Congress Park Capital LLC Lowers Stake in Fortinet, Inc. (NASDAQ:FTNT)

Congress Park Capital LLC cut its stake in Fortinet, Inc. (NASDAQ:FTNT) by 1.3% during the fourth quarter, HoldingsChannel reports. The fund owned 20,476 shares of the software maker’s stock after selling 260 shares during the quarter. Congress Park Capital LLC’s holdings in Fortinet were worth $1,935,000 as of its most recent SEC filing.

Other large investors have also recently made changes to their positions in the company. Marshall Wace LLP grew its stake in Fortinet by 198.5% in the second quarter. Marshall Wace LLP now owns 6,238,856 shares of the software maker’s stock valued at $376,016,000 after purchasing an additional 4,148,520 shares during the last quarter. FMR LLC grew its position in shares of Fortinet by 276.3% in the 3rd quarter. FMR LLC now owns 3,685,230 shares of the software maker’s stock worth $285,790,000 after buying an additional 2,705,767 shares during the last quarter. AQR Capital Management LLC raised its stake in shares of Fortinet by 89.7% during the 2nd quarter. AQR Capital Management LLC now owns 2,675,644 shares of the software maker’s stock worth $161,261,000 after acquiring an additional 1,265,162 shares in the last quarter. Los Angeles Capital Management LLC increased its position in shares of Fortinet by 3,155.6% during the third quarter. Los Angeles Capital Management LLC now owns 1,237,244 shares of the software maker’s stock worth $95,948,000 after purchasing an additional 1,199,241 shares in the last quarter. Finally, State Street Corp increased its position in Fortinet by 2.9% during the 3rd quarter. State Street Corp now owns 27,281,279 shares of the software maker’s stock valued at $2,115,663,000 after buying an additional 766,135 shares in the last quarter. 83.71% of the stock is owned by institutional investors.

Insider Activity

In other news, CEO Ken Xie sold 22,916 shares of the stock in a transaction that occurred on Tuesday, December 17th. The shares were sold at an average price of $97.93, for a total value of $2,244,163.88. Following the completion of the sale, the chief executive officer now owns 48,983,683 shares of the company’s stock, valued at $4,796,972,076.19. This represents a 0.05 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director William H. Neukom purchased 355 shares of the business’s stock in a transaction dated Friday, December 6th. The shares were purchased at an average price of $98.50 per share, with a total value of $34,967.50. Following the acquisition, the director now directly owns 150,245 shares in the company, valued at approximately $14,799,132.50. The trade was a 0.24 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders sold 67,860 shares of company stock worth $6,469,056 over the last ninety days. Corporate insiders own 18.00% of the company’s stock.

Wall Street Analyst Weigh In

FTNT has been the subject of several research analyst reports. Mizuho increased their price objective on shares of Fortinet from $68.00 to $78.00 and gave the company an “underperform” rating in a research report on Friday, December 13th. Cantor Fitzgerald boosted their price objective on shares of Fortinet from $88.00 to $95.00 and gave the company a “neutral” rating in a report on Tuesday, November 19th. Bank of America raised their price objective on Fortinet from $87.00 to $104.00 and gave the stock a “buy” rating in a research note on Tuesday, November 19th. Deutsche Bank Aktiengesellschaft upped their target price on Fortinet from $77.00 to $90.00 and gave the company a “hold” rating in a research report on Tuesday, November 19th. Finally, Stifel Nicolaus lifted their price objective on shares of Fortinet from $90.00 to $103.00 and gave the company a “hold” rating in a research note on Wednesday, December 18th. One analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $94.35.

Fortinet Stock Performance

NASDAQ:FTNT opened at $94.05 on Friday. 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’s 50-day moving average price is $95.63 and its 200-day moving average price is $80.10. Fortinet, Inc. has a twelve month low of $54.57 and a twelve month high of $101.00. The company has a market cap of $72.08 billion, a P/E ratio of 47.50, a P/E/G ratio of 2.51 and a beta of 1.00.

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.