Fortinet, Inc. (NASDAQ:FTNT) Shares Sold by First National Trust Co

First National Trust Co lessened its position in shares of Fortinet, Inc. (NASDAQ:FTNT) by 44.4% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 3,145 shares of the software maker’s stock after selling 2,508 shares during the quarter. First National Trust Co’s holdings in Fortinet were worth $244,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in the business. Price T Rowe Associates Inc. MD lifted its stake in shares of Fortinet by 664.8% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 35,137,089 shares of the software maker’s stock valued at $2,400,215,000 after purchasing an additional 30,542,551 shares during the last quarter. Swedbank AB acquired a new position in Fortinet in the first quarter valued at about $548,013,000. Marshall Wace LLP boosted its stake in Fortinet by 198.5% during the second quarter. Marshall Wace LLP now owns 6,238,856 shares of the software maker’s stock worth $376,016,000 after buying an additional 4,148,520 shares during the period. Van ECK Associates Corp raised its stake in shares of Fortinet by 94.9% in the 2nd quarter. Van ECK Associates Corp now owns 5,755,599 shares of the software maker’s stock valued at $346,890,000 after acquiring an additional 2,802,446 shares during the period. Finally, Bessemer Group Inc. lifted its holdings in shares of Fortinet by 102.5% in the 1st quarter. Bessemer Group Inc. now owns 3,284,203 shares of the software maker’s stock worth $224,344,000 after acquiring an additional 1,662,156 shares during the last quarter. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other 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 value of $1,908,610.23. Following the completion of the sale, the chief executive officer now directly owns 48,915,530 shares of the company’s stock, valued at approximately $4,005,692,751.70. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 18.00% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

FTNT has been the topic of a number of research analyst reports. Morgan Stanley cut their target price on Fortinet from $73.00 to $69.00 and set an “overweight” rating on the stock in a research report on Wednesday, July 17th. HSBC upgraded Fortinet from a “hold” rating to a “buy” rating and raised their target price for the company from $83.00 to $111.00 in a report on Monday. Rosenblatt Securities increased their price target on shares of Fortinet from $85.00 to $90.00 and gave the stock a “buy” rating in a research report on Friday, November 8th. UBS Group lifted their price objective on shares of Fortinet from $70.00 to $83.00 and gave the company a “neutral” rating in a report on Friday, November 8th. Finally, BMO Capital Markets raised their price target on shares of Fortinet from $70.00 to $76.00 and gave the company a “market perform” rating in a research report on Wednesday, August 7th. One equities research analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $79.52.

Fortinet Stock Down 1.3 %

Fortinet stock opened at $97.88 on Thursday. The company has a market capitalization of $75.02 billion, a P/E ratio of 49.43, a PEG ratio of 2.96 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. Fortinet, Inc. has a fifty-two week low of $49.97 and a fifty-two week high of $100.59. The stock has a 50-day simple moving average of $80.01 and a 200-day simple moving average of $68.85.

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.