Fortinet, Inc. (NASDAQ:FTNT) Shares Sold by Mizuho Securities USA LLC

Mizuho Securities USA LLC decreased its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 15.8% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 41,168 shares of the software maker’s stock after selling 7,720 shares during the quarter. Mizuho Securities USA LLC’s holdings in Fortinet were worth $3,193,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of FTNT. Eastern Bank purchased a new position in shares of Fortinet in the 3rd quarter worth $25,000. Ashton Thomas Securities LLC purchased a new position in shares of Fortinet in the 3rd quarter worth about $26,000. Private Wealth Management Group LLC raised its holdings in shares of Fortinet by 73.3% in the 3rd quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker’s stock worth $32,000 after purchasing an additional 173 shares during the period. City State Bank lifted its stake in shares of Fortinet by 900.0% in the 3rd quarter. City State Bank now owns 500 shares of the software maker’s stock valued at $39,000 after purchasing an additional 450 shares in the last quarter. Finally, Oakworth Capital Inc. purchased a new stake in shares of Fortinet during the 2nd quarter worth about $33,000. Institutional investors and hedge funds own 83.71% of the company’s stock.

Analyst Ratings Changes

FTNT has been the topic of several research reports. Bank of America raised their price target on shares of Fortinet from $87.00 to $104.00 and gave the company a “buy” rating in a report on Tuesday. Hsbc Global Res upgraded shares of Fortinet from a “hold” rating to a “strong-buy” rating in a report on Monday, November 11th. HSBC raised Fortinet from a “hold” rating to a “buy” rating and raised their price objective for the company from $83.00 to $111.00 in a research report on Monday, November 11th. UBS Group upped their target price on Fortinet from $70.00 to $83.00 and gave the stock a “neutral” rating in a research report on Friday, November 8th. Finally, Barclays raised their target price on Fortinet from $85.00 to $95.00 and gave the company an “equal weight” rating in a report on Friday, November 8th. One research 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 stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $88.93.

Fortinet Stock Down 1.3 %

FTNT stock opened at $92.77 on Friday. The stock has a market cap of $71.10 billion, a PE ratio of 46.85, a price-to-earnings-growth ratio of 2.71 and a beta of 1.00. The firm’s 50-day simple moving average is $82.45 and its 200 day simple moving average is $70.30. Fortinet, Inc. has a fifty-two week low of $50.65 and a fifty-two week 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.

Insiders Place Their Bets

In other Fortinet news, CEO Ken Xie sold 23,538 shares of the business’s stock in a transaction on 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 completion of the transaction, the chief executive officer now owns 48,878,806 shares in the company, valued at approximately $3,662,977,721.64. The trade was a 0.05 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Keith Jensen sold 4,250 shares of Fortinet stock in a transaction dated Tuesday, November 19th. The shares were sold at an average price of $90.83, for a total transaction of $386,027.50. Following the sale, 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 ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 51,095 shares of company stock worth $4,058,575. Insiders own 18.00% of the company’s stock.

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.