M&T Bank Corp Sells 28,848 Shares of Fortinet, Inc. (NASDAQ:FTNT)

M&T Bank Corp trimmed its position in Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 46.5% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 33,139 shares of the software maker's stock after selling 28,848 shares during the period. M&T Bank Corp's holdings in Fortinet were worth $2,570,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in the company. Eastern Bank purchased a new position in shares of Fortinet in the third quarter worth approximately $25,000. Ashton Thomas Securities LLC purchased a new position in shares of Fortinet during the 3rd quarter worth $26,000. Private Wealth Management Group LLC boosted its stake in shares of 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 acquiring an additional 173 shares during the last quarter. City State Bank increased its stake in shares of Fortinet by 900.0% in 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 in the last quarter. Finally, Oakworth Capital Inc. bought a new position in Fortinet in the 2nd quarter worth $33,000. 83.71% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on FTNT. Raymond James boosted their price target on Fortinet from $85.00 to $95.00 and gave the company an "outperform" rating in a report on Friday, November 8th. Piper Sandler boosted their price objective on Fortinet from $80.00 to $100.00 and gave the company a "neutral" rating in a research note on Tuesday, November 19th. Stifel Nicolaus increased their target price on shares of Fortinet from $84.00 to $90.00 and gave the stock a "hold" rating in a report on Tuesday, November 19th. Hsbc Global Res raised shares of Fortinet from a "hold" rating to a "strong-buy" rating in a report on Monday, November 11th. Finally, Barclays increased their price objective on shares of Fortinet from $85.00 to $95.00 and gave the stock an "equal weight" rating in a research note on Friday, November 8th. One analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $89.27.

Insider Activity at Fortinet

In other news, CEO Ken Xie sold 23,538 shares of Fortinet stock in a transaction on Wednesday, September 18th. The stock was sold at an average price of $74.94, for a total transaction of $1,763,937.72. Following the completion of the sale, the chief executive officer now directly owns 48,878,806 shares in the company, valued at approximately $3,662,977,721.64. This trade represents a 0.05 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Keith Jensen sold 4,250 shares of the business's stock in a transaction 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 sale, the chief financial officer now directly owns 4,689 shares of the company's stock, valued at $425,901.87. This represents a 47.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 68,745 shares of company stock worth $5,746,974. Insiders own 18.00% of the company's stock.

Fortinet Trading Down 0.7 %

FTNT stock traded down $0.65 during mid-day trading on Friday, reaching $97.95. 3,165,889 shares of the stock traded hands, compared to its average volume of 5,418,071. The business has a 50-day moving average price of $88.38 and a two-hundred day moving average price of $74.15. The stock has a market capitalization of $75.07 billion, a PE ratio of 49.47, a PEG ratio of 2.77 and a beta of 1.00. The company has a debt-to-equity ratio of 1.09, a quick ratio of 1.25 and a current ratio of 1.34. Fortinet, Inc. has a one year low of $54.57 and a one year high of $100.59.

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.