The Manufacturers Life Insurance Company Decreases Stock Position in Fortinet, Inc. (NASDAQ:FTNT)

The Manufacturers Life Insurance Company lessened its position in Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 1.7% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 402,876 shares of the software maker's stock after selling 6,800 shares during the period. The Manufacturers Life Insurance Company owned 0.05% of Fortinet worth $31,243,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. Eastern Bank acquired a new position in Fortinet in the 3rd quarter worth about $25,000. Ashton Thomas Securities LLC acquired a new stake in shares of Fortinet in the third quarter valued at about $26,000. Private Wealth Management Group LLC increased its stake in shares of Fortinet by 73.3% in the third quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker's stock valued at $32,000 after buying an additional 173 shares during the period. Oakworth Capital Inc. acquired a new stake in shares of Fortinet in the second quarter valued at about $33,000. Finally, Versant Capital Management Inc increased its stake in shares of Fortinet by 61.2% in the second quarter. Versant Capital Management Inc now owns 627 shares of the software maker's stock valued at $38,000 after buying an additional 238 shares during the period. Institutional investors and hedge funds own 83.71% of the company's stock.

Fortinet Stock Performance

Shares of FTNT opened at $95.05 on Friday. The company has a current ratio of 1.34, a quick ratio of 1.25 and a debt-to-equity ratio of 1.09. The company has a market capitalization of $72.85 billion, a price-to-earnings ratio of 48.01, a PEG ratio of 2.73 and a beta of 1.00. The stock has a 50 day moving average of $83.96 and a 200 day moving average of $71.28. Fortinet, Inc. has a 12 month low of $50.65 and a 12 month high of $100.59.

Insider Activity at Fortinet

In related news, CFO Keith Jensen sold 4,250 shares of the stock in a transaction that occurred on Tuesday, November 19th. The stock was sold at an average price of $90.83, for a total transaction of $386,027.50. Following the completion of the sale, the chief financial officer now directly owns 4,689 shares of the company's stock, valued at approximately $425,901.87. This trade represents a 47.54 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Ken Xie sold 23,307 shares of the stock in a transaction that occurred 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 directly owns 48,915,530 shares of the company's stock, valued at $4,005,692,751.70. The trade was a 0.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 68,745 shares of company stock valued at $5,746,974. 18.00% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on FTNT. BMO Capital Markets increased their price target on Fortinet from $88.00 to $100.00 and gave the company a "market perform" rating in a research note on Tuesday, November 19th. Cantor Fitzgerald increased their price target on Fortinet from $88.00 to $95.00 and gave the company a "neutral" rating in a research note on Tuesday, November 19th. DZ Bank raised Fortinet from a "sell" rating to a "hold" rating and set a $65.00 price target for the company in a research note on Thursday, August 8th. Royal Bank of Canada upped their target price on Fortinet from $82.00 to $97.00 and gave the company a "sector perform" rating in a research report on Tuesday, November 19th. Finally, Wedbush upped their target price on Fortinet from $90.00 to $105.00 and gave the company an "outperform" rating in a research report on Tuesday, November 19th. One equities research analyst has rated the stock with a sell rating, nineteen have given a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of "Hold" and an average target price of $88.93.

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.