Fifth Third Bancorp Sells 214 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Fifth Third Bancorp trimmed its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 1.0% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 20,328 shares of the software maker’s stock after selling 214 shares during the period. Fifth Third Bancorp’s holdings in Fortinet were worth $1,921,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also added to or reduced their stakes in the company. First Hawaiian Bank bought a new position in shares of Fortinet during the fourth quarter valued at approximately $670,000. LVM Capital Management Ltd. MI lifted its position in Fortinet by 10.7% during the fourth quarter. LVM Capital Management Ltd. MI now owns 89,827 shares of the software maker’s stock valued at $8,487,000 after acquiring an additional 8,707 shares during the last quarter. Apollon Wealth Management LLC boosted its holdings in Fortinet by 7.6% in the third quarter. Apollon Wealth Management LLC now owns 15,296 shares of the software maker’s stock worth $1,186,000 after acquiring an additional 1,081 shares in the last quarter. Forsta AP Fonden grew its holdings in shares of Fortinet by 11.8% during the third quarter. Forsta AP Fonden now owns 135,500 shares of the software maker’s stock valued at $10,508,000 after buying an additional 14,300 shares during the last quarter. Finally, Quadrature Capital Ltd acquired a new stake in shares of Fortinet during the third quarter worth about $10,343,000. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Insider Buying and Selling

In other Fortinet news, Director William H. Neukom bought 355 shares of the business’s stock in a transaction dated Friday, December 6th. The stock was acquired at an average cost of $98.50 per share, with a total value of $34,967.50. Following the purchase, the director now owns 150,245 shares in the company, valued at approximately $14,799,132.50. This represents a 0.24 % increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO Keith Jensen sold 17,650 shares of the firm’s stock in a transaction that occurred on Tuesday, November 26th. The shares were sold at an average price of $95.66, for a total value of $1,688,399.00. Following the completion of 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 ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 67,860 shares of company stock valued at $6,469,056 over the last three months. 18.00% of the stock is currently owned by company insiders.

Fortinet Trading Up 3.2 %

NASDAQ FTNT opened at $99.83 on Wednesday. Fortinet, Inc. has a one year low of $54.57 and a one year high of $101.00. The firm has a market cap of $76.51 billion, a PE ratio of 50.42, a P/E/G ratio of 2.58 and a beta of 1.00. The firm’s fifty day moving average is $95.98 and its two-hundred day moving average is $82.45. The company has a debt-to-equity ratio of 1.09, a quick ratio of 1.25 and a current ratio of 1.34.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings results on Thursday, November 7th. The software maker reported $0.56 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.43 by $0.13. Fortinet had a return on equity of 973.30% and a net margin of 26.79%. The firm had revenue of $1.51 billion for the quarter, compared to analysts’ expectations of $1.48 billion. During the same quarter in the previous year, the firm posted $0.35 EPS. Analysts expect that Fortinet, Inc. will post 1.95 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on the company. Wells Fargo & Company lifted their price target on Fortinet from $80.00 to $85.00 and gave the company an “equal weight” rating in a research report on Tuesday, November 19th. Robert W. Baird boosted their price target on Fortinet from $95.00 to $100.00 and gave the stock an “outperform” rating in a research report on Tuesday, November 19th. TD Cowen upped their target price on Fortinet from $90.00 to $105.00 and gave the company a “buy” rating in a report on Tuesday, November 19th. Rosenblatt Securities lifted their price target on shares of Fortinet from $100.00 to $115.00 and gave the company a “buy” rating in a research report on Tuesday, January 21st. Finally, Cantor Fitzgerald increased their target price on shares of Fortinet from $88.00 to $95.00 and gave the stock a “neutral” rating in a research note on Tuesday, November 19th. One research analyst has rated the stock with a sell rating, seventeen have given a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $96.83.

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.