Fortinet, Inc. (NASDAQ:FTNT) Shares Sold by Main Street Financial Solutions LLC

Main Street Financial Solutions LLC trimmed its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 4.6% during the third quarter, Holdings Channel reports. The institutional investor owned 5,778 shares of the software maker’s stock after selling 280 shares during the period. Main Street Financial Solutions LLC’s holdings in Fortinet were worth $448,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Forsta AP Fonden grew its stake in Fortinet by 11.8% during the third quarter. Forsta AP Fonden now owns 135,500 shares of the software maker’s stock worth $10,508,000 after buying an additional 14,300 shares during the period. Sarasin & Partners LLP lifted its stake in shares of Fortinet by 22.4% during the second quarter. Sarasin & Partners LLP now owns 2,163,093 shares of the software maker’s stock worth $130,370,000 after purchasing an additional 395,477 shares in the last quarter. Cetera Investment Advisers boosted its position in shares of Fortinet by 543.5% in the first quarter. Cetera Investment Advisers now owns 157,319 shares of the software maker’s stock worth $10,765,000 after buying an additional 132,871 shares during the period. Sei Investments Co. grew its stake in shares of Fortinet by 10.5% in the first quarter. Sei Investments Co. now owns 138,893 shares of the software maker’s stock valued at $9,488,000 after buying an additional 13,178 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC lifted its position in Fortinet by 29.5% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 152,532 shares of the software maker’s stock worth $11,829,000 after acquiring an additional 34,727 shares in the last quarter. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Analyst Ratings Changes

Several brokerages have recently weighed in on FTNT. Piper Sandler upped their target price on shares of Fortinet from $70.00 to $80.00 and gave the company a “neutral” rating in a research note on Friday, November 8th. Truist Financial upped their price objective on shares of Fortinet from $70.00 to $85.00 and gave the company a “buy” rating in a research report on Wednesday, October 23rd. Needham & Company LLC reaffirmed a “hold” rating on shares of Fortinet in a research report on Monday. Rosenblatt Securities increased their price target on Fortinet from $85.00 to $90.00 and gave the company a “buy” rating in a report on Friday, November 8th. Finally, JPMorgan Chase & Co. raised their price objective on Fortinet from $63.00 to $70.00 and gave the company a “neutral” rating in a research note on Wednesday, August 7th. 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 issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $79.52.

Fortinet Stock Down 3.5 %

NASDAQ FTNT opened at $94.46 on Friday. The stock’s 50 day simple moving average is $80.38 and its 200 day simple moving average is $69.03. Fortinet, Inc. has a one year low of $49.97 and a one year high of $100.59. The firm has a market cap of $72.40 billion, a PE ratio of 47.71, a price-to-earnings-growth ratio of 2.96 and a beta of 1.00. The company has a debt-to-equity ratio of 1.09, a current ratio of 1.34 and a quick ratio of 1.25.

Insiders Place Their Bets

In other news, CEO Ken Xie sold 23,307 shares of the company’s stock in a transaction that occurred on Wednesday, October 16th. The shares were sold at an average price of $81.89, for a total transaction of $1,908,610.23. Following the transaction, the chief executive officer now directly owns 48,915,530 shares in the company, valued at approximately $4,005,692,751.70. This represents a 0.05 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 18.00% of the company’s stock.

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.