Atlantic Union Bankshares Corp Raises Stock Holdings in Fortinet, Inc. (NASDAQ:FTNT)

Atlantic Union Bankshares Corp grew its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 3.3% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 49,912 shares of the software maker’s stock after buying an additional 1,607 shares during the period. Atlantic Union Bankshares Corp’s holdings in Fortinet were worth $3,871,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in FTNT. Tidal Investments LLC boosted its position in shares of Fortinet by 13.5% in the first quarter. Tidal Investments LLC now owns 35,039 shares of the software maker’s stock worth $2,392,000 after purchasing an additional 4,164 shares during the period. Plato Investment Management Ltd increased its stake in Fortinet by 35.2% in the 1st quarter. Plato Investment Management Ltd now owns 3,138 shares of the software maker’s stock worth $214,000 after buying an additional 817 shares in the last quarter. Cetera Investment Advisers raised its holdings in Fortinet by 543.5% during the first quarter. Cetera Investment Advisers now owns 157,319 shares of the software maker’s stock valued at $10,765,000 after acquiring an additional 132,871 shares during the period. Cetera Advisors LLC raised its holdings in Fortinet by 91.6% during the first quarter. Cetera Advisors LLC now owns 33,223 shares of the software maker’s stock valued at $2,269,000 after acquiring an additional 15,880 shares during the period. Finally, Versant Capital Management Inc boosted its stake in shares of Fortinet by 61.2% in the second quarter. Versant Capital Management Inc now owns 627 shares of the software maker’s stock worth $38,000 after acquiring an additional 238 shares during the period. 83.71% of the stock is currently owned by institutional investors.

Fortinet Price Performance

Fortinet stock opened at $94.06 on Friday. The stock has a market cap of $72.09 billion, a price-to-earnings ratio of 47.51, a price-to-earnings-growth ratio of 2.73 and a beta of 1.00. The firm has a 50-day moving average of $83.59 and a two-hundred day moving average of $71.12. Fortinet, Inc. has a 1 year low of $50.65 and a 1 year high of $100.59. The company has a debt-to-equity ratio of 1.09, a current ratio of 1.34 and a quick ratio of 1.25.

Wall Street Analysts Forecast Growth

FTNT has been the topic of several recent analyst reports. Bank of America lifted their target price on Fortinet from $87.00 to $104.00 and gave the company a “buy” rating in a research note on Tuesday, November 19th. DZ Bank raised shares of Fortinet from a “sell” rating to a “hold” rating and set a $65.00 target price on the stock in a report on Thursday, August 8th. Susquehanna raised their target price on shares of Fortinet from $65.00 to $70.00 and gave the company a “neutral” rating in a research note on Thursday, August 8th. Truist Financial reiterated a “buy” rating and issued a $105.00 price target (up from $85.00) on shares of Fortinet in a report on Wednesday, November 20th. Finally, StockNews.com raised shares of Fortinet from a “hold” rating to a “buy” rating in a report on Friday, October 25th. One investment analyst has rated the stock with a sell rating, nineteen have given a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $88.93.

Insider Activity at Fortinet

In other news, CEO Ken Xie sold 23,307 shares of the business’s stock in a transaction dated 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 completion of the sale, the chief executive officer now owns 48,915,530 shares in the company, valued at approximately $4,005,692,751.70. The trade was a 0.05 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Keith Jensen sold 4,250 shares of the stock in a transaction that occurred on Tuesday, November 19th. The shares were sold at an average price of $90.83, for a total transaction of $386,027.50. Following the transaction, the chief financial officer now owns 4,689 shares in the company, valued at approximately $425,901.87. This represents a 47.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 68,745 shares of company stock worth $5,746,974. Company insiders own 18.00% 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.