First National Bank of Mount Dora Trust Investment Services Purchases 1,198 Shares of Fortinet, Inc. $FTNT

First National Bank of Mount Dora Trust Investment Services raised its stake in Fortinet, Inc. (NASDAQ:FTNT) by 2.2% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 54,832 shares of the software maker’s stock after purchasing an additional 1,198 shares during the quarter. First National Bank of Mount Dora Trust Investment Services’ holdings in Fortinet were worth $5,797,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently bought and sold shares of the stock. Vanguard Group Inc. grew its stake in Fortinet by 5.2% in the first quarter. Vanguard Group Inc. now owns 71,662,404 shares of the software maker’s stock valued at $6,898,223,000 after purchasing an additional 3,546,934 shares in the last quarter. Invesco Ltd. grew its stake in Fortinet by 2.2% in the first quarter. Invesco Ltd. now owns 8,570,528 shares of the software maker’s stock valued at $824,999,000 after purchasing an additional 181,835 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in Fortinet by 17.1% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 7,016,467 shares of the software maker’s stock valued at $675,405,000 after purchasing an additional 1,026,277 shares in the last quarter. Northern Trust Corp grew its stake in Fortinet by 0.8% in the first quarter. Northern Trust Corp now owns 6,519,558 shares of the software maker’s stock valued at $627,573,000 after purchasing an additional 49,238 shares in the last quarter. Finally, AQR Capital Management LLC grew its stake in Fortinet by 40.9% in the first quarter. AQR Capital Management LLC now owns 5,971,648 shares of the software maker’s stock valued at $561,156,000 after purchasing an additional 1,733,670 shares in the last quarter. 83.71% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of research firms have weighed in on FTNT. DZ Bank upgraded Fortinet from a “hold” rating to a “buy” rating and set a $85.00 price target for the company in a research note on Friday, August 8th. Stifel Nicolaus cut their price objective on Fortinet from $95.00 to $85.00 and set a “hold” rating for the company in a research report on Thursday, August 7th. Erste Group Bank cut Fortinet from a “buy” rating to a “hold” rating in a research report on Thursday, August 14th. UBS Group cut their price objective on Fortinet from $105.00 to $90.00 and set a “neutral” rating for the company in a research report on Thursday, August 7th. Finally, Truist Financial cut their price objective on Fortinet from $125.00 to $95.00 and set a “buy” rating for the company in a research report on Thursday, August 7th. Two research analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating, twenty-six have assigned a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average price target of $97.03.

Fortinet Stock Performance

NASDAQ:FTNT opened at $83.14 on Friday. The stock has a market cap of $63.71 billion, a P/E ratio of 33.12, a PEG ratio of 3.15 and a beta of 1.09. The stock has a 50 day simple moving average of $81.07 and a 200 day simple moving average of $94.19. The company has a current ratio of 1.33, a quick ratio of 1.24 and a debt-to-equity ratio of 0.24. Fortinet, Inc. has a 1-year low of $70.12 and a 1-year high of $114.82.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings results on Wednesday, August 6th. The software maker reported $0.64 earnings per share for the quarter, topping the consensus estimate of $0.59 by $0.05. The business had revenue of $1.63 billion during the quarter, compared to analysts’ expectations of $1.63 billion. Fortinet had a return on equity of 111.46% and a net margin of 30.60%.The firm’s revenue for the quarter was up 13.6% compared to the same quarter last year. During the same period last year, the firm posted $0.57 EPS. Research analysts anticipate that Fortinet, Inc. will post 2.09 earnings per share for the current year.

Insider Activity at Fortinet

In related news, VP Michael Xie sold 476,596 shares of Fortinet stock in a transaction that occurred on Monday, August 4th. The stock was sold at an average price of $98.48, for a total transaction of $46,935,174.08. Following the completion of the sale, the vice president directly owned 9,730,560 shares of the company’s stock, valued at approximately $958,265,548.80. This trade represents a 4.67% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Ken Xie sold 158,486 shares of Fortinet stock in a transaction that occurred on Monday, August 4th. The stock was sold at an average price of $98.48, for a total value of $15,607,701.28. Following the sale, the chief executive officer directly owned 51,391,879 shares of the company’s stock, valued at approximately $5,061,072,243.92. The trade was a 0.31% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 17.20% 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.