Pinnacle Financial Partners Inc. Sells 511 Shares of Fortinet Inc (NASDAQ:FTNT)

Pinnacle Financial Partners Inc. lessened its holdings in Fortinet Inc (NASDAQ:FTNT) by 11.4% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 3,956 shares of the software maker’s stock after selling 511 shares during the period. Pinnacle Financial Partners Inc.’s holdings in Fortinet were worth $304,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of FTNT. Valeo Financial Advisors LLC grew its stake in shares of Fortinet by 2,117.4% in the 2nd quarter. Valeo Financial Advisors LLC now owns 510 shares of the software maker’s stock worth $39,000 after acquiring an additional 487 shares in the last quarter. Bremer Bank National Association bought a new position in shares of Fortinet during the first quarter valued at about $44,000. Amica Retiree Medical Trust purchased a new position in Fortinet during the second quarter worth about $51,000. Employers Holdings Inc. purchased a new position in Fortinet during the second quarter worth about $54,000. Finally, CWM LLC boosted its holdings in Fortinet by 299.6% during the second quarter. CWM LLC now owns 991 shares of the software maker’s stock worth $76,000 after purchasing an additional 743 shares during the last quarter. Institutional investors own 70.51% of the company’s stock.

Several equities research analysts have commented on the stock. Barclays reiterated a “hold” rating and issued a $99.00 price objective on shares of Fortinet in a research note on Sunday, August 4th. Robert W. Baird restated a “hold” rating and issued a $100.00 target price on shares of Fortinet in a research note on Friday, August 2nd. Citigroup upped their target price on Fortinet from $78.00 to $80.00 and gave the company a “sell” rating in a report on Friday, August 2nd. BidaskClub downgraded Fortinet from a “hold” rating to a “sell” rating in a research report on Wednesday, August 21st. Finally, Bank of America upgraded Fortinet from a “neutral” rating to a “buy” rating in a report on Friday, August 2nd. Four research analysts have rated the stock with a sell rating, fourteen have issued a hold rating and ten have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus target price of $87.96.

In other Fortinet news, VP John Whittle sold 1,250 shares of the business’s stock in a transaction on Monday, June 17th. The shares were sold at an average price of $75.23, for a total transaction of $94,037.50. Following the sale, the vice president now owns 9,309 shares of the company’s stock, valued at approximately $700,316.07. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Michael Xie sold 40,000 shares of the stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $78.13, for a total value of $3,125,200.00. Following the sale, the vice president now owns 6,338,989 shares in the company, valued at approximately $495,265,210.57. The disclosure for this sale can be found here. Insiders have sold 50,250 shares of company stock valued at $3,950,598 in the last quarter. Company insiders own 17.20% of the company’s stock.

Shares of FTNT traded up $1.51 during mid-day trading on Wednesday, hitting $80.72. The stock had a trading volume of 31,928 shares, compared to its average volume of 1,276,730. Fortinet Inc has a 52 week low of $64.41 and a 52 week high of $96.96. The business has a fifty day moving average price of $81.67 and a 200-day moving average price of $82.57. The firm has a market cap of $13.69 billion, a P/E ratio of 71.42, a PEG ratio of 3.57 and a beta of 1.09.

Fortinet (NASDAQ:FTNT) last announced its quarterly earnings data on Thursday, August 1st. The software maker reported $0.58 earnings per share for the quarter, topping the consensus estimate of $0.30 by $0.28. Fortinet had a return on equity of 23.96% and a net margin of 19.07%. The company had revenue of $521.70 million during the quarter, compared to analyst estimates of $511.38 million. During the same quarter last year, the firm posted $0.41 EPS. The firm’s revenue for the quarter was up 18.2% on a year-over-year basis. As a group, research analysts predict that Fortinet Inc will post 1.43 earnings per share for the current year.

Fortinet Company Profile

Fortinet, Inc provides broad, integrated, and automated cybersecurity solutions worldwide. It offers FortiGate hardware and software licenses that provide various security and networking functions, including firewall, intrusion prevention, anti-malware, virtual private network, application control, Web filtering, anti-spam, and wide area network acceleration; FortiSandbox technology that delivers proactive detection and mitigation services; and FortiSIEM family of software solutions, which offers a cloud-ready security information and event management solutions.

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Institutional Ownership by Quarter for Fortinet (NASDAQ:FTNT)

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