PNC Financial Services Group Inc. Has $48 Million Stake in Fortinet, Inc. (NASDAQ:FTNT)

PNC Financial Services Group Inc. grew its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 1.7% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 508,078 shares of the software maker’s stock after buying an additional 8,389 shares during the period. PNC Financial Services Group Inc. owned 0.07% of Fortinet worth $48,003,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in the business. Bank Julius Baer & Co. Ltd Zurich lifted its position in shares of Fortinet by 1.4% in the fourth quarter. Bank Julius Baer & Co. Ltd Zurich now owns 375,080 shares of the software maker’s stock valued at $37,467,000 after buying an additional 4,997 shares during the last quarter. Andra AP fonden increased its stake in shares of Fortinet by 12.8% during the fourth quarter. Andra AP fonden now owns 200,600 shares of the software maker’s stock worth $18,953,000 after purchasing an additional 22,800 shares during the period. Edgestream Partners L.P. bought a new position in shares of Fortinet during the fourth quarter worth approximately $6,027,000. Evergreen Private Wealth LLC increased its stake in shares of Fortinet by 1,501.5% during the fourth quarter. Evergreen Private Wealth LLC now owns 18,209 shares of the software maker’s stock worth $1,720,000 after purchasing an additional 17,072 shares during the period. Finally, Prescott Group Capital Management L.L.C. bought a new position in shares of Fortinet during the fourth quarter worth approximately $1,173,000. 83.71% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Fortinet

In related news, Director William H. Neukom bought 328 shares of the business’s stock in a transaction on Thursday, March 6th. The shares were purchased at an average cost of $106.33 per share, with a total value of $34,876.24. Following the acquisition, the director now owns 300,006 shares of the company’s stock, valued at $31,899,637.98. This represents a 0.11 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Keith Jensen sold 23,500 shares of Fortinet stock in a transaction dated Wednesday, February 19th. The stock was sold at an average price of $113.56, for a total value of $2,668,660.00. Following the transaction, the chief financial officer now directly owns 4,736 shares in the company, valued at $537,820.16. The trade was a 83.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 87,120 shares of company stock valued at $8,991,409 in the last 90 days. 18.00% of the stock is owned by corporate insiders.

Fortinet Trading Down 0.4 %

NASDAQ FTNT opened at $101.28 on Monday. The company has a quick ratio of 1.39, a current ratio of 1.47 and a debt-to-equity ratio of 0.67. Fortinet, Inc. has a twelve month low of $54.57 and a twelve month high of $114.82. The company has a market cap of $77.88 billion, a price-to-earnings ratio of 44.81, a price-to-earnings-growth ratio of 4.19 and a beta of 0.97. The business’s fifty day moving average is $102.06 and its 200 day moving average is $91.04.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings data on Thursday, February 6th. The software maker reported $0.67 earnings per share for the quarter, beating the consensus estimate of $0.60 by $0.07. Fortinet had a return on equity of 256.53% and a net margin of 29.30%. As a group, sell-side analysts expect that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on FTNT. Needham & Company LLC reiterated a “hold” rating on shares of Fortinet in a research note on Friday, February 7th. Cantor Fitzgerald increased their target price on Fortinet from $95.00 to $110.00 and gave the stock a “neutral” rating in a research note on Tuesday, February 4th. Hsbc Global Res upgraded Fortinet from a “hold” rating to a “strong-buy” rating in a research note on Monday, November 11th. Scotiabank increased their target price on Fortinet from $115.00 to $135.00 and gave the stock a “sector outperform” rating in a research note on Friday, February 7th. Finally, JPMorgan Chase & Co. raised their price objective on Fortinet from $99.00 to $105.00 and gave the stock a “neutral” rating in a research note on Monday, December 16th. One investment analyst has rated the stock with a sell rating, twenty have assigned a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $103.72.

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.