Fortinet, Inc. (NASDAQ:FTNT) Shares Sold by American Capital Management Inc.

American Capital Management Inc. lessened its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 21.1% during the third quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 1,847,865 shares of the software maker’s stock after selling 494,917 shares during the quarter. Fortinet accounts for approximately 4.7% of American Capital Management Inc.’s investment portfolio, making the stock its 4th biggest position. American Capital Management Inc. owned about 0.24% of Fortinet worth $143,302,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Eastern Bank bought a new position in Fortinet in the 3rd quarter valued at approximately $25,000. Ashton Thomas Securities LLC bought a new position in shares of Fortinet in the 3rd quarter valued at $26,000. Private Wealth Management Group LLC lifted its stake in shares of 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 acquiring an additional 173 shares during the last quarter. Oakworth Capital Inc. acquired a new stake in shares of Fortinet during the 2nd quarter valued at $33,000. Finally, Versant Capital Management Inc grew its position 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 acquiring an additional 238 shares during the last quarter. Institutional investors own 83.71% of the company’s stock.

Fortinet Price Performance

Shares of FTNT opened at $95.05 on Friday. The business’s fifty day moving average is $84.33 and its 200 day moving average is $71.53. Fortinet, Inc. has a 12-month low of $50.65 and a 12-month high of $100.59. 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 has a market cap of $72.85 billion, a P/E ratio of 48.01, a P/E/G ratio of 2.76 and a beta of 1.00.

Insider Buying and Selling at Fortinet

In related news, CEO Ken Xie sold 23,538 shares of the stock in a transaction on Wednesday, September 18th. The stock was sold at an average price of $74.94, for a total value of $1,763,937.72. Following the completion of the sale, the chief executive officer now directly owns 48,878,806 shares of the company’s stock, valued at approximately $3,662,977,721.64. This represents a 0.05 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Keith Jensen sold 4,250 shares of Fortinet stock in a transaction 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 transaction, the chief financial officer now directly owns 4,689 shares in the company, valued at $425,901.87. This represents a 47.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 68,745 shares of company stock valued at $5,746,974. Corporate insiders own 18.00% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have recently commented on FTNT shares. BMO Capital Markets lifted 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. Robert W. Baird lifted their target price on shares of Fortinet from $95.00 to $100.00 and gave the stock an “outperform” rating in a research report on Tuesday, November 19th. Mizuho lowered shares of Fortinet from a “neutral” rating to an “underperform” rating and set a $68.00 target price on the stock. in a report on Thursday, October 17th. Wedbush raised their price target on shares of Fortinet from $90.00 to $105.00 and gave the company an “outperform” rating in a research note on Tuesday, November 19th. Finally, TD Cowen boosted their price objective on shares of Fortinet from $90.00 to $105.00 and gave the stock a “buy” rating in a research note on Tuesday, November 19th. One research analyst has rated the stock with a sell rating, nineteen have issued a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus 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.