Y Intercept Hong Kong Ltd Lowers Holdings in Fortinet, Inc. (NASDAQ:FTNT)

Y Intercept Hong Kong Ltd reduced its stake in Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 87.8% during the third quarter, according to its most recent filing with the SEC. The fund owned 11,624 shares of the software maker's stock after selling 83,332 shares during the quarter. Y Intercept Hong Kong Ltd's holdings in Fortinet were worth $901,000 at the end of the most recent quarter.

Other institutional investors also recently added to or reduced their stakes in the company. Eagle Capital Management LLC raised its stake in shares of Fortinet by 0.6% in the third quarter. Eagle Capital Management LLC now owns 25,772 shares of the software maker's stock valued at $1,999,000 after buying an additional 141 shares during the period. OneDigital Investment Advisors LLC increased its holdings in Fortinet by 3.9% in the 3rd quarter. OneDigital Investment Advisors LLC now owns 3,782 shares of the software maker's stock worth $293,000 after acquiring an additional 141 shares during the last quarter. Parallel Advisors LLC raised its stake in Fortinet by 2.0% in the 2nd quarter. Parallel Advisors LLC now owns 7,504 shares of the software maker's stock valued at $452,000 after acquiring an additional 148 shares during the period. Crewe Advisors LLC lifted its holdings in Fortinet by 8.8% during the third quarter. Crewe Advisors LLC now owns 1,958 shares of the software maker's stock valued at $152,000 after purchasing an additional 158 shares during the last quarter. Finally, Private Wealth Management Group LLC boosted its position in Fortinet by 73.3% during the third quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker's stock worth $32,000 after purchasing an additional 173 shares during the period. Institutional investors own 83.71% of the company's stock.

Insider Activity at Fortinet

In other Fortinet news, Director William H. Neukom purchased 355 shares of the stock in a transaction that occurred on Friday, December 6th. The stock was bought at an average cost of $98.50 per share, with a total value of $34,967.50. Following the transaction, the director now directly owns 150,245 shares in the company, valued at approximately $14,799,132.50. The trade was a 0.24 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO Ken Xie sold 23,538 shares of Fortinet stock in a transaction that occurred on Wednesday, September 18th. The shares were sold at an average price of $74.94, for a total transaction of $1,763,937.72. Following the transaction, the chief executive officer now owns 48,878,806 shares of the company's stock, 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 have sold a total of 68,745 shares of company stock worth $5,746,974 in the last 90 days. Company insiders own 18.00% of the company's stock.

Fortinet Trading Down 0.7 %

Shares of NASDAQ:FTNT traded down $0.65 during midday trading on Friday, hitting $97.95. 3,165,889 shares of the stock traded hands, compared to its average volume of 5,418,071. 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 business's 50 day moving average is $87.98 and its two-hundred day moving average is $73.80. The stock has a market capitalization of $75.07 billion, a PE ratio of 49.80, a P/E/G ratio of 2.77 and a beta of 1.00. Fortinet, Inc. has a one year low of $54.57 and a one year high of $100.59.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on the stock. Scotiabank boosted their price target on shares of Fortinet from $85.00 to $110.00 and gave the company a "sector outperform" rating in a research report on Wednesday, November 20th. Wells Fargo & Company boosted their target price on shares of Fortinet from $80.00 to $85.00 and gave the company an "equal weight" rating in a report on Tuesday, November 19th. Barclays increased their target price on Fortinet from $85.00 to $95.00 and gave the stock an "equal weight" rating in a research report on Friday, November 8th. StockNews.com upgraded Fortinet from a "hold" rating to a "buy" rating in a research report on Friday, October 25th. Finally, Deutsche Bank Aktiengesellschaft increased their price objective on Fortinet from $77.00 to $90.00 and gave the stock a "hold" rating in a 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 given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock has an average rating of "Hold" and an average price target of $89.27.

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.