Jacobs Levy Equity Management Inc. Reduces Position in Fortinet, Inc. (NASDAQ:FTNT)

Jacobs Levy Equity Management Inc. trimmed its position in Fortinet, Inc. (NASDAQ:FTNT) by 75.5% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 1,047,279 shares of the software maker’s stock after selling 3,231,567 shares during the period. Jacobs Levy Equity Management Inc. owned about 0.14% of Fortinet worth $81,216,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in the stock. Eastern Bank bought a new position in shares of Fortinet in the 3rd quarter worth $25,000. Ashton Thomas Securities LLC acquired a new position in shares of Fortinet during the third quarter valued at approximately $26,000. Private Wealth Management Group LLC increased its holdings in shares of Fortinet by 73.3% in 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 during the last quarter. Oakworth Capital Inc. purchased a new position in Fortinet in the second quarter worth approximately $33,000. Finally, Versant Capital Management Inc grew its position in Fortinet by 61.2% in the second quarter. Versant Capital Management Inc now owns 627 shares of the software maker’s stock worth $38,000 after acquiring an additional 238 shares during the period. Institutional investors own 83.71% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms recently commented on FTNT. Scotiabank boosted their target price on Fortinet from $85.00 to $110.00 and gave the stock a “sector outperform” rating in a research note on Wednesday, November 20th. Wedbush boosted their target price on Fortinet from $90.00 to $105.00 and gave the stock an “outperform” rating in a research report on Tuesday, November 19th. Bank of America upped their target price on Fortinet from $87.00 to $104.00 and gave the company a “buy” rating in a research note on Tuesday, November 19th. TD Cowen increased their price target on Fortinet from $90.00 to $105.00 and gave the stock a “buy” rating in a research note on Tuesday, November 19th. Finally, Hsbc Global Res upgraded Fortinet from a “hold” rating to a “strong-buy” rating in a report on Monday, November 11th. One equities research analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Fortinet presently has a consensus rating of “Hold” and a consensus target price of $88.93.

Fortinet Stock Performance

Shares of FTNT opened at $95.32 on Tuesday. The stock has a market capitalization of $73.06 billion, a PE ratio of 48.14, a PEG ratio of 2.76 and a beta of 1.00. 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 stock has a 50-day simple moving average of $84.33 and a 200-day simple moving average of $71.69. Fortinet, Inc. has a 1 year low of $50.65 and a 1 year high of $100.59.

Insider Activity

In other Fortinet news, CEO Ken Xie sold 23,307 shares of the stock in a transaction that occurred 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 transaction, the chief executive officer now owns 48,915,530 shares of the company’s stock, valued at $4,005,692,751.70. This trade represents a 0.05 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Keith Jensen sold 17,650 shares of the firm’s stock in a transaction that occurred on Tuesday, November 26th. The shares were sold at an average price of $95.66, for a total value of $1,688,399.00. Following the completion of the sale, the chief financial officer now owns 4,689 shares in the company, valued at approximately $448,549.74. This represents a 79.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 68,745 shares of company stock valued at $5,746,974. Company insiders own 18.00% of the company’s stock.

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.