Synovus Financial Corp Sells 22,081 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Synovus Financial Corp lessened its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 42.6% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 29,808 shares of the software maker's stock after selling 22,081 shares during the quarter. Synovus Financial Corp's holdings in Fortinet were worth $2,312,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in FTNT. Eastern Bank purchased a new stake in shares of Fortinet in the 3rd quarter worth about $25,000. Ashton Thomas Securities LLC bought a new position in Fortinet in the third quarter worth about $26,000. Private Wealth Management Group LLC lifted its holdings in Fortinet by 73.3% in the third quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker's stock worth $32,000 after buying an additional 173 shares during the period. City State Bank boosted its position in Fortinet by 900.0% during the 3rd quarter. City State Bank now owns 500 shares of the software maker's stock valued at $39,000 after acquiring an additional 450 shares in the last quarter. Finally, DT Investment Partners LLC grew its holdings in shares of Fortinet by 539.0% during the 2nd quarter. DT Investment Partners LLC now owns 671 shares of the software maker's stock worth $40,000 after acquiring an additional 566 shares during the period. Hedge funds and other institutional investors own 83.71% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the company. Needham & Company LLC restated a "hold" rating on shares of Fortinet in a research note on Friday, November 22nd. Morgan Stanley boosted their target price on shares of Fortinet from $105.00 to $106.00 and gave the company an "overweight" rating in a report on Tuesday, November 19th. HSBC raised shares of Fortinet from a "hold" rating to a "buy" rating and lifted their price target for the company from $83.00 to $111.00 in a research report on Monday, November 11th. Hsbc Global Res upgraded shares of Fortinet from a "hold" rating to a "strong-buy" rating in a report on Monday, November 11th. Finally, Robert W. Baird lifted their target price on shares of Fortinet from $95.00 to $100.00 and gave the company an "outperform" 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 assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and an average price target of $90.43.

Fortinet Stock Performance

Fortinet stock traded up $0.21 during midday trading on Monday, hitting $98.16. The stock had a trading volume of 3,821,705 shares, compared to its average volume of 5,411,472. Fortinet, Inc. has a 52-week low of $54.57 and a 52-week high of $100.59. The company has a market capitalization of $75.24 billion, a PE ratio of 49.58, a P/E/G ratio of 2.77 and a beta of 1.00. The firm's fifty day moving average is $88.79 and its two-hundred day moving average is $74.54. The company has a current ratio of 1.34, a quick ratio of 1.25 and a debt-to-equity ratio of 1.09.

Insiders Place Their Bets

In other Fortinet news, Director William H. Neukom purchased 355 shares of the business's stock in a transaction on Friday, December 6th. The stock was acquired at an average price of $98.50 per share, for a total transaction of $34,967.50. Following the purchase, the director now 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Ken Xie sold 23,538 shares of the business's stock in a transaction dated Wednesday, September 18th. The shares were 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 owns 48,878,806 shares in the company, valued at $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 three months. 18.00% of the stock is currently owned by company 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.