Bangor Savings Bank Sells 675 Shares of Fortinet, Inc. $FTNT

Bangor Savings Bank decreased its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 3.0% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 21,945 shares of the software maker’s stock after selling 675 shares during the period. Bangor Savings Bank’s holdings in Fortinet were worth $2,320,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Saudi Central Bank bought a new position in Fortinet during the first quarter worth about $25,000. SJS Investment Consulting Inc. raised its stake in shares of Fortinet by 703.1% in the first quarter. SJS Investment Consulting Inc. now owns 257 shares of the software maker’s stock valued at $25,000 after acquiring an additional 225 shares during the last quarter. Clearstead Trust LLC bought a new position in shares of Fortinet in the first quarter valued at approximately $28,000. Caitong International Asset Management Co. Ltd raised its stake in shares of Fortinet by 2,184.6% in the first quarter. Caitong International Asset Management Co. Ltd now owns 297 shares of the software maker’s stock valued at $29,000 after acquiring an additional 284 shares during the last quarter. Finally, ORG Partners LLC raised its stake in shares of Fortinet by 47.5% in the first quarter. ORG Partners LLC now owns 348 shares of the software maker’s stock valued at $34,000 after acquiring an additional 112 shares during the last quarter. Institutional investors own 83.71% of the company’s stock.

Fortinet Price Performance

Shares of FTNT stock opened at $79.68 on Friday. Fortinet, Inc. has a 12-month low of $70.12 and a 12-month high of $114.82. The firm has a market capitalization of $61.06 billion, a price-to-earnings ratio of 31.75, a price-to-earnings-growth ratio of 3.05 and a beta of 1.12. The company has a quick ratio of 1.24, a current ratio of 1.33 and a debt-to-equity ratio of 0.24. The firm has a fifty day moving average of $89.66 and a 200-day moving average of $96.85.

Fortinet (NASDAQ:FTNT) last announced its quarterly earnings results on Wednesday, August 6th. The software maker reported $0.64 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.59 by $0.05. The company had revenue of $1.63 billion during the quarter, compared to analyst estimates of $1.63 billion. Fortinet had a net margin of 30.60% and a return on equity of 111.46%. The firm’s revenue was up 13.6% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.57 EPS. On average, equities research analysts forecast that Fortinet, Inc. will post 2.09 earnings per share for the current year.

Insiders Place Their Bets

In related news, VP Michael Xie sold 476,596 shares of the company’s stock in a transaction on Monday, August 4th. The shares were sold at an average price of $98.48, for a total value of $46,935,174.08. Following the completion of the transaction, the vice president directly owned 9,730,560 shares of the company’s stock, valued at approximately $958,265,548.80. This represents a 4.67% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Ken Xie sold 158,486 shares of the company’s stock in a transaction on Monday, August 4th. The stock was sold at an average price of $98.48, for a total transaction of $15,607,701.28. Following the completion of the transaction, 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. 17.20% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on the stock. Wells Fargo & Company cut their target price on shares of Fortinet from $110.00 to $85.00 and set an “equal weight” rating for the company in a research note on Thursday, August 7th. BMO Capital Markets cut their target price on shares of Fortinet from $110.00 to $90.00 and set a “market perform” rating for the company in a research note on Thursday, August 7th. Evercore ISI cut their target price on shares of Fortinet from $105.00 to $78.00 and set an “in-line” rating for the company in a research note on Friday, August 8th. Cowen lowered shares of Fortinet from a “buy” rating to a “hold” rating in a report on Thursday, August 7th. Finally, DZ Bank raised shares of Fortinet from a “hold” rating to a “buy” rating and set a $85.00 price target for the company in a report on Friday, August 8th. Two analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating, twenty-five have assigned a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $97.03.

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.