Fortinet, Inc. (NASDAQ:FTNT) Shares Sold by M&T Bank Corp

M&T Bank Corp trimmed its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 24.4% during the fourth quarter, Holdings Channel.com reports. The fund owned 34,196 shares of the software maker’s stock after selling 11,037 shares during the period. M&T Bank Corp’s holdings in Fortinet were worth $2,002,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Headinvest LLC acquired a new stake in shares of Fortinet in the third quarter valued at approximately $29,000. Atwood & Palmer Inc. acquired a new stake in Fortinet during the 4th quarter valued at $29,000. Annis Gardner Whiting Capital Advisors LLC purchased a new position in Fortinet during the third quarter worth $37,000. Rakuten Securities Inc. acquired a new position in shares of Fortinet in the fourth quarter worth $43,000. Finally, CVA Family Office LLC acquired a new stake in shares of Fortinet during the fourth quarter valued at $46,000. 83.71% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Fortinet

In other news, CEO Ken Xie sold 23,694 shares of the stock in a transaction 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 transaction, the chief executive officer now owns 48,625,005 shares in the company, valued at approximately $3,471,825,357. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, VP Michael Xie sold 24,710 shares of the business’s stock in a transaction that occurred on Thursday, May 2nd. The stock was 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 directly owns 10,867,018 shares in the company, valued at approximately $700,705,320.64. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, 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 value of $1,691,751.60. Following the transaction, the chief executive officer now owns 48,625,005 shares in the company, valued at approximately $3,471,825,357. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 118,480 shares of company stock valued at $8,021,556. 17.54% of the stock is currently owned by corporate insiders.

Fortinet Stock Performance

Shares of FTNT opened at $58.11 on Friday. The company has a market capitalization of $44.36 billion, a PE ratio of 37.98, a PEG ratio of 2.60 and a beta of 1.08. The company has a debt-to-equity ratio of 13.38, a quick ratio of 1.08 and a current ratio of 1.20. The company’s 50 day moving average price is $66.71 and its 200 day moving average price is $61.94. Fortinet, Inc. has a 52 week low of $44.12 and a 52 week high of $81.24.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings results on Thursday, May 2nd. The software maker reported $0.43 earnings per share for the quarter, topping analysts’ consensus estimates of $0.38 by $0.05. Fortinet had a net margin of 22.23% and a negative return on equity of 2,235.48%. The business had revenue of $1.35 billion for the quarter, compared to the consensus estimate of $1.34 billion. During the same period in the prior year, the business posted $0.29 earnings per share. Fortinet’s revenue for the quarter was up 7.2% compared to the same quarter last year. Research analysts expect that Fortinet, Inc. will post 1.4 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

FTNT has been the topic of several analyst reports. Barclays decreased their price target on shares of Fortinet from $80.00 to $75.00 and set an “equal weight” rating on the stock in a research note on Friday, May 3rd. HSBC lowered their price objective on Fortinet from $57.00 to $54.00 and set a “reduce” rating for the company in a research report on Friday, May 3rd. Stifel Nicolaus raised their price target on Fortinet from $52.00 to $78.00 and gave the stock a “hold” rating in a research note on Wednesday, February 7th. DZ Bank cut Fortinet from a “hold” rating to a “sell” rating and set a $60.00 price target for the company. in a report on Thursday, February 8th. Finally, Piper Sandler decreased their target price on shares of Fortinet from $75.00 to $70.00 and set a “neutral” rating on the stock in a research report on Friday, May 3rd. Two investment analysts have rated the stock with a sell rating, twenty have issued a hold rating and eleven have assigned a buy rating to the stock. According to data from MarketBeat.com, Fortinet has a consensus rating of “Hold” and an average target price of $70.37.

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.