Aigen Investment Management LP Reduces Stake in Fortinet, Inc. (NASDAQ:FTNT)

Aigen Investment Management LP trimmed its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 0.5% in the third quarter, Holdings Channel reports. The fund owned 33,538 shares of the software maker’s stock after selling 152 shares during the period. Fortinet accounts for about 0.5% of Aigen Investment Management LP’s portfolio, making the stock its 29th biggest position. Aigen Investment Management LP’s holdings in Fortinet were worth $2,601,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Eastern Bank bought a new position in shares of Fortinet during the third quarter valued at approximately $25,000. Ashton Thomas Securities LLC acquired a new position in Fortinet during the third quarter worth $26,000. Private Wealth Management Group LLC grew its position in Fortinet by 73.3% during the third quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker’s stock worth $32,000 after buying an additional 173 shares in the last quarter. City State Bank raised its position 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 purchasing an additional 450 shares during the last quarter. Finally, Oakworth Capital Inc. bought a new stake in shares of Fortinet during the 2nd quarter valued at $33,000. 83.71% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Fortinet

In other news, CEO Ken Xie sold 23,693 shares of Fortinet stock in a transaction on Wednesday, August 14th. The stock was sold at an average price of $73.06, for a total transaction of $1,731,010.58. Following the transaction, the chief executive officer now owns 48,842,522 shares in the company, valued at approximately $3,568,434,657.32. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders have sold 70,538 shares of company stock valued at $5,403,559 in the last quarter. Corporate insiders own 18.00% of the company’s stock.

Fortinet Stock Up 1.0 %

Shares of FTNT stock traded up $0.99 during trading hours on Tuesday, reaching $98.17. The company had a trading volume of 491,856 shares, compared to its average volume of 5,452,572. Fortinet, Inc. has a twelve month low of $49.70 and a twelve month high of $98.47. The stock’s fifty day simple moving average is $79.15 and its 200 day simple moving average is $68.40. The company has a debt-to-equity ratio of 3.45, a quick ratio of 1.22 and a current ratio of 1.32. The company has a market capitalization of $75.09 billion, a P/E ratio of 49.08, a price-to-earnings-growth ratio of 3.24 and a beta of 1.00.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on the stock. Guggenheim cut shares of Fortinet from a “buy” rating to a “neutral” rating in a report on Monday, July 29th. Raymond James boosted their price target on shares of Fortinet from $85.00 to $95.00 and gave the stock an “outperform” rating in a report on Friday. TD Cowen boosted their price target on shares of Fortinet from $75.00 to $90.00 and gave the company a “buy” rating in a research report on Wednesday, October 9th. Rosenblatt Securities boosted their price target on shares of Fortinet from $85.00 to $90.00 and gave the stock a “buy” rating in a research note on Friday. Finally, Piper Sandler increased their price target on shares of Fortinet from $70.00 to $80.00 and gave the company a “neutral” rating in a research report on Friday. One investment analyst has rated the stock with a sell rating, nineteen have issued a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $79.52.

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.