BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp Sells 15,858 Shares of Fortinet, Inc. (NASDAQ:FTNT)

BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp lowered its position in shares of Fortinet, Inc. (NASDAQ:FTNT) by 12.8% during the third quarter, HoldingsChannel.com reports. The fund owned 108,362 shares of the software maker’s stock after selling 15,858 shares during the quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp’s holdings in Fortinet were worth $8,403,000 at the end of the most recent quarter.

A number of other large investors have also recently bought and sold shares of FTNT. Eastern Bank acquired a new stake in Fortinet during the third quarter worth approximately $25,000. Ashton Thomas Securities LLC acquired a new stake in shares of Fortinet during the 3rd quarter worth approximately $26,000. Private Wealth Management Group LLC increased its stake 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 valued at $32,000 after acquiring an additional 173 shares in the last quarter. Oakworth Capital Inc. acquired a new position in shares of Fortinet during the 2nd quarter valued at $33,000. Finally, Versant Capital Management Inc boosted its stake in Fortinet by 61.2% during the second quarter. Versant Capital Management Inc now owns 627 shares of the software maker’s stock worth $38,000 after acquiring an additional 238 shares in the last quarter. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Fortinet

In related news, CFO Keith Jensen sold 17,650 shares of the company’s stock in a transaction that occurred on Tuesday, November 26th. The shares were 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 directly owns 4,689 shares in the company, valued at approximately $448,549.74. This represents a 79.01 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CEO Ken Xie sold 23,307 shares of Fortinet stock in a transaction that occurred on Wednesday, October 16th. The shares were 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 owns 48,915,530 shares of the company’s stock, valued at $4,005,692,751.70. This represents a 0.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 68,745 shares of company stock worth $5,746,974. 18.00% of the stock is owned by company insiders.

Fortinet Price Performance

Shares of NASDAQ FTNT opened at $95.05 on Monday. 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 fifty day simple moving average of $84.33 and a two-hundred day simple moving average of $71.61. Fortinet, Inc. has a 1-year low of $50.65 and a 1-year high of $100.59. The firm has a market cap of $72.85 billion, a price-to-earnings ratio of 48.01, a price-to-earnings-growth ratio of 2.76 and a beta of 1.00.

Analysts Set New Price Targets

Several equities research analysts have weighed in on FTNT shares. Susquehanna lifted their price target on shares of Fortinet from $65.00 to $70.00 and gave the company a “neutral” rating in a research note on Thursday, August 8th. Needham & Company LLC reaffirmed a “hold” rating on shares of Fortinet in a research note on Friday, November 22nd. Royal Bank of Canada raised their price objective on Fortinet from $82.00 to $97.00 and gave the company a “sector perform” rating in a research note on Tuesday, November 19th. Scotiabank upped their target price on Fortinet from $85.00 to $110.00 and gave the stock a “sector outperform” rating in a research report on Wednesday, November 20th. Finally, Stifel Nicolaus lifted their price target on shares of Fortinet from $84.00 to $90.00 and gave the company a “hold” rating in a research report on Tuesday, November 19th. One research analyst has rated the stock with a sell rating, nineteen have given a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Fortinet presently has a consensus rating of “Hold” and an average target price of $88.93.

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.