Fortinet, Inc. (NASDAQ:FTNT) Stock Holdings Cut by Cape Cod Five Cents Savings Bank

Cape Cod Five Cents Savings Bank lessened its position in Fortinet, Inc. (NASDAQ:FTNT) by 44.6% during the third quarter, Holdings Channel reports. The institutional investor owned 63,242 shares of the software maker’s stock after selling 50,972 shares during the quarter. Cape Cod Five Cents Savings Bank’s holdings in Fortinet were worth $4,904,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Simplicity Wealth LLC boosted its holdings in Fortinet by 2.2% during the second quarter. Simplicity Wealth LLC now owns 8,260 shares of the software maker’s stock worth $498,000 after buying an additional 174 shares in the last quarter. Czech National Bank raised its position in shares of Fortinet by 7.7% during the second quarter. Czech National Bank now owns 120,828 shares of the software maker’s stock worth $7,282,000 after purchasing an additional 8,683 shares during the period. Diversified Trust Co lifted its holdings in shares of Fortinet by 112.3% during the second quarter. Diversified Trust Co now owns 23,512 shares of the software maker’s stock valued at $1,417,000 after purchasing an additional 12,438 shares during the last quarter. NorthCrest Asset Manangement LLC increased its stake in Fortinet by 5.2% in the 2nd quarter. NorthCrest Asset Manangement LLC now owns 77,163 shares of the software maker’s stock worth $4,651,000 after purchasing an additional 3,784 shares in the last quarter. Finally, Wealth Enhancement Advisory Services LLC raised its holdings in Fortinet by 17.3% during the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 54,955 shares of the software maker’s stock worth $3,312,000 after buying an additional 8,103 shares during the period. Institutional investors and hedge funds own 83.71% of the company’s stock.

Wall Street Analysts Forecast Growth

FTNT has been the subject of several research analyst reports. Citigroup upped their price target on shares of Fortinet from $66.00 to $76.00 and gave the company a “neutral” rating in a research report on Friday, September 13th. Mizuho cut Fortinet from a “neutral” rating to an “underperform” rating and set a $68.00 target price for the company. in a research report on Thursday, October 17th. BMO Capital Markets raised their price target on shares of Fortinet from $88.00 to $100.00 and gave the stock a “market perform” rating in a report on Tuesday, November 19th. Robert W. Baird upped their price objective on shares of Fortinet from $95.00 to $100.00 and gave the company an “outperform” rating in a research note on Tuesday, November 19th. Finally, Deutsche Bank Aktiengesellschaft lifted their target price on shares of Fortinet from $77.00 to $90.00 and gave the company a “hold” rating in a research note on Tuesday, November 19th. 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 company. According to data from MarketBeat, Fortinet presently has a consensus rating of “Hold” and an average target price of $88.93.

Fortinet Stock Performance

NASDAQ FTNT opened at $99.21 on Monday. Fortinet, Inc. has a twelve month low of $50.65 and a twelve 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 $76.04 billion, a P/E ratio of 50.11, a PEG ratio of 2.80 and a beta of 1.00. The company’s 50-day simple moving average is $86.33 and its 200 day simple moving average is $72.94.

Insider Buying and Selling

In other news, Director William H. Neukom purchased 355 shares of the business’s stock in a transaction that occurred on Friday, December 6th. The stock was purchased at an average cost of $98.50 per share, with a total value of $34,967.50. Following the acquisition, the director now directly owns 150,245 shares of the company’s stock, valued at approximately $14,799,132.50. This trade represents a 0.24 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Ken Xie sold 23,538 shares of the company’s stock in a transaction dated 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 sale, the chief executive officer now directly owns 48,878,806 shares in the company, valued at $3,662,977,721.64. This represents a 0.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 68,745 shares of company stock worth $5,746,974 in the last 90 days. 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.