MetLife Investment Management LLC Decreases Holdings in Fortinet, Inc. (NASDAQ:FTNT)

MetLife Investment Management LLC lowered its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 2.3% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 188,463 shares of the software maker’s stock after selling 4,488 shares during the period. MetLife Investment Management LLC’s holdings in Fortinet were worth $14,615,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently modified their holdings of FTNT. Eastern Bank acquired a new position in shares of Fortinet during the third quarter valued at approximately $25,000. Ashton Thomas Securities LLC acquired a new position in Fortinet in the 3rd quarter valued at $26,000. Private Wealth Management Group LLC raised its stake in Fortinet by 73.3% in the 3rd quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker’s stock valued at $32,000 after purchasing an additional 173 shares during the last quarter. Oakworth Capital Inc. purchased a new position in Fortinet in the 2nd quarter valued at $33,000. Finally, Versant Capital Management Inc boosted its stake in Fortinet by 61.2% during the 2nd quarter. Versant Capital Management Inc now owns 627 shares of the software maker’s stock worth $38,000 after purchasing an additional 238 shares during the last quarter. Institutional investors and hedge funds own 83.71% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on FTNT. Truist Financial reissued a “buy” rating and issued a $105.00 price target (up from $85.00) on shares of Fortinet in a research note on Wednesday, November 20th. BMO Capital Markets boosted their target price on Fortinet from $88.00 to $100.00 and gave the stock a “market perform” rating in a report on Tuesday, November 19th. Robert W. Baird increased their price target on Fortinet from $95.00 to $100.00 and gave the company an “outperform” rating in a report on Tuesday, November 19th. Needham & Company LLC reissued a “hold” rating on shares of Fortinet in a research note on Friday, November 22nd. Finally, Barclays raised their target price on Fortinet from $85.00 to $95.00 and gave the stock an “equal weight” rating in a research note on Friday, November 8th. One 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 assigned a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $88.93.

Insiders Place Their Bets

In other Fortinet news, CFO Keith Jensen sold 4,250 shares of the business’s stock in a transaction that occurred on Tuesday, November 19th. The shares were sold at an average price of $90.83, for a total transaction of $386,027.50. Following the completion of the transaction, the chief financial officer now owns 4,689 shares in the company, valued at $425,901.87. The trade was a 47.54 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Ken Xie sold 23,307 shares of the firm’s stock in a transaction on Wednesday, October 16th. The shares were sold at an average price of $81.89, for a total transaction of $1,908,610.23. Following the completion of the sale, the chief executive officer now owns 48,915,530 shares in the company, 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. Insiders have sold a total of 68,745 shares of company stock worth $5,746,974 in the last quarter. 18.00% of the stock is owned by company insiders.

Fortinet Stock Down 2.5 %

Shares of NASDAQ FTNT opened at $94.06 on Thursday. The stock has a market cap of $72.09 billion, a P/E ratio of 47.51, a PEG ratio of 2.70 and a beta of 1.00. The business’s fifty day simple moving average is $83.21 and its 200-day simple moving average is $70.96. Fortinet, Inc. has a 12-month low of $50.65 and a 12-month high of $100.59. The company has a current ratio of 1.34, a quick ratio of 1.25 and a debt-to-equity ratio of 1.09.

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.