Colonial Trust Co SC Has $157,000 Stock Position in Fortinet, Inc. (NASDAQ:FTNT)

Colonial Trust Co SC lifted its position in shares of Fortinet, Inc. (NASDAQ:FTNT) by 61.7% in the 4th quarter, HoldingsChannel reports. The institutional investor owned 1,665 shares of the software maker’s stock after purchasing an additional 635 shares during the quarter. Colonial Trust Co SC’s holdings in Fortinet were worth $157,000 at the end of the most recent quarter.

A number of other hedge funds have also bought and sold shares of the company. Edmond DE Rothschild Holding S.A. acquired a new stake in Fortinet during the fourth quarter worth approximately $27,000. Oarsman Capital Inc. grew its position in shares of Fortinet by 188.9% during the 4th quarter. Oarsman Capital Inc. now owns 416 shares of the software maker’s stock worth $39,000 after buying an additional 272 shares during the period. Graney & King LLC bought a new stake in shares of Fortinet in the 4th quarter valued at $43,000. Banque Transatlantique SA acquired a new position in shares of Fortinet during the 4th quarter valued at $43,000. Finally, Golden State Wealth Management LLC bought a new position in Fortinet during the fourth quarter worth $46,000. Institutional investors own 83.71% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have weighed in on the stock. DZ Bank downgraded shares of Fortinet from a “hold” rating to a “sell” rating and set a $95.00 price target for the company. in a research note on Tuesday. KeyCorp cut their price target on Fortinet from $120.00 to $115.00 and set an “overweight” rating on the stock in a report on Thursday. Citigroup boosted their price objective on Fortinet from $100.00 to $101.00 and gave the company a “neutral” rating in a report on Friday, January 17th. StockNews.com cut Fortinet from a “buy” rating to a “hold” rating in a report on Tuesday, April 1st. Finally, Raymond James restated a “market perform” rating on shares of Fortinet in a research note on Tuesday, January 14th. Two equities research analysts have rated the stock with a sell rating, nineteen have given a hold rating, eleven have assigned a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, Fortinet presently has a consensus rating of “Hold” and an average price target of $104.80.

Insider Buying and Selling at Fortinet

In related news, CFO Keith Jensen sold 17,660 shares of Fortinet stock in a transaction that occurred on Wednesday, February 26th. The shares were sold at an average price of $109.18, for a total value of $1,928,118.80. Following the completion of the transaction, the chief financial officer now directly owns 4,736 shares in the company, valued at approximately $517,076.48. The trade was a 78.85 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Ken Xie sold 206,000 shares of the business’s stock in a transaction on Monday, March 10th. The shares were sold at an average price of $96.93, for a total transaction of $19,967,580.00. Following the sale, the chief executive officer now directly owns 51,391,879 shares in the company, valued at $4,981,414,831.47. The trade was a 0.40 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 738,978 shares of company stock valued at $74,135,907. Company insiders own 18.00% of the company’s stock.

Fortinet Price Performance

Shares of NASDAQ:FTNT opened at $97.70 on Friday. The company has a market capitalization of $74.71 billion, a P/E ratio of 43.23, a price-to-earnings-growth ratio of 4.19 and a beta of 1.16. The company’s 50-day moving average is $98.44 and its 200 day moving average is $97.25. 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, Inc. has a fifty-two week low of $54.57 and a fifty-two week high of $114.82.

Fortinet (NASDAQ:FTNT) last released its earnings results on Wednesday, May 7th. The software maker reported $0.58 earnings per share for the quarter, beating analysts’ consensus estimates of $0.53 by $0.05. Fortinet had a net margin of 29.30% and a return on equity of 256.53%. The firm had revenue of $1.54 billion for the quarter, compared to analysts’ expectations of $1.54 billion. During the same period in the previous year, the company earned $0.43 earnings per share. The company’s quarterly revenue was up 13.8% on a year-over-year basis. On average, equities research analysts forecast that Fortinet, Inc. will post 2.09 earnings per share for the current year.

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.