Fortinet, Inc. (NASDAQ:FTNT) Shares Sold by Migdal Insurance & Financial Holdings Ltd.

Migdal Insurance & Financial Holdings Ltd. lessened its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 7.4% during the third quarter, HoldingsChannel.com reports. The institutional investor owned 38,139 shares of the software maker’s stock after selling 3,038 shares during the quarter. Migdal Insurance & Financial Holdings Ltd.’s holdings in Fortinet were worth $2,958,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also recently added to or reduced their stakes in the business. Eastern Bank bought a new position in shares of Fortinet in the third quarter valued at $25,000. Winthrop Capital Management LLC purchased a new position in Fortinet in the first quarter worth $25,000. Private Wealth Management Group LLC increased its position in Fortinet by 73.3% during the 3rd quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker’s stock valued at $32,000 after purchasing an additional 173 shares during the period. City State Bank raised its holdings in Fortinet by 900.0% in the 3rd quarter. City State Bank now owns 500 shares of the software maker’s stock worth $39,000 after acquiring an additional 450 shares during the last quarter. Finally, Oakworth Capital Inc. purchased a new position in Fortinet during the second quarter valued at $33,000. 83.71% of the stock is currently owned by institutional investors.

Fortinet Price Performance

Shares of FTNT stock traded up $8.36 during trading on Friday, hitting $92.04. The company had a trading volume of 13,790,376 shares, compared to its average volume of 3,707,677. The company has a debt-to-equity ratio of 3.45, a quick ratio of 1.22 and a current ratio of 1.32. Fortinet, Inc. has a one year low of $49.63 and a one year high of $92.53. The stock’s 50-day moving average price is $78.74 and its 200 day moving average price is $68.15. The firm has a market capitalization of $70.40 billion, a P/E ratio of 54.46, a price-to-earnings-growth ratio of 2.85 and a beta of 1.00.

Analyst Ratings Changes

Several research firms have commented on FTNT. Barclays increased their price target on shares of Fortinet from $85.00 to $95.00 and gave the company an “equal weight” rating in a research report on Friday. Scotiabank lifted their price target on shares of Fortinet from $75.00 to $85.00 and gave the company a “sector outperform” rating in a research report on Friday. DZ Bank raised shares of Fortinet from a “sell” rating to a “hold” rating and set a $65.00 target price for the company in a research report on Thursday, August 8th. JPMorgan Chase & Co. raised their price target on Fortinet from $63.00 to $70.00 and gave the stock a “neutral” rating in a report on Wednesday, August 7th. Finally, Wells Fargo & Company lifted their price objective on shares of Fortinet from $62.00 to $64.00 and gave the stock an “equal weight” rating in a research report on Wednesday, August 7th. One equities research analyst has rated the stock with a sell rating, twenty-one have given a hold rating and eleven have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $77.72.

Insider Transactions at Fortinet

In other Fortinet news, CEO Ken Xie sold 23,307 shares of the business’s stock in a transaction that occurred on Wednesday, October 16th. The stock was sold at an average price of $81.89, for a total transaction of $1,908,610.23. Following the sale, the chief executive officer now directly owns 48,915,530 shares of the company’s stock, valued at $4,005,692,751.70. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Over the last quarter, insiders have sold 70,538 shares of company stock valued at $5,403,559. 18.00% of the stock is currently owned by company insiders.

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.