Fortinet, Inc. (NASDAQ:FTNT) Shares Sold by Quest Partners LLC

Quest Partners LLC cut its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 56.6% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 3,381 shares of the software maker’s stock after selling 4,401 shares during the period. Quest Partners LLC’s holdings in Fortinet were worth $262,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently made changes to their positions in FTNT. Eastern Bank purchased a new stake in Fortinet in the third quarter valued at about $25,000. Ashton Thomas Securities LLC acquired a new position in Fortinet during the third quarter valued at $26,000. Private Wealth Management Group LLC boosted its holdings in Fortinet by 73.3% in the third quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker’s stock valued at $32,000 after purchasing an additional 173 shares during the last quarter. Oakworth Capital Inc. acquired a new stake in Fortinet during the 2nd quarter worth about $33,000. Finally, Versant Capital Management Inc raised its stake in shares of Fortinet by 61.2% during the 2nd quarter. Versant Capital Management Inc now owns 627 shares of the software maker’s stock valued at $38,000 after buying an additional 238 shares during the last quarter. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Fortinet Stock Performance

NASDAQ:FTNT opened at $96.44 on Wednesday. The company’s 50-day moving average is $82.79 and its two-hundred day moving average is $70.69. The firm has a market capitalization of $73.92 billion, a price-to-earnings ratio of 48.71, a PEG ratio of 2.69 and a beta of 1.00. 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.

Analyst Ratings Changes

FTNT has been the topic of several analyst reports. Hsbc Global Res raised Fortinet from a “hold” rating to a “strong-buy” rating in a report on Monday, November 11th. BMO Capital Markets upped their price objective on shares of Fortinet from $88.00 to $100.00 and gave the stock a “market perform” rating in a research report on Tuesday, November 19th. Morgan Stanley raised their target price on Fortinet from $105.00 to $106.00 and gave the company an “overweight” rating in a research report on Tuesday, November 19th. StockNews.com raised Fortinet from a “hold” rating to a “buy” rating in a report on Friday, October 25th. Finally, Stifel Nicolaus raised their price objective on Fortinet from $84.00 to $90.00 and gave the company a “hold” rating in a report on Tuesday, November 19th. One equities 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 assigned a strong buy rating to the company. According to data from MarketBeat, Fortinet has a consensus rating of “Hold” and an average target price of $88.93.

Insider Buying and Selling

In other news, CEO Ken Xie sold 23,307 shares of the business’s stock in a transaction that occurred 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 sale, the chief executive officer now directly owns 48,915,530 shares of the company’s stock, valued at approximately $4,005,692,751.70. The trade was a 0.05 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Keith Jensen sold 4,250 shares of the company’s stock in a transaction that occurred on Tuesday, November 19th. The stock was sold at an average price of $90.83, for a total transaction of $386,027.50. Following the completion of the transaction, 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. Over the last three months, insiders sold 51,095 shares of company stock worth $4,058,575. Company 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.