Fortinet, Inc. (NASDAQ:FTNT) Shares Sold by Bridgewater Associates LP

Bridgewater Associates LP trimmed its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 34.5% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 200,822 shares of the software maker's stock after selling 105,626 shares during the quarter. Bridgewater Associates LP's holdings in Fortinet were worth $15,574,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Eastern Bank purchased a new stake in Fortinet during the third quarter valued at approximately $25,000. Ashton Thomas Securities LLC bought a new position in shares of Fortinet during the 3rd quarter valued at approximately $26,000. Private Wealth Management Group LLC raised its holdings in 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. Oakworth Capital Inc. bought a new stake in Fortinet in the second quarter worth $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 buying an additional 238 shares during the period. Institutional investors own 83.71% of the company's stock.

Fortinet Stock Performance

Shares of NASDAQ FTNT traded down $2.38 during midday trading on Thursday, reaching $94.06. The company had a trading volume of 3,834,313 shares, compared to its average volume of 5,503,371. Fortinet, Inc. has a 1 year low of $50.65 and a 1 year high of $100.59. The business's 50-day simple moving average is $83.59 and its 200 day simple moving average is $71.12. 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 $72.09 billion, a P/E ratio of 47.51, a P/E/G ratio of 2.70 and a beta of 1.00.

Insider Activity at Fortinet

In other news, CEO Ken Xie sold 23,307 shares of the 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 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 ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Keith Jensen sold 17,650 shares of the business's stock in a transaction dated Tuesday, November 26th. The shares were sold at an average price of $95.66, for a total value of $1,688,399.00. Following the completion of the transaction, the chief financial officer now directly owns 4,689 shares of the company's stock, valued at approximately $448,549.74. This trade represents a 79.01 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 68,745 shares of company stock valued at $5,746,974 in the last ninety days. Company insiders own 18.00% of the company's stock.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on FTNT. Mizuho lowered shares of Fortinet from a "neutral" rating to an "underperform" rating and set a $68.00 target price for the company. in a report on Thursday, October 17th. Susquehanna raised their price objective on shares of Fortinet from $65.00 to $70.00 and gave the stock a "neutral" rating in a research note on Thursday, August 8th. Barclays lifted their target price on Fortinet from $85.00 to $95.00 and gave the stock an "equal weight" rating in a research report on Friday, November 8th. StockNews.com raised shares of Fortinet from a "hold" rating to a "buy" rating in a research report on Friday, October 25th. Finally, Cantor Fitzgerald boosted their price target on Fortinet from $88.00 to $95.00 and gave the company a "neutral" rating in a report on Tuesday, November 19th. One investment analyst has rated the stock with a sell rating, nineteen have issued a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus target price of $88.93.

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.