-earnings ratio of 45.14, a P/E/G ratio of 4.19 and a beta of 1.06.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings data on Wednesday, May 7th. The software maker reported $0.58 earnings per share for the quarter, topping analysts’ consensus estimates of $0.53 by $0.05. Fortinet had a return on equity of 256.53% and a net margin of 29.30%. The firm had revenue of $1.54 billion for the quarter, compared to analyst estimates of $1.54 billion. During the same period last year, the company earned $0.43 EPS. The business’s quarterly revenue was up 13.8% compared to the same quarter last year. Equities research analysts forecast that Fortinet, Inc. will post 2.09 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on FTNT shares. Stifel Nicolaus lowered their target price on shares of Fortinet from $115.00 to $95.00 and set a “hold” rating on the stock in a report on Thursday, May 8th. Wolfe Research assumed coverage on shares of Fortinet in a research note on Monday, May 12th. They set a “peer perform” rating for the company. Morgan Stanley dropped their price objective on shares of Fortinet from $123.00 to $105.00 and set an “overweight” rating on the stock in a report on Wednesday, April 16th. Royal Bank of Canada cut their price target on Fortinet from $110.00 to $105.00 and set a “sector perform” rating for the company in a report on Thursday, May 8th. Finally, BMO Capital Markets reduced their price target on Fortinet from $122.00 to $110.00 and set a “market perform” rating for the company in a research report on Thursday, May 8th. One analyst has rated the stock with a sell rating, twenty have given a hold rating, twelve have given a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $104.80.

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.