Fortinet, Inc. (NASDAQ:FTNT) Shares Sold by The Manufacturers Life Insurance Company

The Manufacturers Life Insurance Company decreased its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 1.7% in the third quarter, Holdings Channel reports. The firm owned 402,876 shares of the software maker’s stock after selling 6,800 shares during the period. The Manufacturers Life Insurance Company’s holdings in Fortinet were worth $31,243,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Eastern Bank acquired a new stake in Fortinet in the third quarter worth about $25,000. Ashton Thomas Securities LLC purchased a new position in shares of Fortinet in the 3rd quarter valued at approximately $26,000. Private Wealth Management Group LLC boosted 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 worth $32,000 after purchasing an additional 173 shares in the last quarter. City State Bank grew its position in Fortinet by 900.0% during the 3rd quarter. City State Bank now owns 500 shares of the software maker’s stock worth $39,000 after purchasing an additional 450 shares during the last quarter. Finally, Oakworth Capital Inc. acquired a new position in Fortinet during the 2nd quarter valued at approximately $33,000. Institutional investors and hedge funds own 83.71% of the company’s stock.

Insider Activity at Fortinet

In related news, CFO Keith Jensen sold 4,250 shares of the company’s stock in a transaction dated Tuesday, November 19th. The shares were 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 of the company’s stock, valued at approximately $425,901.87. This represents a 47.54 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Ken Xie sold 23,538 shares of the firm’s stock in a transaction that occurred on Wednesday, September 18th. The stock was sold at an average price of $74.94, for a total transaction of $1,763,937.72. Following the completion of the transaction, the chief executive officer now directly owns 48,878,806 shares in the company, valued at $3,662,977,721.64. This trade represents a 0.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 68,745 shares of company stock valued at $5,746,974. 18.00% of the stock is owned by insiders.

Fortinet Stock Performance

NASDAQ FTNT opened at $95.05 on Friday. The company has a debt-to-equity ratio of 1.09, a current ratio of 1.34 and a quick ratio of 1.25. The stock’s 50 day simple moving average is $83.96 and its 200-day simple moving average is $71.28. The company has a market cap of $72.85 billion, a PE ratio of 48.14, a price-to-earnings-growth ratio of 2.73 and a beta of 1.00. Fortinet, Inc. has a 1-year low of $50.65 and a 1-year high of $100.59.

Analyst Ratings Changes

FTNT has been the subject of several research reports. Wedbush lifted their price objective on shares of Fortinet from $90.00 to $105.00 and gave the stock an “outperform” rating in a research note on Tuesday, November 19th. Truist Financial reiterated a “buy” rating and set a $105.00 price target (up previously from $85.00) on shares of Fortinet in a research note on Wednesday, November 20th. Hsbc Global Res upgraded Fortinet from a “hold” rating to a “strong-buy” rating in a research note on Monday, November 11th. Wells Fargo & Company upped their target price on Fortinet from $80.00 to $85.00 and gave the company an “equal weight” rating in a research report on Tuesday, November 19th. Finally, HSBC upgraded shares of Fortinet from a “hold” rating to a “buy” rating and increased their price target for the stock from $83.00 to $111.00 in a report on Monday, November 11th. One analyst has rated the stock with a sell rating, nineteen have given a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Fortinet has a consensus rating of “Hold” and a consensus price target of $88.93.

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.