Blueshift Asset Management LLC Cuts Stake in Fortinet, Inc. (NASDAQ:FTNT)

Blueshift Asset Management LLC lowered its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 23.0% in the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 11,281 shares of the software maker’s stock after selling 3,364 shares during the period. Blueshift Asset Management LLC’s holdings in Fortinet were worth $875,000 as of its most recent filing with the SEC.

A number of other large investors have also added to or reduced their stakes in the stock. Eastern Bank purchased a new stake in shares of Fortinet during the 3rd quarter worth approximately $25,000. Ashton Thomas Securities LLC bought a new position in shares of Fortinet in the third quarter worth $26,000. Private Wealth Management Group LLC grew its position 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 in the last quarter. Oakworth Capital Inc. bought a new stake in shares of Fortinet during the 2nd quarter valued at $33,000. Finally, Versant Capital Management Inc lifted its holdings in Fortinet by 61.2% during the 2nd quarter. Versant Capital Management Inc now owns 627 shares of the software maker’s stock worth $38,000 after purchasing an additional 238 shares in the last quarter. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on FTNT. JPMorgan Chase & Co. upped their price target on Fortinet from $63.00 to $70.00 and gave the company a “neutral” rating in a research report on Wednesday, August 7th. Wells Fargo & Company upped their target price on shares of Fortinet from $80.00 to $85.00 and gave the stock an “equal weight” rating in a report on Tuesday, November 19th. Stifel Nicolaus raised their price target on shares of Fortinet from $84.00 to $90.00 and gave the company a “hold” rating in a report on Tuesday, November 19th. Robert W. Baird upped their price target on shares of Fortinet from $95.00 to $100.00 and gave the stock an “outperform” rating in a report on Tuesday, November 19th. Finally, Raymond James boosted their target price on Fortinet from $85.00 to $95.00 and gave the stock an “outperform” rating in a research report on Friday, November 8th. One 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 company. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $88.93.

Insiders Place Their Bets

In related news, CEO Ken Xie sold 23,538 shares of the stock in a transaction dated Wednesday, September 18th. The shares were sold at an average price of $74.94, for a total value of $1,763,937.72. Following the completion of the transaction, the chief executive officer now directly owns 48,878,806 shares in the company, valued at $3,662,977,721.64. This trade represents a 0.05 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Keith Jensen sold 4,250 shares of the firm’s stock in a transaction that occurred on Tuesday, November 19th. The shares were sold at an average price of $90.83, for a total transaction of $386,027.50. Following the transaction, the chief financial officer now directly owns 4,689 shares of the company’s stock, valued at $425,901.87. This represents a 47.54 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 68,745 shares of company stock worth $5,746,974 over the last three months. Company insiders own 18.00% of the company’s stock.

Fortinet Stock Down 2.5 %

Shares of NASDAQ FTNT opened at $94.06 on Thursday. The firm has a fifty day simple moving average of $83.21 and a two-hundred day simple moving average of $70.96. The firm has a market capitalization of $72.09 billion, a PE ratio of 47.51, a price-to-earnings-growth ratio of 2.70 and a beta of 1.00. The company has a current ratio of 1.34, a quick ratio of 1.25 and a debt-to-equity ratio of 1.09. Fortinet, Inc. has a 12 month low of $50.65 and a 12 month high of $100.59.

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.