PNC Financial Services Group Inc. Raises Stock Position in Fortinet, Inc. (NASDAQ:FTNT)

PNC Financial Services Group Inc. raised its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 0.7% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 499,689 shares of the software maker’s stock after buying an additional 3,703 shares during the period. PNC Financial Services Group Inc.’s holdings in Fortinet were worth $38,751,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. O Shaughnessy Asset Management LLC lifted its holdings in Fortinet by 16.8% in the first quarter. O Shaughnessy Asset Management LLC now owns 43,859 shares of the software maker’s stock valued at $2,996,000 after acquiring an additional 6,309 shares during the period. Lake Street Advisors Group LLC increased its position in shares of Fortinet by 20.3% during the 1st quarter. Lake Street Advisors Group LLC now owns 5,401 shares of the software maker’s stock valued at $369,000 after purchasing an additional 912 shares during the last quarter. Delap Wealth Advisory LLC purchased a new position in shares of Fortinet in the first quarter worth approximately $210,000. CreativeOne Wealth LLC bought a new stake in Fortinet during the first quarter valued at approximately $732,000. Finally, Advisors Asset Management Inc. grew its position in Fortinet by 3.8% during the first quarter. Advisors Asset Management Inc. now owns 17,431 shares of the software maker’s stock valued at $1,191,000 after buying an additional 637 shares during the period. 83.71% of the stock is owned by institutional investors.

Insider Buying and Selling

In other Fortinet news, CFO Keith Jensen sold 4,250 shares of the firm’s stock in a transaction dated Tuesday, November 19th. The shares were sold at an average price of $90.83, for a total value of $386,027.50. Following the completion of the sale, the chief financial officer now owns 4,689 shares of the company’s stock, valued at $425,901.87. This trade represents a 47.54 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Ken Xie sold 23,307 shares of the business’s stock in a transaction that occurred on Wednesday, October 16th. The shares were sold at an average price of $81.89, for a total value of $1,908,610.23. Following the transaction, the chief executive officer now owns 48,915,530 shares of the company’s stock, valued at $4,005,692,751.70. This trade represents a 0.05 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 51,095 shares of company stock worth $4,058,575 over the last three months. 18.00% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on FTNT. Raymond James boosted their price objective on shares of Fortinet from $85.00 to $95.00 and gave the company an “outperform” rating in a research report on Friday, November 8th. Stifel Nicolaus upped their price target on Fortinet from $84.00 to $90.00 and gave the stock a “hold” rating in a research report on Tuesday. Scotiabank lifted their price objective on Fortinet from $85.00 to $110.00 and gave the company a “sector outperform” rating in a research report on Wednesday. Susquehanna increased their target price on shares of Fortinet from $65.00 to $70.00 and gave the stock a “neutral” rating in a report on Thursday, August 8th. Finally, Piper Sandler lifted their price target on shares of Fortinet from $80.00 to $100.00 and gave the company a “neutral” rating in a report on Tuesday. One equities research analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $88.93.

Fortinet Price Performance

NASDAQ:FTNT opened at $92.45 on Thursday. The firm has a market capitalization of $70.86 billion, a price-to-earnings ratio of 46.69, a PEG ratio of 2.82 and a beta of 1.00. The company has a debt-to-equity ratio of 1.09, a current ratio of 1.34 and a quick ratio of 1.25. The business has a 50 day simple moving average of $81.71 and a 200-day simple moving average of $69.89. Fortinet, Inc. has a 1 year low of $50.65 and a 1 year high of $100.59.

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.