Fortinet, Inc. (NASDAQ:FTNT) Shares Sold by Wedge Capital Management L L P NC

Wedge Capital Management L L P NC lessened its position in shares of Fortinet, Inc. (NASDAQ:FTNT) by 2.1% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 722,792 shares of the software maker’s stock after selling 15,736 shares during the quarter. Fortinet makes up about 1.2% of Wedge Capital Management L L P NC’s holdings, making the stock its 5th largest position. Wedge Capital Management L L P NC owned about 0.09% of Fortinet worth $68,289,000 at the end of the most recent quarter.

A number of other large investors have also recently added to or reduced their stakes in the business. Eastern Bank acquired a new stake in Fortinet in the 3rd quarter worth about $25,000. Ashton Thomas Securities LLC acquired a new position in shares of Fortinet in the 3rd quarter valued at $26,000. Private Wealth Management Group LLC grew its stake in shares of Fortinet by 73.3% during the 3rd quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker’s stock valued at $32,000 after buying an additional 173 shares during the period. City State Bank increased its holdings in shares of Fortinet by 900.0% during the 3rd quarter. City State Bank now owns 500 shares of the software maker’s stock worth $39,000 after buying an additional 450 shares during the last quarter. Finally, Paladin Wealth LLC purchased a new position in shares of Fortinet in the 3rd quarter worth $46,000. 83.71% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

FTNT has been the subject of a number of research reports. Jefferies Financial Group boosted their target price on Fortinet from $95.00 to $105.00 and gave the stock a “hold” rating in a report on Thursday, December 19th. StockNews.com raised shares of Fortinet from a “hold” rating to a “buy” rating in a research report on Friday, October 25th. Hsbc Global Res raised Fortinet from a “hold” rating to a “strong-buy” rating in a research report on Monday, November 11th. Rosenblatt Securities increased their price objective on shares of Fortinet from $90.00 to $100.00 and gave the company a “buy” rating in a research report on Wednesday, November 20th. Finally, Deutsche Bank Aktiengesellschaft boosted their target price on shares of Fortinet from $77.00 to $90.00 and gave the stock a “hold” rating in a research report on Tuesday, November 19th. One research analyst has rated the stock with a sell rating, eighteen have given a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $95.16.

Insider Activity

In related news, CFO Keith Jensen sold 4,250 shares of the business’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 value of $386,027.50. Following the sale, the chief financial officer now directly owns 4,689 shares in the company, valued at $425,901.87. The trade was a 47.54 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Ken Xie sold 23,044 shares of the firm’s stock in a transaction on Wednesday, January 15th. The stock was sold at an average price of $93.32, for a total value of $2,150,466.08. Following the sale, the chief executive officer now directly owns 49,039,698 shares of the company’s stock, valued at approximately $4,576,384,617.36. This represents a 0.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 67,860 shares of company stock valued at $6,469,056. Company insiders own 18.00% of the company’s stock.

Fortinet Price Performance

NASDAQ FTNT opened at $94.23 on Friday. Fortinet, Inc. has a 52 week low of $54.57 and a 52 week high of $101.00. The company has a current ratio of 1.34, a quick ratio of 1.25 and a debt-to-equity ratio of 1.09. The stock has a market cap of $72.22 billion, a price-to-earnings ratio of 47.59, a price-to-earnings-growth ratio of 2.51 and a beta of 1.00. The company has a 50-day moving average price of $95.68 and a two-hundred day moving average price of $80.34.

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.