Wedge Capital Management L L P NC Sells 15,736 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Wedge Capital Management L L P NC lessened its stake in Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 2.1% during the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 722,792 shares of the software maker's stock after selling 15,736 shares during the quarter. Fortinet makes up about 1.2% of Wedge Capital Management L L P NC's investment portfolio, making the stock its 5th largest position. Wedge Capital Management L L P NC owned about 0.09% of Fortinet worth $68,289,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Fifth Third Wealth Advisors LLC increased its stake in Fortinet by 1.6% in the 4th quarter. Fifth Third Wealth Advisors LLC now owns 6,833 shares of the software maker's stock worth $646,000 after acquiring an additional 107 shares during the last quarter. Versant Capital Management Inc increased its position in Fortinet by 13.1% in the fourth quarter. Versant Capital Management Inc now owns 1,106 shares of the software maker's stock worth $104,000 after purchasing an additional 128 shares during the last quarter. Diversified Trust Co raised its stake in Fortinet by 0.6% during the fourth quarter. Diversified Trust Co now owns 23,852 shares of the software maker's stock valued at $2,254,000 after purchasing an additional 135 shares in the last quarter. Eagle Capital Management LLC lifted its position in Fortinet by 0.6% during the third quarter. Eagle Capital Management LLC now owns 25,772 shares of the software maker's stock valued at $1,999,000 after purchasing an additional 141 shares during the last quarter. Finally, OneDigital Investment Advisors LLC grew its stake in shares of Fortinet by 3.9% in the 3rd quarter. OneDigital Investment Advisors LLC now owns 3,782 shares of the software maker's stock worth $293,000 after buying an additional 141 shares in the last quarter. Institutional investors own 83.71% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on FTNT. Morgan Stanley increased their price target on shares of Fortinet from $105.00 to $106.00 and gave the company an "overweight" rating in a report on Tuesday, November 19th. Wedbush lifted their target price on Fortinet from $90.00 to $105.00 and gave the stock an "outperform" rating in a report on Tuesday, November 19th. Wells Fargo & Company boosted their target price on Fortinet from $80.00 to $85.00 and gave the company an "equal weight" rating in a research report on Tuesday, November 19th. Hsbc Global Res upgraded Fortinet from a "hold" rating to a "strong-buy" rating in a research report on Monday, November 11th. Finally, StockNews.com upgraded shares of Fortinet from a "hold" rating to a "buy" rating in a research report on Friday, October 25th. One research analyst has rated the stock with a sell rating, eighteen have given a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Fortinet presently has an average rating of "Hold" and a consensus target price of $95.16.

Fortinet Stock Up 0.2 %

Shares of NASDAQ FTNT traded up $0.18 during trading hours on Friday, hitting $94.23. 4,915,554 shares of the stock were exchanged, compared to its average volume of 3,418,023. Fortinet, Inc. has a 12 month low of $54.57 and a 12 month high of $101.00. The firm has a fifty day moving average price of $95.68 and a 200-day moving average price of $80.34. 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 has a market cap of $72.22 billion, a PE ratio of 47.59, a PEG ratio of 2.51 and a beta of 1.00.

Insiders Place Their Bets

In other Fortinet news, CFO Keith Jensen sold 4,250 shares of the company's stock in a transaction that occurred on Tuesday, November 19th. The shares were sold at an average price of $90.83, for a total transaction of $386,027.50. Following 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 position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Ken Xie sold 23,044 shares of the firm's stock in a transaction on Wednesday, January 15th. The stock was sold at an average price of $93.32, for a total transaction of $2,150,466.08. Following the completion of the transaction, the chief executive officer now directly owns 49,039,698 shares of the company's stock, valued at approximately $4,576,384,617.36. This represents a 0.05 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 67,860 shares of company stock valued at $6,469,056. 18.00% of the stock is currently owned by insiders.

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.