Fortinet, Inc. (NASDAQ:FTNT) Shares Sold by Connor Clark & Lunn Investment Management Ltd.

Connor Clark & Lunn Investment Management Ltd. decreased its position in shares of Fortinet, Inc. (NASDAQ:FTNT) by 94.5% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 38,903 shares of the software maker’s stock after selling 671,590 shares during the quarter. Connor Clark & Lunn Investment Management Ltd.’s holdings in Fortinet were worth $3,017,000 as of its most recent SEC filing.

Other large investors have also recently made changes to their positions in the company. Swedbank AB increased its holdings in Fortinet by 1.7% in the second quarter. Swedbank AB now owns 8,156,797 shares of the software maker’s stock valued at $491,610,000 after buying an additional 134,366 shares in the last quarter. Marshall Wace LLP grew its position in shares of Fortinet by 198.5% during the 2nd quarter. Marshall Wace LLP now owns 6,238,856 shares of the software maker’s stock valued at $376,016,000 after acquiring an additional 4,148,520 shares during the period. Van ECK Associates Corp increased its stake in shares of Fortinet by 94.9% in the 2nd quarter. Van ECK Associates Corp now owns 5,755,599 shares of the software maker’s stock valued at $346,890,000 after purchasing an additional 2,802,446 shares in the last quarter. Renaissance Technologies LLC raised its holdings in Fortinet by 15.0% in the 2nd quarter. Renaissance Technologies LLC now owns 5,026,394 shares of the software maker’s stock worth $302,941,000 after purchasing an additional 657,400 shares during the period. Finally, Robeco Institutional Asset Management B.V. boosted its position in Fortinet by 10.0% during the third quarter. Robeco Institutional Asset Management B.V. now owns 3,403,975 shares of the software maker’s stock worth $263,978,000 after purchasing an additional 309,772 shares in the last quarter. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Fortinet Price Performance

Shares of FTNT opened at $92.77 on Monday. The firm has a 50-day simple moving average of $82.45 and a two-hundred day simple moving average of $70.45. The company has a debt-to-equity ratio of 1.09, a current ratio of 1.34 and a quick ratio of 1.25. Fortinet, Inc. has a 1-year low of $50.65 and a 1-year high of $100.59. The stock has a market cap of $71.10 billion, a PE ratio of 46.85, a P/E/G ratio of 2.73 and a beta of 1.00.

Analysts Set New Price Targets

FTNT has been the subject of several research analyst reports. DZ Bank raised Fortinet from a “sell” rating to a “hold” rating and set a $65.00 target price for the company in a research note on Thursday, August 8th. StockNews.com raised shares of Fortinet from a “hold” rating to a “buy” rating in a research note on Friday, October 25th. TD Cowen increased their target price on Fortinet from $90.00 to $105.00 and gave the company a “buy” rating in a report on Tuesday, November 19th. Rosenblatt Securities lifted their price target on Fortinet from $90.00 to $100.00 and gave the stock a “buy” rating in a research note on Wednesday, November 20th. Finally, Bank of America increased their price objective on Fortinet from $87.00 to $104.00 and gave the company a “buy” rating in a research note on Tuesday, November 19th. One equities research analyst has rated the stock with a sell rating, nineteen have issued a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $88.93.

Insider Activity at Fortinet

In other news, CFO Keith Jensen sold 4,250 shares of Fortinet stock in a transaction on Tuesday, November 19th. The stock was sold at an average price of $90.83, for a total value of $386,027.50. Following the completion of the sale, the chief financial officer now directly owns 4,689 shares of the company’s stock, valued at approximately $425,901.87. The trade was a 47.54 % decrease in their ownership of the stock. 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 the business’s stock in a transaction on Wednesday, October 16th. The shares were sold at an average price of $81.89, for a total value of $1,908,610.23. Following the completion of the sale, the chief executive officer now owns 48,915,530 shares in the company, valued at $4,005,692,751.70. This represents a 0.05 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, 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.