Fortinet, Inc. (NASDAQ:FTNT) Shares Sold by Pitcairn Co.

Pitcairn Co. cut its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 5.5% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 23,284 shares of the software maker’s stock after selling 1,365 shares during the period. Pitcairn Co.’s holdings in Fortinet were worth $1,806,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of FTNT. Eastern Bank acquired a new stake in shares of Fortinet during the 3rd quarter valued at about $25,000. Ashton Thomas Securities LLC purchased a new position in Fortinet in the 3rd quarter valued at about $26,000. Private Wealth Management Group LLC lifted its stake in Fortinet by 73.3% in the 3rd quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker’s stock valued at $32,000 after buying an additional 173 shares in the last quarter. Oakworth Capital Inc. purchased a new position in Fortinet in the 2nd quarter valued at about $33,000. Finally, Versant Capital Management Inc lifted its stake in Fortinet by 61.2% in the 2nd quarter. Versant Capital Management Inc now owns 627 shares of the software maker’s stock valued at $38,000 after buying an additional 238 shares in the last quarter. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on the stock. Barclays raised their price target on shares of Fortinet from $85.00 to $95.00 and gave the company an “equal weight” rating in a research note on Friday, November 8th. Rosenblatt Securities raised their price target on shares of Fortinet from $90.00 to $100.00 and gave the company a “buy” rating in a research note on Wednesday. DZ Bank raised shares of Fortinet from a “sell” rating to a “hold” rating and set a $65.00 price target on the stock in a research note on Thursday, August 8th. Needham & Company LLC reissued a “hold” rating on shares of Fortinet in a research note on Friday. Finally, Susquehanna raised their target price on shares of Fortinet from $65.00 to $70.00 and gave the stock a “neutral” rating in a research note on Thursday, August 8th. One research analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company has an average rating of “Hold” and an average price target of $88.93.

Fortinet Stock Down 1.3 %

Fortinet stock opened at $92.77 on Friday. Fortinet, Inc. has a fifty-two week low of $50.65 and a fifty-two week high of $100.59. The company has a debt-to-equity ratio of 1.09, a quick ratio of 1.25 and a current ratio of 1.34. The firm has a 50 day moving average price of $82.45 and a 200 day moving average price of $70.37. The company has a market capitalization of $71.10 billion, a PE ratio of 46.85, a price-to-earnings-growth ratio of 2.73 and a beta of 1.00.

Insider Activity at Fortinet

In other Fortinet news, CFO Keith Jensen sold 4,250 shares of the business’s stock in a transaction on Tuesday, November 19th. The shares were sold at an average price of $90.83, for a total value of $386,027.50. Following the completion of the transaction, the chief financial officer now owns 4,689 shares in the company, valued at $425,901.87. The trade was a 47.54 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO Ken Xie sold 23,307 shares of the business’s 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 completion of 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. This trade represents a 0.05 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 51,095 shares of company stock worth $4,058,575. Insiders own 18.00% of the company’s stock.

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.