First National Bank of Mount Dora Trust Investment Services Has $5.80 Million Stock Holdings in 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 2nd quarter, Holdings Channel.com reports. The fund owned 54,832 shares of the software maker’s stock after buying 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.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Saudi Central Bank acquired a new position in Fortinet in the 1st quarter valued at $25,000. Clearstead Trust LLC acquired a new position in Fortinet in the 1st quarter valued at $28,000. Caitong International Asset Management Co. Ltd raised its holdings in Fortinet by 2,184.6% in the 1st 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 in the last quarter. ORG Partners LLC raised its holdings in Fortinet by 47.5% in the 1st quarter. ORG Partners LLC now owns 348 shares of the software maker’s stock valued at $34,000 after acquiring an additional 112 shares in the last quarter. Finally, E Fund Management Hong Kong Co. Ltd. raised its holdings in Fortinet by 41.4% in the 2nd quarter. E Fund Management Hong Kong Co. Ltd. now owns 355 shares of the software maker’s stock valued at $38,000 after acquiring an additional 104 shares in the last quarter. 83.71% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on FTNT shares. JPMorgan Chase & Co. decreased their price target on Fortinet from $105.00 to $87.00 and set a “neutral” rating on the stock in a research note on Thursday, August 7th. Cowen lowered Fortinet from a “buy” rating to a “hold” rating in a research note on Thursday, August 7th. Weiss Ratings restated a “hold (c+)” rating on shares of Fortinet in a research report on Wednesday, October 8th. Barclays reduced their price objective on Fortinet from $110.00 to $90.00 and set an “equal weight” rating on the stock in a research report on Thursday, August 7th. Finally, UBS Group cut their target price on Fortinet from $105.00 to $90.00 and set a “neutral” rating on the stock in a report on Thursday, August 7th. Two equities research analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating, twenty-six have given a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, Fortinet currently has an average rating of “Hold” and a consensus target price of $97.03.

Fortinet Stock Down 0.5%

FTNT stock opened at $83.14 on Friday. The stock’s 50 day simple moving average is $81.07 and its 200 day simple moving average is $94.19. Fortinet, Inc. has a fifty-two week low of $70.12 and a fifty-two week high of $114.82. The company has a debt-to-equity ratio of 0.24, a quick ratio of 1.24 and a current ratio of 1.33. The company has a market cap of $63.71 billion, a P/E ratio of 33.12, a price-to-earnings-growth ratio of 3.15 and a beta of 1.09.

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

Insider Buying and Selling

In other Fortinet news, CEO Ken Xie sold 158,486 shares of the business’s 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 $15,607,701.28. Following the completion of 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 position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, VP Michael Xie sold 476,596 shares of the company’s stock in a transaction that occurred 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 ownership of the stock. The disclosure for this sale can be found here. Insiders own 17.20% of the company’s stock.

Fortinet Company 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.