Fortinet, Inc. (NASDAQ:FTNT) Shares Sold by Parnassus Investments LLC

Parnassus Investments LLC reduced its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 3.5% in the 3rd quarter, HoldingsChannel.com reports. The fund owned 1,450,409 shares of the software maker’s stock after selling 51,928 shares during the period. Parnassus Investments LLC’s holdings in Fortinet were worth $112,479,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in FTNT. Price T Rowe Associates Inc. MD raised its holdings in shares of Fortinet by 664.8% in the first quarter. Price T Rowe Associates Inc. MD now owns 35,137,089 shares of the software maker’s stock worth $2,400,215,000 after acquiring an additional 30,542,551 shares during the last quarter. Swedbank AB purchased a new stake in Fortinet during the 1st quarter worth about $548,013,000. Marshall Wace LLP raised its stake in Fortinet by 198.5% in the 2nd quarter. Marshall Wace LLP now owns 6,238,856 shares of the software maker’s stock valued at $376,016,000 after purchasing an additional 4,148,520 shares during the last quarter. Van ECK Associates Corp boosted its stake in shares of Fortinet by 94.9% during the 2nd quarter. Van ECK Associates Corp now owns 5,755,599 shares of the software maker’s stock worth $346,890,000 after purchasing an additional 2,802,446 shares during the last quarter. Finally, AQR Capital Management LLC raised its position in shares of Fortinet by 89.7% in the second quarter. AQR Capital Management LLC now owns 2,675,644 shares of the software maker’s stock valued at $161,261,000 after buying an additional 1,265,162 shares during the last quarter. Institutional investors and hedge funds own 83.71% of the company’s stock.

Fortinet Stock Performance

FTNT opened at $91.88 on Tuesday. Fortinet, Inc. has a twelve month low of $50.65 and a twelve month high of $100.59. The stock has a market cap of $70.42 billion, a PE ratio of 46.40, a price-to-earnings-growth ratio of 2.82 and a beta of 1.00. The business’s 50 day moving average is $81.10 and its 200-day moving average is $69.51. The company has a current ratio of 1.34, a quick ratio of 1.25 and a debt-to-equity ratio of 1.09.

Analyst Ratings Changes

Several analysts have commented on FTNT shares. JPMorgan Chase & Co. lifted their target price on shares of Fortinet from $63.00 to $70.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 7th. Guggenheim lowered Fortinet from a “buy” rating to a “neutral” rating in a research note on Monday, July 29th. Stifel Nicolaus raised their price objective on Fortinet from $84.00 to $90.00 and gave the company a “hold” rating in a research report on Tuesday. UBS Group boosted their price target on Fortinet from $70.00 to $83.00 and gave the stock a “neutral” rating in a research report on Friday, November 8th. Finally, Royal Bank of Canada increased their price objective on shares of Fortinet from $68.00 to $72.00 and gave the company a “sector perform” rating in a research report on Wednesday, August 7th. One analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $83.21.

Insider Buying and Selling at Fortinet

In other Fortinet news, CEO Ken Xie sold 23,538 shares of the firm’s stock in a transaction dated 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 transaction, the chief executive officer now owns 48,878,806 shares of the company’s stock, valued at approximately $3,662,977,721.64. This trade represents a 0.05 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 18.00% of the stock is owned by company insiders.

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.