Fortinet, Inc. (NASDAQ:FTNT) Shares Sold by Mizuho Securities USA LLC

Mizuho Securities USA LLC cut its position in shares of Fortinet, Inc. (NASDAQ:FTNT) by 15.8% during the 3rd quarter, according to the company in its most recent filing with the SEC. The firm owned 41,168 shares of the software maker’s stock after selling 7,720 shares during the quarter. Mizuho Securities USA LLC’s holdings in Fortinet were worth $3,193,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Apollon Wealth Management LLC raised its position in Fortinet by 7.6% in the third quarter. Apollon Wealth Management LLC now owns 15,296 shares of the software maker’s stock worth $1,186,000 after acquiring an additional 1,081 shares in the last quarter. Forsta AP Fonden raised its holdings in shares of Fortinet by 11.8% in the 3rd quarter. Forsta AP Fonden now owns 135,500 shares of the software maker’s stock worth $10,508,000 after purchasing an additional 14,300 shares in the last quarter. Sarasin & Partners LLP lifted its stake in Fortinet by 22.4% during the second quarter. Sarasin & Partners LLP now owns 2,163,093 shares of the software maker’s stock valued at $130,370,000 after purchasing an additional 395,477 shares during the last quarter. Cetera Investment Advisers lifted its stake in Fortinet by 543.5% during the first quarter. Cetera Investment Advisers now owns 157,319 shares of the software maker’s stock valued at $10,765,000 after purchasing an additional 132,871 shares during the last quarter. Finally, Empower Advisory Group LLC grew its position 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 worth $78,188,000 after buying an additional 40,277 shares during the last quarter. Institutional investors own 83.71% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have recently commented on FTNT. StockNews.com upgraded Fortinet from a “hold” rating to a “buy” rating in a research report on Friday, October 25th. Cantor Fitzgerald increased their price target on Fortinet from $88.00 to $95.00 and gave the company a “neutral” rating in a research report on Tuesday. Royal Bank of Canada boosted their price objective on Fortinet from $82.00 to $97.00 and gave the stock a “sector perform” rating in a report on Tuesday. BMO Capital Markets raised their target price on shares of Fortinet from $88.00 to $100.00 and gave the stock a “market perform” rating in a report on Tuesday. Finally, 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 report on Wednesday. One investment analyst has rated the stock with a sell rating, nineteen have given a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $88.93.

Fortinet Price Performance

Shares of Fortinet stock opened at $92.77 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 firm has a fifty day simple moving average of $82.45 and a 200-day simple moving average of $70.30. The stock has a market capitalization of $71.10 billion, a price-to-earnings ratio of 46.85, a PEG ratio of 2.71 and a beta of 1.00. Fortinet, Inc. has a 1-year low of $50.65 and a 1-year high of $100.59.

Insiders Place Their Bets

In other news, CFO Keith Jensen sold 4,250 shares of Fortinet stock in a transaction dated Tuesday, November 19th. The stock was sold at an average price of $90.83, for a total value of $386,027.50. Following the transaction, the chief financial officer now directly owns 4,689 shares in the company, valued at approximately $425,901.87. The trade was a 47.54 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 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 owns 48,915,530 shares of the company’s stock, valued at approximately $4,005,692,751.70. The trade was a 0.05 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 51,095 shares of company stock valued at $4,058,575 in the last quarter. Insiders own 18.00% of the company’s stock.

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.