Atlantic Union Bankshares Corp Sells 478 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Atlantic Union Bankshares Corp lessened its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 1.1% in the first quarter, Holdings Channel reports. The institutional investor owned 41,249 shares of the software maker’s stock after selling 478 shares during the period. Atlantic Union Bankshares Corp’s holdings in Fortinet were worth $3,971,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in FTNT. SJS Investment Consulting Inc. boosted its stake in shares of Fortinet by 703.1% in the 1st quarter. SJS Investment Consulting Inc. now owns 257 shares of the software maker’s stock worth $25,000 after buying an additional 225 shares during the last quarter. Edmond DE Rothschild Holding S.A. purchased a new position in shares of Fortinet in the fourth quarter valued at about $27,000. ORG Partners LLC lifted its position 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 in the last quarter. EQ Wealth Advisors LLC bought a new stake in shares of Fortinet in the first quarter worth about $35,000. Finally, Mechanics Financial Corp bought a new stake in shares of Fortinet in the first quarter worth about $36,000. 83.71% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on FTNT shares. DZ Bank raised Fortinet from a “strong sell” rating to a “hold” rating in a research note on Thursday, May 8th. Barclays set a $110.00 target price on Fortinet and gave the company an “equal weight” rating in a research note on Monday, July 14th. Roth Capital set a $103.00 price target on Fortinet and gave the company a “neutral” rating in a report on Tuesday, April 22nd. Cantor Fitzgerald upped their target price on Fortinet from $100.00 to $110.00 and gave the stock a “neutral” rating in a report on Wednesday. Finally, Rosenblatt Securities restated a “buy” rating and set a $125.00 target price on shares of Fortinet in a report on Tuesday, June 17th. One analyst has rated the stock with a sell rating, twenty have issued a hold rating, twelve have issued a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $106.48.

Insiders Place Their Bets

In other news, VP Michael Xie sold 3,546 shares of the firm’s stock in a transaction dated Friday, May 2nd. The stock was sold at an average price of $106.11, for a total transaction of $376,266.06. Following the sale, the vice president directly owned 11,000,068 shares in the company, valued at $1,167,217,215.48. This trade represents a 0.03% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Ken Xie sold 158,488 shares of the firm’s stock in a transaction dated Friday, May 2nd. The shares were sold at an average price of $106.10, for a total value of $16,815,576.80. Following the sale, the chief executive officer owned 51,391,879 shares in the company, valued at $5,452,678,361.90. This trade represents 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 owned by insiders.

Fortinet Price Performance

Shares of FTNT opened at $105.42 on Friday. The business’s 50-day moving average is $103.30 and its two-hundred day moving average is $101.30. The company has a market capitalization of $80.69 billion, a P/E ratio of 43.38, a P/E/G ratio of 3.64 and a beta of 1.06. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.29 and a current ratio of 1.36. Fortinet, Inc. has a fifty-two week low of $54.57 and a fifty-two week high of $114.82.

Fortinet (NASDAQ:FTNT) last announced its quarterly earnings results on Wednesday, May 7th. The software maker reported $0.58 earnings per share for the quarter, topping the consensus estimate of $0.53 by $0.05. The company had revenue of $1.54 billion for the quarter, compared to the consensus estimate of $1.54 billion. Fortinet had a return on equity of 148.79% and a net margin of 30.60%. The firm’s revenue for the quarter was up 13.8% compared to the same quarter last year. During the same period last year, the firm earned $0.43 EPS. Research analysts predict that Fortinet, Inc. will post 2.09 earnings per share for the current year.

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.