STF Management LP Sells 1,375 Shares of Fortinet, Inc. (NASDAQ:FTNT)

STF Management LP cut its position in shares of Fortinet, Inc. (NASDAQ:FTNT) by 11.2% during the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 10,889 shares of the software maker’s stock after selling 1,375 shares during the quarter. STF Management LP’s holdings in Fortinet were worth $844,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in FTNT. Eagle Capital Management LLC boosted its holdings in shares of Fortinet by 0.6% during the 3rd quarter. Eagle Capital Management LLC now owns 25,772 shares of the software maker’s stock valued at $1,999,000 after buying an additional 141 shares in the last quarter. OneDigital Investment Advisors LLC boosted its stake in Fortinet by 3.9% during the third quarter. OneDigital Investment Advisors LLC now owns 3,782 shares of the software maker’s stock worth $293,000 after acquiring an additional 141 shares in the last quarter. Parallel Advisors LLC grew its holdings in Fortinet by 2.0% in the second quarter. Parallel Advisors LLC now owns 7,504 shares of the software maker’s stock worth $452,000 after purchasing an additional 148 shares during the period. Private Wealth Management Group LLC increased its stake in shares of Fortinet by 73.3% during the third 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 in the last quarter. Finally, Simplicity Wealth LLC lifted its holdings in shares of Fortinet by 2.2% during the second quarter. Simplicity Wealth LLC now owns 8,260 shares of the software maker’s stock valued at $498,000 after purchasing an additional 174 shares during the last quarter. 83.71% of the stock is owned by hedge funds and other institutional investors.

Fortinet Stock Up 1.8 %

NASDAQ FTNT opened at $94.13 on Friday. Fortinet, Inc. has a 12 month low of $50.65 and a 12 month high of $100.59. 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 has a market cap of $72.15 billion, a PE ratio of 47.54, a P/E/G ratio of 2.71 and a beta of 1.00. The stock’s 50 day moving average is $82.10 and its 200 day moving average is $70.06.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on FTNT. Robert W. Baird raised their price objective on Fortinet from $95.00 to $100.00 and gave the company an “outperform” rating in a research report on Tuesday. Truist Financial restated a “buy” rating and set a $105.00 price target (up from $85.00) on shares of Fortinet in a report on Wednesday. Rosenblatt Securities upped their price target on shares of Fortinet from $90.00 to $100.00 and gave the stock a “buy” rating in a research note on Wednesday. Morgan Stanley lifted their target price on shares of Fortinet from $105.00 to $106.00 and gave the stock an “overweight” rating in a report on Tuesday. Finally, Piper Sandler increased their price target on shares of Fortinet from $80.00 to $100.00 and gave the company a “neutral” rating in a report on Tuesday. 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 assigned a strong buy rating to the company. According to MarketBeat, the company has an average rating of “Hold” and a consensus target price of $88.93.

Insider Transactions at Fortinet

In related news, CEO Ken Xie sold 23,538 shares of the firm’s stock in a transaction on Wednesday, September 18th. The shares were sold at an average price of $74.94, for a total value of $1,763,937.72. Following the completion of the transaction, the chief executive officer now directly owns 48,878,806 shares of the company’s stock, valued at approximately $3,662,977,721.64. This trade represents a 0.05 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Keith Jensen sold 4,250 shares of the business’s stock in a transaction on Tuesday, November 19th. The stock was sold at an average price of $90.83, for a total transaction of $386,027.50. Following the completion of the sale, the chief financial officer now owns 4,689 shares in the company, valued at $425,901.87. This represents a 47.54 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 51,095 shares of company stock valued at $4,058,575. 18.00% of the stock is currently owned by corporate 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.