Parnassus Investments LLC lessened its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 3.5% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 1,450,409 shares of the software maker's stock after selling 51,928 shares during the quarter. Parnassus Investments LLC owned approximately 0.19% of Fortinet worth $112,479,000 at the end of the most recent quarter.
Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Eastern Bank acquired a new stake in Fortinet during the 3rd quarter worth $25,000. Ashton Thomas Securities LLC acquired a new stake in Fortinet during the 3rd quarter worth $26,000. Private Wealth Management Group LLC boosted its stake in Fortinet by 73.3% during the 3rd quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker's stock worth $32,000 after purchasing an additional 173 shares during the last quarter. City State Bank boosted its stake in Fortinet by 900.0% during the 3rd quarter. City State Bank now owns 500 shares of the software maker's stock worth $39,000 after purchasing an additional 450 shares during the last quarter. Finally, Oakworth Capital Inc. acquired a new stake in Fortinet during the 2nd quarter worth $33,000. Institutional investors and hedge funds own 83.71% of the company's stock.
Wall Street Analyst Weigh In
Several brokerages have recently weighed in on FTNT. Stifel Nicolaus boosted their price target on shares of Fortinet from $84.00 to $90.00 and gave the company a "hold" rating in a research report on Tuesday. Wells Fargo & Company boosted their price target on shares of Fortinet from $80.00 to $85.00 and gave the company an "equal weight" rating in a research report on Tuesday. Hsbc Global Res raised shares of Fortinet from a "hold" rating to a "strong-buy" rating in a research report on Monday, November 11th. Bank of America boosted their price target on shares of Fortinet from $87.00 to $104.00 and gave the company a "buy" rating in a research report on Tuesday. Finally, BMO Capital Markets boosted their price objective on shares of Fortinet from $88.00 to $100.00 and gave the company a "market perform" rating in a report on Tuesday. One equities research analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Fortinet has an average rating of "Hold" and an average price target of $87.10.
Read Our Latest Analysis on FTNT
Insider Activity at Fortinet
In related news, CEO Ken Xie sold 23,538 shares of the company's stock in a transaction that occurred on Wednesday, September 18th. The stock was sold at an average price of $74.94, for a total value of $1,763,937.72. Following the completion of the transaction, the chief executive officer now directly owns 48,878,806 shares of the company's stock, valued at $3,662,977,721.64. This represents a 0.05 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 18.00% of the stock is currently owned by corporate insiders.
Fortinet Stock Down 1.2 %
Shares of FTNT stock traded down $1.09 during trading hours on Tuesday, reaching $90.79. 5,705,676 shares of the stock were exchanged, compared to its average volume of 5,513,119. The business's fifty day moving average is $81.10 and its two-hundred day moving average is $69.51. The company has a debt-to-equity ratio of 1.09, a current ratio of 1.34 and a quick ratio of 1.25. The firm has a market capitalization of $69.59 billion, a P/E ratio of 46.00, a P/E/G ratio of 2.82 and a beta of 1.00. Fortinet, Inc. has a 12-month low of $50.65 and a 12-month high of $100.59.
About Fortinet
(
Free Report)
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.
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