Oppenheimer & Co. Inc. Sells 15,469 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Oppenheimer & Co. Inc. decreased its stake in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 30.0% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 36,076 shares of the software maker's stock after selling 15,469 shares during the period. Oppenheimer & Co. Inc.'s holdings in Fortinet were worth $2,798,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Simmons Bank lifted its holdings in Fortinet by 7.7% during the third quarter. Simmons Bank now owns 41,162 shares of the software maker's stock worth $3,192,000 after acquiring an additional 2,945 shares during the period. Haverford Trust Co purchased a new stake in Fortinet during the third quarter worth about $470,000. Empower Advisory Group LLC boosted its stake in Fortinet by 4.2% in the third quarter. Empower Advisory Group LLC now owns 1,008,224 shares of the software maker's stock valued at $78,188,000 after acquiring an additional 40,277 shares during the last quarter. RPG Investment Advisory LLC increased its stake in shares of Fortinet by 1.5% during the 3rd quarter. RPG Investment Advisory LLC now owns 212,695 shares of the software maker's stock worth $16,494,000 after purchasing an additional 3,112 shares during the last quarter. Finally, Aptus Capital Advisors LLC grew its holdings in Fortinet by 15.2% during the third quarter. Aptus Capital Advisors LLC now owns 6,157 shares of the software maker's stock valued at $477,000 after purchasing an additional 813 shares during the period. Institutional investors own 83.71% of the company's stock.

Insider Activity

In related news, CEO Ken Xie sold 23,307 shares of Fortinet 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. The trade was a 0.05 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 18.00% of the company's stock.

Fortinet Trading Down 0.3 %

NASDAQ:FTNT traded down $0.26 during midday trading on Friday, reaching $94.20. 5,916,022 shares of the stock traded hands, compared to its average volume of 5,025,262. The stock has a market capitalization of $72.20 billion, a P/E ratio of 47.58, a PEG ratio of 2.82 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. The company has a fifty day moving average of $80.76 and a 200 day moving average of $69.28. Fortinet, Inc. has a 12 month low of $49.97 and a 12 month high of $100.59.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on FTNT shares. StockNews.com upgraded Fortinet from a "hold" rating to a "buy" rating in a research note on Friday, October 25th. Deutsche Bank Aktiengesellschaft increased their price objective on Fortinet from $71.00 to $75.00 and gave the stock a "hold" rating in a report on Wednesday, August 7th. Wells Fargo & Company increased their price target on shares of Fortinet from $62.00 to $64.00 and gave the stock an "equal weight" rating in a report on Wednesday, August 7th. UBS Group upped their target price on shares of Fortinet from $70.00 to $83.00 and gave the stock a "neutral" rating in a report on Friday, November 8th. Finally, TD Cowen raised their price target on shares of Fortinet from $75.00 to $90.00 and gave the company a "buy" rating in a report on Wednesday, October 9th. One research analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average price target of $79.52.

Fortinet 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.