ICICI Prudential Asset Management Co Ltd Lowers Stock Position in Fortinet, Inc. (NASDAQ:FTNT)

ICICI Prudential Asset Management Co Ltd lowered its position in shares of Fortinet, Inc. (NASDAQ:FTNT) by 80.0% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 25,984 shares of the software maker’s stock after selling 104,252 shares during the quarter. ICICI Prudential Asset Management Co Ltd’s holdings in Fortinet were worth $2,015,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the company. Simmons Bank lifted its position in Fortinet by 7.7% during the third quarter. Simmons Bank now owns 41,162 shares of the software maker’s stock valued at $3,192,000 after buying an additional 2,945 shares during the period. Haverford Trust Co purchased a new position in shares of Fortinet in the 3rd quarter worth about $470,000. Empower Advisory Group LLC raised its position in shares of Fortinet by 4.2% in the 3rd quarter. Empower Advisory Group LLC now owns 1,008,224 shares of the software maker’s stock worth $78,188,000 after purchasing an additional 40,277 shares during the last quarter. RPG Investment Advisory LLC raised its position in shares of Fortinet by 1.5% in the 3rd quarter. RPG Investment Advisory LLC now owns 212,695 shares of the software maker’s stock worth $16,494,000 after purchasing an additional 3,112 shares during the last quarter. Finally, Aptus Capital Advisors LLC raised its position in shares of Fortinet by 15.2% in the 3rd quarter. Aptus Capital Advisors LLC now owns 6,157 shares of the software maker’s stock worth $477,000 after purchasing an additional 813 shares during the last quarter. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on the company. Wells Fargo & Company lifted their price target on Fortinet from $62.00 to $64.00 and gave the stock an “equal weight” rating in a research report on Wednesday, August 7th. Susquehanna boosted their target price on Fortinet from $65.00 to $70.00 and gave the stock a “neutral” rating in a research report on Thursday, August 8th. UBS Group boosted their target price on Fortinet from $70.00 to $83.00 and gave the stock a “neutral” rating in a research report on Friday, November 8th. StockNews.com raised Fortinet from a “hold” rating to a “buy” rating in a research report on Friday, October 25th. Finally, Guggenheim lowered Fortinet from a “buy” rating to a “neutral” rating in a research report on Monday, July 29th. One investment analyst has rated the stock with a sell rating, nineteen have issued a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $79.52.

Fortinet Trading Up 0.6 %

NASDAQ:FTNT traded up $0.61 during midday trading on Wednesday, hitting $99.76. 1,204,515 shares of the company traded hands, compared to its average volume of 5,463,509. The firm’s fifty day moving average is $79.59 and its 200-day moving average is $68.65. Fortinet, Inc. has a 12-month low of $49.97 and a 12-month high of $99.79. The firm has a market capitalization of $76.46 billion, a P/E ratio of 50.29, a P/E/G ratio of 2.99 and a beta of 1.00. The company has a current ratio of 1.34, a quick ratio of 1.25 and a debt-to-equity ratio of 1.09.

Insider Activity at Fortinet

In related news, CEO Ken Xie sold 23,307 shares of the stock in a transaction 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 owns 48,915,530 shares in the company, valued at approximately $4,005,692,751.70. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. 18.00% of the stock is currently owned by insiders.

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.