First Merchants Corp Has $8.74 Million Stock Holdings in Fortinet, Inc. (NASDAQ:FTNT)

First Merchants Corp increased its position in shares of Fortinet, Inc. (NASDAQ:FTNT) by 0.1% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 92,546 shares of the software maker’s stock after buying an additional 114 shares during the quarter. First Merchants Corp’s holdings in Fortinet were worth $8,744,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in FTNT. Fifth Third Wealth Advisors LLC raised its position in shares of Fortinet by 1.6% during the fourth quarter. Fifth Third Wealth Advisors LLC now owns 6,833 shares of the software maker’s stock worth $646,000 after purchasing an additional 107 shares during the period. Versant Capital Management Inc increased its stake in Fortinet by 13.1% during the 4th quarter. Versant Capital Management Inc now owns 1,106 shares of the software maker’s stock valued at $104,000 after purchasing an additional 128 shares in the last quarter. Diversified Trust Co raised its holdings in Fortinet by 0.6% during the fourth quarter. Diversified Trust Co now owns 23,852 shares of the software maker’s stock worth $2,254,000 after buying an additional 135 shares during the last quarter. Eagle Capital Management LLC grew its holdings in shares of Fortinet by 0.6% during the third quarter. Eagle Capital Management LLC now owns 25,772 shares of the software maker’s stock valued at $1,999,000 after buying an additional 141 shares during the last quarter. Finally, OneDigital Investment Advisors LLC increased its position in shares of Fortinet by 3.9% during the third quarter. OneDigital Investment Advisors LLC now owns 3,782 shares of the software maker’s stock worth $293,000 after acquiring an additional 141 shares in the last quarter. Institutional investors own 83.71% of the company’s stock.

Analysts Set New Price Targets

FTNT has been the topic of several recent research reports. Baird R W cut shares of Fortinet from a “strong-buy” rating to a “hold” rating in a research report on Monday, February 3rd. UBS Group lifted their target price on Fortinet from $70.00 to $83.00 and gave the company a “neutral” rating in a research report on Friday, November 8th. Susquehanna upped their price target on Fortinet from $90.00 to $110.00 and gave the stock a “neutral” rating in a report on Monday. Mizuho raised their price objective on Fortinet from $68.00 to $78.00 and gave the company an “underperform” rating in a research note on Friday, December 13th. Finally, Barclays upped their target price on shares of Fortinet from $85.00 to $95.00 and gave the stock an “equal weight” rating in a research note on Friday, November 8th. One research analyst has rated the stock with a sell rating, nineteen have issued a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $103.72.

Fortinet Stock Performance

Shares of FTNT stock opened at $109.98 on Friday. The firm’s 50 day moving average is $98.35 and its 200 day moving average is $85.99. The stock has a market capitalization of $84.29 billion, a P/E ratio of 48.66, a PEG ratio of 2.75 and a beta of 1.01. Fortinet, Inc. has a 12 month low of $54.57 and a 12 month high of $110.99. The company has a current ratio of 1.34, a quick ratio of 1.25 and a debt-to-equity ratio of 1.09.

Fortinet (NASDAQ:FTNT) last issued its earnings results on Thursday, February 6th. The software maker reported $0.67 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.60 by $0.07. Fortinet had a net margin of 29.30% and a return on equity of 463.85%. On average, sell-side analysts anticipate that Fortinet, Inc. will post 2.05 earnings per share for the current year.

Insider Buying and Selling

In other news, CEO Ken Xie sold 23,044 shares of the business’s stock in a transaction on Wednesday, January 15th. The shares were sold at an average price of $93.32, for a total transaction of $2,150,466.08. Following the completion of the transaction, the chief executive officer now directly owns 49,039,698 shares in the company, valued at $4,576,384,617.36. The trade was a 0.05 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director William H. Neukom acquired 355 shares of the stock in a transaction that occurred on Friday, December 6th. The stock was acquired at an average price of $98.50 per share, for a total transaction of $34,967.50. Following the transaction, the director now directly owns 150,245 shares of the company’s stock, valued at $14,799,132.50. This represents a 0.24 % increase in their position. The disclosure for this purchase can be found here. In the last quarter, insiders have sold 67,860 shares of company stock valued at $6,469,056. Corporate insiders own 18.00% of the company’s stock.

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.