Truist Financial Corp Buys 6,914 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Truist Financial Corp boosted its position in shares of Fortinet, Inc. (NASDAQ:FTNT) by 17.5% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 46,429 shares of the software maker’s stock after purchasing an additional 6,914 shares during the period. Truist Financial Corp’s holdings in Fortinet were worth $4,387,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. FMR LLC grew its holdings in shares of Fortinet by 276.3% during the third quarter. FMR LLC now owns 3,685,230 shares of the software maker’s stock worth $285,790,000 after buying an additional 2,705,767 shares in the last quarter. Los Angeles Capital Management LLC boosted its position in Fortinet by 3,155.6% during the 3rd quarter. Los Angeles Capital Management LLC now owns 1,237,244 shares of the software maker’s stock worth $95,948,000 after acquiring an additional 1,199,241 shares during the last quarter. State Street Corp grew its stake in shares of Fortinet by 2.9% during the 3rd quarter. State Street Corp now owns 27,281,279 shares of the software maker’s stock worth $2,115,663,000 after acquiring an additional 766,135 shares in the last quarter. Worldquant Millennium Advisors LLC raised its holdings in shares of Fortinet by 98.9% in the third quarter. Worldquant Millennium Advisors LLC now owns 1,457,858 shares of the software maker’s stock valued at $113,057,000 after purchasing an additional 724,887 shares during the last quarter. Finally, AustralianSuper Pty Ltd lifted its position in shares of Fortinet by 1,084.1% in the fourth quarter. AustralianSuper Pty Ltd now owns 657,311 shares of the software maker’s stock worth $62,103,000 after purchasing an additional 601,801 shares in the last quarter. Institutional investors and hedge funds own 83.71% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts recently weighed in on FTNT shares. Rosenblatt Securities raised their target price on shares of Fortinet from $115.00 to $125.00 and gave the company a “buy” rating in a research report on Friday, February 7th. Royal Bank of Canada lifted their target price on Fortinet from $97.00 to $115.00 and gave the company a “sector perform” rating in a research report on Friday, February 7th. BMO Capital Markets increased their price target on Fortinet from $88.00 to $100.00 and gave the company a “market perform” rating in a research report on Tuesday, November 19th. Barclays boosted their price target on Fortinet from $85.00 to $95.00 and gave the stock an “equal weight” rating in a research report on Friday, November 8th. Finally, Stifel Nicolaus increased their price objective on Fortinet from $103.00 to $115.00 and gave the company a “hold” rating in a report on Friday, February 7th. One analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $103.72.

Fortinet Trading Down 3.7 %

Shares of Fortinet stock opened at $110.02 on Monday. Fortinet, Inc. has a 52-week low of $54.57 and a 52-week high of $114.82. The stock has a market cap of $84.32 billion, a PE ratio of 48.68, a PEG ratio of 4.19 and a beta of 1.01. The firm has a 50-day moving average of $100.12 and a 200-day moving average of $88.67. The company has a debt-to-equity ratio of 0.67, a quick ratio of 1.39 and a current ratio of 1.47.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings data 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 256.53%. As a group, sell-side analysts forecast that Fortinet, Inc. will post 2.09 EPS for the current year.

Insider Buying and Selling

In related news, CEO Ken Xie sold 23,044 shares of the business’s stock in a transaction dated Wednesday, January 15th. The stock was sold at an average price of $93.32, for a total value of $2,150,466.08. Following the completion of the transaction, the chief executive officer now owns 49,039,698 shares of the company’s stock, valued at $4,576,384,617.36. The trade was a 0.05 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Keith Jensen sold 17,650 shares of the company’s stock in a transaction dated Tuesday, November 26th. The stock was sold at an average price of $95.66, for a total transaction of $1,688,399.00. Following the sale, the chief financial officer now directly owns 4,689 shares of the company’s stock, valued at $448,549.74. This represents a 79.01 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 87,110 shares of company stock valued at $8,751,689 over the last 90 days. 18.00% of the stock is owned by corporate insiders.

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.