Stock Yards Bank & Trust Co. Sells 600 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Stock Yards Bank & Trust Co. lowered its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 14.2% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 3,630 shares of the software maker’s stock after selling 600 shares during the period. Stock Yards Bank & Trust Co.’s holdings in Fortinet were worth $212,000 at the end of the most recent quarter.

A number of other institutional investors have also recently bought and sold shares of FTNT. Headinvest LLC acquired a new position in shares of Fortinet in the 3rd quarter valued at approximately $29,000. Atwood & Palmer Inc. acquired a new position in shares of Fortinet in the 4th quarter valued at approximately $29,000. Annis Gardner Whiting Capital Advisors LLC acquired a new position in shares of Fortinet in the 3rd quarter valued at approximately $37,000. Rakuten Securities Inc. acquired a new position in shares of Fortinet in the 4th quarter valued at approximately $43,000. Finally, CVA Family Office LLC acquired a new position in shares of Fortinet in the 4th quarter valued at approximately $46,000. Institutional investors own 83.71% of the company’s stock.

Fortinet Stock Performance

FTNT opened at $65.45 on Thursday. The company has a current ratio of 1.19, a quick ratio of 1.06 and a debt-to-equity ratio of 13.38. The company’s fifty day moving average price is $68.17 and its two-hundred day moving average price is $61.70. Fortinet, Inc. has a 1-year low of $44.12 and a 1-year high of $81.24. The company has a market cap of $49.94 billion, a price-to-earnings ratio of 45.14, a PEG ratio of 2.88 and a beta of 1.08.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings data on Monday, February 5th. The software maker reported $0.51 earnings per share for the quarter, topping the consensus estimate of $0.43 by $0.08. Fortinet had a net margin of 21.64% and a negative return on equity of 7,572.46%. The firm had revenue of $1.42 billion for the quarter, compared to the consensus estimate of $1.41 billion. During the same quarter in the prior year, the company posted $0.38 earnings per share. The business’s revenue was up 10.3% on a year-over-year basis. On average, analysts expect that Fortinet, Inc. will post 1.39 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on FTNT shares. DZ Bank cut shares of Fortinet from a “hold” rating to a “sell” rating and set a $60.00 price objective for the company. in a research report on Thursday, February 8th. Sanford C. Bernstein started coverage on shares of Fortinet in a research report on Thursday, January 18th. They set a “market perform” rating and a $65.00 price objective for the company. The Goldman Sachs Group upped their price objective on shares of Fortinet from $60.00 to $85.00 and gave the stock a “buy” rating in a research report on Thursday, February 8th. Scotiabank upped their price objective on shares of Fortinet from $70.00 to $90.00 and gave the stock a “sector outperform” rating in a research report on Wednesday, February 7th. Finally, Daiwa Capital Markets upgraded shares of Fortinet from a “neutral” rating to an “outperform” rating and set a $75.00 price objective for the company in a research report on Tuesday, February 13th. Two research analysts have rated the stock with a sell rating, twenty-one have issued a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $72.19.

Insider Activity

In other news, VP Michael Xie sold 38,369 shares of the stock in a transaction dated Friday, February 2nd. The shares were sold at an average price of $66.45, for a total value of $2,549,620.05. Following the completion of the sale, the vice president now owns 29,887,018 shares in the company, valued at $1,985,992,346.10. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In related news, VP Michael Xie sold 38,369 shares of the firm’s stock in a transaction dated Friday, February 2nd. The shares were sold at an average price of $66.45, for a total transaction of $2,549,620.05. Following the completion of the sale, the vice president now owns 29,887,018 shares in the company, valued at $1,985,992,346.10. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Ken Xie sold 46,084 shares of the firm’s stock in a transaction dated Tuesday, February 13th. The stock was sold at an average price of $69.07, for a total transaction of $3,183,021.88. Following the sale, the chief executive officer now owns 51,813,638 shares of the company’s stock, valued at approximately $3,578,767,976.66. The disclosure for this sale can be found here. Insiders sold a total of 132,139 shares of company stock worth $8,977,876 over the last quarter. Insiders own 17.54% of the company’s stock.

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.