Bridgewater Associates LP Decreases Holdings in Fortinet, Inc. (NASDAQ:FTNT)

Bridgewater Associates LP decreased its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 34.5% in the third quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 200,822 shares of the software maker’s stock after selling 105,626 shares during the period. Bridgewater Associates LP’s holdings in Fortinet were worth $15,574,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Freedom Investment Management Inc. boosted its position in Fortinet by 12.9% during the third quarter. Freedom Investment Management Inc. now owns 3,890 shares of the software maker’s stock valued at $302,000 after buying an additional 443 shares during the period. Townsquare Capital LLC boosted its holdings in Fortinet by 32.7% during the 3rd quarter. Townsquare Capital LLC now owns 11,082 shares of the software maker’s stock valued at $859,000 after acquiring an additional 2,729 shares during the period. Avestar Capital LLC grew its position in Fortinet by 4.6% during the 3rd quarter. Avestar Capital LLC now owns 6,425 shares of the software maker’s stock worth $498,000 after acquiring an additional 283 shares during the last quarter. Brooklyn Investment Group increased its stake in Fortinet by 8.0% in the 3rd quarter. Brooklyn Investment Group now owns 3,855 shares of the software maker’s stock worth $299,000 after purchasing an additional 286 shares during the period. Finally, Quantbot Technologies LP lifted its position in Fortinet by 22.9% in the third quarter. Quantbot Technologies LP now owns 148,525 shares of the software maker’s stock valued at $11,518,000 after purchasing an additional 27,685 shares during the last quarter. Institutional investors own 83.71% of the company’s stock.

Fortinet Stock Performance

FTNT opened at $94.06 on Thursday. The company’s 50 day moving average is $83.21 and its 200 day moving average is $70.96. The company has a current ratio of 1.34, a quick ratio of 1.25 and a debt-to-equity ratio of 1.09. The company has a market cap of $72.09 billion, a price-to-earnings ratio of 47.51, a PEG ratio of 2.70 and a beta of 1.00. Fortinet, Inc. has a 12-month low of $50.65 and a 12-month high of $100.59.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the stock. Hsbc Global Res upgraded shares of Fortinet from a “hold” rating to a “strong-buy” rating in a report on Monday, November 11th. UBS Group raised their price target on shares of Fortinet from $70.00 to $83.00 and gave the stock a “neutral” rating in a report on Friday, November 8th. Citigroup upped their price objective on shares of Fortinet from $66.00 to $76.00 and gave the company a “neutral” rating in a research note on Friday, September 13th. Royal Bank of Canada raised their target price on Fortinet from $82.00 to $97.00 and gave the stock a “sector perform” rating in a research note on Tuesday, November 19th. Finally, Robert W. Baird upped their price target on Fortinet from $95.00 to $100.00 and gave the company an “outperform” rating in a research report on Tuesday, November 19th. One investment analyst has rated the stock with a sell rating, nineteen have given a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Fortinet currently has an average rating of “Hold” and a consensus price target of $88.93.

Insiders Place Their Bets

In related news, CEO Ken Xie sold 23,307 shares of the business’s stock in a transaction that occurred on Wednesday, October 16th. The stock was sold at an average price of $81.89, for a total transaction of $1,908,610.23. Following the completion of the transaction, the chief executive officer now directly owns 48,915,530 shares in the company, valued at approximately $4,005,692,751.70. 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 17,650 shares of the firm’s stock in a transaction that occurred on Tuesday, November 26th. The stock was sold at an average price of $95.66, for a total transaction of $1,688,399.00. Following the sale, the chief financial officer now owns 4,689 shares in the company, valued at approximately $448,549.74. The trade was a 79.01 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 68,745 shares of company stock worth $5,746,974. Company insiders own 18.00% of the company’s stock.

About Fortinet

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.