Moors & Cabot Inc. Sells 1,840 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Moors & Cabot Inc. cut its stake in Fortinet, Inc. (NASDAQ:FTNT) by 5.4% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 32,340 shares of the software maker’s stock after selling 1,840 shares during the period. Moors & Cabot Inc.’s holdings in Fortinet were worth $2,508,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Eastern Bank bought a new stake in Fortinet in the third quarter valued at approximately $25,000. Ashton Thomas Securities LLC bought a new stake in Fortinet in the third quarter valued at approximately $26,000. Private Wealth Management Group LLC boosted its holdings in 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 acquiring an additional 173 shares during the last quarter. City State Bank lifted its stake in Fortinet by 900.0% in the third quarter. City State Bank now owns 500 shares of the software maker’s stock valued at $39,000 after buying an additional 450 shares during the period. Finally, Oakworth Capital Inc. acquired a new position in Fortinet in the second quarter valued at approximately $33,000. 83.71% of the stock is currently owned by institutional investors.

Fortinet Stock Up 1.8 %

Shares of NASDAQ:FTNT opened at $92.45 on Thursday. The company has a market capitalization of $70.86 billion, a PE ratio of 46.69, a price-to-earnings-growth ratio of 2.82 and a beta of 1.00. 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 business has a fifty day moving average price of $81.71 and a two-hundred day moving average price of $69.89. Fortinet, Inc. has a 1 year low of $50.65 and a 1 year high of $100.59.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on the company. Morgan Stanley boosted their price target on Fortinet from $105.00 to $106.00 and gave the company an “overweight” rating in a research note on Tuesday. Truist Financial reissued a “buy” rating and issued a $105.00 price target (up from $85.00) on shares of Fortinet in a research note on Wednesday. Wells Fargo & Company boosted their price target on Fortinet from $80.00 to $85.00 and gave the company an “equal weight” rating in a research note on Tuesday. Cantor Fitzgerald boosted their price target on Fortinet from $88.00 to $95.00 and gave the company a “neutral” rating in a research note on Tuesday. Finally, Raymond James boosted their price target on Fortinet from $85.00 to $95.00 and gave the company an “outperform” rating in a research note on Friday, November 8th. One investment analyst has rated the stock with a sell rating, nineteen have issued a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $88.93.

Insider Buying and Selling at Fortinet

In other news, CFO Keith Jensen sold 4,250 shares of the stock in a transaction on Tuesday, November 19th. The stock was sold at an average price of $90.83, for a total transaction of $386,027.50. Following the completion of the transaction, the chief financial officer now owns 4,689 shares in the company, valued at approximately $425,901.87. This represents a 47.54 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Ken Xie sold 23,307 shares of the stock in a transaction 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 transaction, the chief executive officer now owns 48,915,530 shares of the company’s stock, valued at $4,005,692,751.70. The trade was a 0.05 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 51,095 shares of company stock worth $4,058,575 in the last quarter. 18.00% of the stock is currently owned by company insiders.

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.