Cape Cod Five Cents Savings Bank Has $4.90 Million Stake in Fortinet, Inc. (NASDAQ:FTNT)

Cape Cod Five Cents Savings Bank reduced its position in Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 44.6% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 63,242 shares of the software maker's stock after selling 50,972 shares during the period. Cape Cod Five Cents Savings Bank's holdings in Fortinet were worth $4,904,000 as of its most recent SEC filing.

Several other institutional investors have also made changes to their positions in the company. Eastern Bank acquired a new position in Fortinet in the 3rd quarter valued at approximately $25,000. Ashton Thomas Securities LLC acquired a new position in Fortinet in the 3rd quarter valued at approximately $26,000. Private Wealth Management Group LLC increased its stake in 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 buying an additional 173 shares during the period. City State Bank increased its stake in Fortinet by 900.0% in the 3rd quarter. City State Bank now owns 500 shares of the software maker's stock valued at $39,000 after buying an additional 450 shares during the period. Finally, Oakworth Capital Inc. bought a new stake in Fortinet in the second quarter worth approximately $33,000. 83.71% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several analysts have commented on FTNT shares. BMO Capital Markets boosted their target price 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. Barclays upped their price objective on shares of Fortinet from $85.00 to $95.00 and gave the stock an "equal weight" rating in a report on Friday, November 8th. Wedbush upped their price objective on shares of Fortinet from $90.00 to $105.00 and gave the stock an "outperform" rating in a report on Tuesday, November 19th. Rosenblatt Securities upped their price objective on shares of Fortinet from $90.00 to $100.00 and gave the stock a "buy" rating in a report on Wednesday, November 20th. Finally, Wells Fargo & Company upped their price objective on shares of Fortinet from $80.00 to $85.00 and gave the stock an "equal weight" rating in a report on Tuesday, November 19th. One analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and an average target price of $88.93.

Fortinet Trading Up 0.8 %

NASDAQ:FTNT traded up $0.75 during trading hours on Monday, hitting $99.21. 3,219,862 shares of the stock were exchanged, compared to its average volume of 5,145,427. The company has a market capitalization of $76.04 billion, a P/E ratio of 50.11, a price-to-earnings-growth ratio of 2.80 and a beta of 1.00. The company has a quick ratio of 1.25, a current ratio of 1.34 and a debt-to-equity ratio of 1.09. The company's 50 day moving average is $86.33 and its two-hundred day moving average is $72.94. Fortinet, Inc. has a twelve month low of $50.65 and a twelve month high of $100.59.

Insider Transactions at Fortinet

In other Fortinet news, Director William H. Neukom acquired 355 shares of the business's stock in a transaction that occurred on Friday, December 6th. The shares were acquired at an average cost of $98.50 per share, for a total transaction of $34,967.50. Following the completion of the acquisition, the director now directly owns 150,245 shares of the company's stock, valued at approximately $14,799,132.50. This represents a 0.24 % increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Ken Xie sold 23,538 shares of the firm's stock in a transaction that occurred on Wednesday, September 18th. The shares were sold at an average price of $74.94, for a total transaction of $1,763,937.72. Following the completion of the transaction, the chief executive officer now directly owns 48,878,806 shares in the company, valued at approximately $3,662,977,721.64. The trade was a 0.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 68,745 shares of company stock worth $5,746,974 over the last 90 days. 18.00% of the stock is owned by insiders.

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.