Fortinet, Inc. (NASDAQ:FTNT) Shares Acquired by Cullen Frost Bankers Inc.

Cullen Frost Bankers Inc. raised its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 1.8% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 15,726 shares of the software maker’s stock after acquiring an additional 272 shares during the period. Cullen Frost Bankers Inc.’s holdings in Fortinet were worth $1,514,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of the company. Ritholtz Wealth Management raised its holdings in shares of Fortinet by 38.4% during the first quarter. Ritholtz Wealth Management now owns 6,794 shares of the software maker’s stock valued at $654,000 after buying an additional 1,885 shares during the last quarter. Dynamic Advisor Solutions LLC acquired a new position in Fortinet in the first quarter worth about $216,000. Wealth Enhancement Advisory Services LLC grew its stake in Fortinet by 40.8% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 131,411 shares of the software maker’s stock worth $12,650,000 after buying an additional 38,080 shares during the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp boosted its stake in Fortinet by 14.9% in the fourth quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 124,501 shares of the software maker’s stock valued at $11,763,000 after acquiring an additional 16,139 shares during the last quarter. Finally, GAMMA Investing LLC boosted its position in shares of Fortinet by 18.9% during the first quarter. GAMMA Investing LLC now owns 20,025 shares of the software maker’s stock worth $1,928,000 after purchasing an additional 3,189 shares in the last quarter. Institutional investors and hedge funds own 83.71% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the stock. Jefferies Financial Group cut their price target on shares of Fortinet from $115.00 to $105.00 and set a “hold” rating for the company in a report on Monday, March 31st. DZ Bank raised shares of Fortinet from a “strong sell” rating to a “hold” rating in a report on Thursday, May 8th. KeyCorp cut their price objective on shares of Fortinet from $120.00 to $115.00 and set an “overweight” rating for the company in a report on Thursday, May 8th. Wolfe Research initiated coverage on shares of Fortinet in a report on Monday, May 12th. They issued a “peer perform” rating for the company. Finally, Scotiabank reduced their target price on Fortinet from $135.00 to $115.00 and set a “sector outperform” rating for the company in a research note on Thursday, May 8th. One equities research analyst has rated the stock with a sell rating, twenty have given a hold rating, twelve have given a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $106.48.

Fortinet Stock Performance

FTNT stock opened at $104.92 on Friday. The company has a quick ratio of 1.29, a current ratio of 1.36 and a debt-to-equity ratio of 0.25. Fortinet, Inc. has a 12-month low of $54.57 and a 12-month high of $114.82. The firm has a market cap of $80.31 billion, a PE ratio of 43.18, a P/E/G ratio of 3.57 and a beta of 1.06. The business has a 50 day moving average of $103.14 and a 200-day moving average of $101.18.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings data on Wednesday, May 7th. The software maker reported $0.58 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.53 by $0.05. Fortinet had a net margin of 30.60% and a return on equity of 148.79%. The firm had revenue of $1.54 billion during the quarter, compared to the consensus estimate of $1.54 billion. During the same quarter in the previous year, the firm posted $0.43 EPS. The company’s revenue for the quarter was up 13.8% compared to the same quarter last year. As a group, sell-side analysts expect that Fortinet, Inc. will post 2.09 earnings per share for the current year.

Insider Buying and Selling

In other news, Director William H. Neukom acquired 335 shares of the business’s stock in a transaction on 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 transaction, the director owned 301,471 shares in the company, valued at $31,419,307.62. This represents a 0.11% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Ken Xie sold 158,488 shares of the stock in a transaction dated Friday, May 2nd. The shares were sold at an average price of $106.10, for a total transaction of $16,815,576.80. Following the completion of the sale, the chief executive officer directly owned 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 Company 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.