Hancock Whitney Corp Has $11.49 Million Stock Holdings in Fortinet Inc (NASDAQ:FTNT)

Hancock Whitney Corp boosted its stake in Fortinet Inc (NASDAQ:FTNT) by 1,528.6% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 136,837 shares of the software maker’s stock after purchasing an additional 128,435 shares during the period. Hancock Whitney Corp owned about 0.08% of Fortinet worth $11,490,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Sun Life Financial INC purchased a new stake in shares of Fortinet during the 4th quarter worth $28,000. Guardian Life Insurance Co. of America acquired a new position in shares of Fortinet during the fourth quarter worth about $29,000. Legacy Advisors LLC acquired a new position in shares of Fortinet during the first quarter worth about $30,000. Bremer Trust National Association acquired a new position in shares of Fortinet during the fourth quarter worth about $33,000. Finally, Bremer Bank National Association acquired a new position in shares of Fortinet during the first quarter worth about $44,000. Hedge funds and other institutional investors own 73.26% of the company’s stock.

FTNT traded up $0.36 during trading hours on Monday, reaching $77.19. 1,030,595 shares of the stock traded hands, compared to its average volume of 1,793,932. The business’s fifty day moving average price is $77.14. The firm has a market cap of $13.18 billion, a P/E ratio of 68.31, a price-to-earnings-growth ratio of 3.90 and a beta of 1.09. Fortinet Inc has a fifty-two week low of $61.90 and a fifty-two week high of $96.96.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings results on Thursday, May 2nd. The software maker reported $0.46 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.20 by $0.26. The business had revenue of $472.60 million during the quarter, compared to analyst estimates of $471.90 million. Fortinet had a net margin of 18.64% and a return on equity of 22.52%. The business’s revenue was up 18.4% on a year-over-year basis. During the same period last year, the business earned $0.33 EPS. On average, research analysts predict that Fortinet Inc will post 1.31 EPS for the current fiscal year.

In other Fortinet news, CFO Keith Jensen sold 3,723 shares of the firm’s stock in a transaction on Thursday, May 16th. The shares were sold at an average price of $81.75, for a total transaction of $304,355.25. Following the completion of the transaction, the chief financial officer now directly owns 1,607 shares of the company’s stock, valued at approximately $131,372.25. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Ken Xie sold 8,000 shares of the firm’s stock in a transaction dated Tuesday, May 21st. The stock was sold at an average price of $82.58, for a total transaction of $660,640.00. Following the completion of the transaction, the chief executive officer now owns 12,521,600 shares in the company, valued at $1,034,033,728. The disclosure for this sale can be found here. Over the last three months, insiders have sold 64,513 shares of company stock valued at $4,855,024. 17.20% of the stock is owned by company insiders.

A number of research analysts have recently issued reports on the stock. Stifel Nicolaus boosted their price target on shares of Fortinet from $85.00 to $95.00 and gave the stock a “hold” rating in a research note on Tuesday, April 16th. OTR Global upgraded shares of Fortinet to a “positive” rating in a research report on Monday, April 15th. BidaskClub upgraded shares of Fortinet from a “buy” rating to a “strong-buy” rating in a research report on Saturday, April 13th. Citigroup lowered shares of Fortinet from a “neutral” rating to a “sell” rating and lowered their price target for the company from $84.00 to $78.00 in a research report on Friday, May 3rd. Finally, Monness Crespi & Hardt reiterated a “buy” rating and issued a $97.00 price target (up from $95.00) on shares of Fortinet in a research report on Friday, May 3rd. Three equities research analysts have rated the stock with a sell rating, seventeen have issued a hold rating and eleven have issued a buy rating to the company. The company presently has an average rating of “Hold” and an average target price of $85.54.

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.

Further Reading: Green Investing

Institutional Ownership by Quarter for Fortinet (NASDAQ:FTNT)

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