First Horizon Advisors Inc. Acquires 16,577 Shares of Fortinet, Inc. (NASDAQ:FTNT)

First Horizon Advisors Inc. raised its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 9.3% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 194,111 shares of the software maker’s stock after purchasing an additional 16,577 shares during the period. First Horizon Advisors Inc.’s holdings in Fortinet were worth $11,361,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also modified their holdings of the stock. Nordea Investment Management AB raised its position in Fortinet by 156.8% in the 3rd quarter. Nordea Investment Management AB now owns 9,441,059 shares of the software maker’s stock worth $554,945,000 after purchasing an additional 5,765,174 shares during the period. Morgan Stanley boosted its holdings in shares of Fortinet by 1.3% in the third quarter. Morgan Stanley now owns 8,664,124 shares of the software maker’s stock valued at $508,411,000 after purchasing an additional 108,548 shares during the period. Invesco Ltd. lifted its position in shares of Fortinet by 5.1% in the 3rd quarter. Invesco Ltd. now owns 5,595,608 shares of the software maker’s stock worth $328,350,000 after purchasing an additional 269,202 shares during the period. Charles Schwab Investment Management Inc. boosted its stake in shares of Fortinet by 4.2% during the third quarter. Charles Schwab Investment Management Inc. now owns 3,789,106 shares of the software maker’s stock valued at $222,345,000 after purchasing an additional 153,119 shares in the last quarter. Finally, Van ECK Associates Corp increased its holdings in Fortinet by 17.6% during the fourth quarter. Van ECK Associates Corp now owns 2,926,924 shares of the software maker’s stock valued at $171,313,000 after buying an additional 438,476 shares during the period. 83.71% of the stock is owned by institutional investors.

Fortinet Stock Performance

NASDAQ:FTNT traded down $6.32 during trading hours on Friday, reaching $58.88. 15,894,899 shares of the company’s stock were exchanged, compared to its average volume of 5,879,701. Fortinet, Inc. has a 1-year low of $44.12 and a 1-year high of $81.24. The company has a quick ratio of 1.06, a current ratio of 1.19 and a debt-to-equity ratio of 13.38. The firm has a market capitalization of $44.94 billion, a price-to-earnings ratio of 40.61, a P/E/G ratio of 2.82 and a beta of 1.08. The company has a 50-day moving average of $67.71 and a 200 day moving average of $61.90.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings results on Thursday, May 2nd. The software maker reported $0.43 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.38 by $0.05. Fortinet had a negative return on equity of 7,572.46% and a net margin of 21.64%. The firm had revenue of $1.35 billion for the quarter, compared to analysts’ expectations of $1.34 billion. During the same quarter in the previous year, the firm posted $0.29 EPS. The firm’s revenue for the quarter was up 7.2% on a year-over-year basis. Research analysts anticipate that Fortinet, Inc. will post 1.39 EPS for the current year.

Analyst Ratings Changes

FTNT has been the subject of a number of analyst reports. StockNews.com cut Fortinet from a “buy” rating to a “hold” rating in a research note on Thursday, April 18th. Rosenblatt Securities reaffirmed a “buy” rating and issued a $85.00 price objective on shares of Fortinet in a research report on Friday. DZ Bank lowered shares of Fortinet from a “hold” rating to a “sell” rating and set a $60.00 price target on the stock. in a report on Thursday, February 8th. Morgan Stanley lowered their price objective on Fortinet from $81.00 to $73.00 and set an “overweight” rating for the company in a research report on Friday. Finally, HSBC dropped their price target on Fortinet from $57.00 to $54.00 and set a “reduce” rating on the stock in a research note on Friday. Two analysts have rated the stock with a sell rating, twenty-one have given a hold rating and eleven have given a buy rating to the company’s stock. According to MarketBeat.com, Fortinet currently has a consensus rating of “Hold” and a consensus target price of $70.68.

Insider Transactions at Fortinet

In related news, VP Michael Xie sold 24,710 shares of the firm’s stock in a transaction dated Thursday, May 2nd. The shares were sold at an average price of $64.48, for a total value of $1,593,300.80. Following the completion of the sale, the vice president now owns 10,867,018 shares in the company, valued at $700,705,320.64. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In other Fortinet news, CEO Ken Xie sold 46,084 shares of the business’s stock in a transaction on Tuesday, February 13th. The shares were sold at an average price of $69.07, for a total transaction of $3,183,021.88. Following the sale, the chief executive officer now directly owns 51,813,638 shares in the company, valued at approximately $3,578,767,976.66. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Michael Xie sold 24,710 shares of the firm’s stock in a transaction dated Thursday, May 2nd. The shares were sold at an average price of $64.48, for a total transaction of $1,593,300.80. Following the completion of the sale, the vice president now owns 10,867,018 shares of the company’s stock, valued at approximately $700,705,320.64. The disclosure for this sale can be found here. In the last quarter, insiders sold 118,480 shares of company stock worth $8,021,556. Company insiders own 17.54% of the company’s stock.

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.