Oppenheimer & Co. Inc. Reduces Stake in Fortinet, Inc. (NASDAQ:FTNT)

Oppenheimer & Co. Inc. reduced its stake in Fortinet, Inc. (NASDAQ:FTNT) by 30.0% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 36,076 shares of the software maker’s stock after selling 15,469 shares during the quarter. Oppenheimer & Co. Inc.’s holdings in Fortinet were worth $2,798,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in the stock. Eastern Bank purchased a new position in shares of Fortinet during the 3rd quarter worth $25,000. Ashton Thomas Securities LLC purchased a new position in shares of Fortinet during the 3rd quarter worth $26,000. Private Wealth Management Group LLC grew its holdings in shares of Fortinet by 73.3% during the 3rd quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker’s stock worth $32,000 after purchasing an additional 173 shares during the period. Oakworth Capital Inc. purchased a new position in shares of Fortinet during the 2nd quarter worth $33,000. Finally, Versant Capital Management Inc grew its holdings in shares of Fortinet by 61.2% during the 2nd quarter. Versant Capital Management Inc now owns 627 shares of the software maker’s stock worth $38,000 after purchasing an additional 238 shares during the period. 83.71% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on FTNT shares. Susquehanna increased their price target on Fortinet from $65.00 to $70.00 and gave the stock a “neutral” rating in a report on Thursday, August 8th. Scotiabank increased their price target on Fortinet from $75.00 to $85.00 and gave the stock a “sector outperform” rating in a report on Friday, November 8th. Barclays increased their target price on Fortinet from $85.00 to $95.00 and gave the stock an “equal weight” rating in a research note on Friday, November 8th. Truist Financial increased their target price on Fortinet from $70.00 to $85.00 and gave the stock a “buy” rating in a research note on Wednesday, October 23rd. Finally, Rosenblatt Securities increased their target price on Fortinet from $85.00 to $90.00 and gave the stock a “buy” rating in a research note on Friday, November 8th. One investment analyst has rated the stock with a sell rating, nineteen have given a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $79.52.

Fortinet Trading Down 0.3 %

NASDAQ:FTNT opened at $94.20 on Friday. The firm has a market cap of $72.20 billion, a P/E ratio of 47.58, a PEG ratio of 2.93 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. The stock’s 50 day simple moving average is $80.76 and its 200-day simple moving average is $69.28. Fortinet, Inc. has a 12-month low of $49.97 and a 12-month high of $100.59.

Insider Activity

In other 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 value of $1,908,610.23. Following the transaction, the chief executive officer now owns 48,915,530 shares of the company’s stock, valued at approximately $4,005,692,751.70. The trade was a 0.05 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 18.00% of the company’s stock.

Fortinet 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.