Wellington Management Group LLP Sells 222,692 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Wellington Management Group LLP cut its stake in Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 73.3% in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 81,124 shares of the software maker's stock after selling 222,692 shares during the quarter. Wellington Management Group LLP's holdings in Fortinet were worth $6,291,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in the stock. Eagle Capital Management LLC grew its stake in Fortinet by 2.2% during the second quarter. Eagle Capital Management LLC now owns 25,631 shares of the software maker's stock valued at $1,545,000 after acquiring an additional 544 shares in the last quarter. Raymond James & Associates grew its position in Fortinet by 6.3% during the second quarter. Raymond James & Associates now owns 517,899 shares of the software maker's stock worth $31,214,000 after buying an additional 30,576 shares in the last quarter. Nisa Investment Advisors LLC increased its stake in Fortinet by 8.8% in the 2nd quarter. Nisa Investment Advisors LLC now owns 141,637 shares of the software maker's stock worth $8,536,000 after acquiring an additional 11,476 shares during the last quarter. Raymond James Financial Services Advisors Inc. raised its holdings in shares of Fortinet by 4.2% in the 2nd quarter. Raymond James Financial Services Advisors Inc. now owns 177,401 shares of the software maker's stock valued at $10,692,000 after acquiring an additional 7,128 shares in the last quarter. Finally, Pallas Capital Advisors LLC boosted its position in shares of Fortinet by 300.1% during the 2nd quarter. Pallas Capital Advisors LLC now owns 12,544 shares of the software maker's stock valued at $729,000 after acquiring an additional 9,409 shares during the last quarter. Hedge funds and other institutional investors own 83.71% of the company's stock.

Insider Buying and Selling at Fortinet

In other Fortinet news, Director William H. Neukom bought 355 shares of the business's stock in a transaction on Friday, December 6th. The shares were acquired at an average cost of $98.50 per share, for a total transaction of $34,967.50. Following the purchase, the director now owns 150,245 shares in the company, valued at approximately $14,799,132.50. This trade represents a 0.24 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Ken Xie sold 23,307 shares of the business's stock in a transaction on Wednesday, October 16th. The stock was sold at an average price of $81.89, for a total value of $1,908,610.23. Following the completion of the transaction, the chief executive officer now owns 48,915,530 shares of the company's stock, valued at $4,005,692,751.70. This represents a 0.05 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 68,745 shares of company stock worth $5,746,974. 18.00% of the stock is owned by insiders.

Fortinet Stock Down 0.6 %

Shares of FTNT stock traded down $0.54 during trading hours on Tuesday, hitting $97.62. 4,009,045 shares of the company's stock traded hands, compared to its average volume of 5,405,702. 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 stock's fifty day simple moving average is $89.19 and its two-hundred day simple moving average is $74.81. Fortinet, Inc. has a 12-month low of $54.57 and a 12-month high of $100.59. The stock has a market cap of $74.82 billion, a price-to-earnings ratio of 49.30, a PEG ratio of 2.77 and a beta of 1.00.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on FTNT. Deutsche Bank Aktiengesellschaft raised their price objective on shares of Fortinet from $77.00 to $90.00 and gave the company a "hold" rating in a research report on Tuesday, November 19th. Citigroup lifted their price target on Fortinet from $66.00 to $76.00 and gave the stock a "neutral" rating in a research note on Friday, September 13th. StockNews.com raised Fortinet from a "hold" rating to a "buy" rating in a report on Friday, October 25th. Wedbush boosted their price objective on shares of Fortinet from $90.00 to $105.00 and gave the stock an "outperform" rating in a report on Tuesday, November 19th. Finally, Cantor Fitzgerald increased their target price on shares of Fortinet from $88.00 to $95.00 and gave the company a "neutral" rating in a report on Tuesday, November 19th. One equities research analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Fortinet presently has an average rating of "Hold" and a consensus price target of $90.43.

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.