Fortinet, Inc. (NASDAQ:FTNT) Stake Decreased by Summit Trail Advisors LLC

Summit Trail Advisors LLC cut its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 8.1% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 5,018 shares of the software maker’s stock after selling 444 shares during the period. Summit Trail Advisors LLC’s holdings in Fortinet were worth $389,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Eastern Bank acquired a new position in Fortinet during the 3rd quarter worth $25,000. Ashton Thomas Securities LLC acquired a new stake in Fortinet in the third quarter worth about $26,000. Private Wealth Management Group LLC grew its position 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. acquired a new position in Fortinet during the 2nd quarter valued at about $33,000. Finally, Versant Capital Management Inc raised its position 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 buying an additional 238 shares in the last quarter. 83.71% of the stock is owned by institutional investors.

Insider Activity at Fortinet

In other news, CFO Keith Jensen sold 4,250 shares of the firm’s stock in a transaction on Tuesday, November 19th. The shares were sold at an average price of $90.83, for a total transaction of $386,027.50. Following the transaction, the chief financial officer now owns 4,689 shares in the company, valued at approximately $425,901.87. This trade represents a 47.54 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Ken Xie sold 23,538 shares of Fortinet stock in a transaction on Wednesday, September 18th. The shares were sold at an average price of $74.94, for a total transaction of $1,763,937.72. Following the completion of the sale, the chief executive officer now directly owns 48,878,806 shares of the company’s stock, valued at approximately $3,662,977,721.64. The trade was a 0.05 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 51,095 shares of company stock valued at $4,058,575. Insiders own 18.00% of the company’s stock.

Analysts Set New Price Targets

FTNT has been the topic of a number of research analyst reports. Rosenblatt Securities raised their price objective on shares of Fortinet from $90.00 to $100.00 and gave the company a “buy” rating in a research note on Wednesday, November 20th. DZ Bank upgraded Fortinet from a “sell” rating to a “hold” rating and set a $65.00 price target on the stock in a research report on Thursday, August 8th. TD Cowen upped their price objective on Fortinet from $90.00 to $105.00 and gave the company a “buy” rating in a report on Tuesday, November 19th. Wells Fargo & Company raised their target price on Fortinet from $80.00 to $85.00 and gave the company an “equal weight” rating in a research note on Tuesday, November 19th. Finally, Susquehanna boosted their price target on shares of Fortinet from $65.00 to $70.00 and gave the stock a “neutral” rating in a research report on Thursday, August 8th. One research analyst has rated the stock with a sell rating, nineteen have issued a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $88.93.

Fortinet Trading Up 3.6 %

Fortinet stock opened at $96.44 on Wednesday. Fortinet, Inc. has a 12 month low of $50.65 and a 12 month high of $100.59. The company has a quick ratio of 1.25, a current ratio of 1.34 and a debt-to-equity ratio of 1.09. The stock has a market cap of $73.92 billion, a P/E ratio of 48.71, a P/E/G ratio of 2.69 and a beta of 1.00. The company’s fifty day simple moving average is $82.79 and its 200-day simple moving average is $70.69.

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.