Janus Henderson Group PLC Sells 1,800 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Janus Henderson Group PLC trimmed its position in shares of Fortinet, Inc. (NASDAQ:FTNT) by 2.2% in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 80,607 shares of the software maker’s stock after selling 1,800 shares during the quarter. Janus Henderson Group PLC’s holdings in Fortinet were worth $6,251,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Beacon Investment Advisory Services Inc. lifted its position in Fortinet by 5.4% during the third quarter. Beacon Investment Advisory Services Inc. now owns 165,468 shares of the software maker’s stock valued at $12,832,000 after acquiring an additional 8,421 shares during the last quarter. Erste Asset Management GmbH acquired a new position in shares of Fortinet during the third quarter worth $93,000. True Wealth Design LLC lifted its holdings in shares of Fortinet by 7,054.5% during the 3rd quarter. True Wealth Design LLC now owns 1,574 shares of the software maker’s stock valued at $122,000 after purchasing an additional 1,552 shares during the last quarter. Maverick Capital Ltd. acquired a new stake in shares of Fortinet in the 3rd quarter worth $1,128,000. Finally, PDT Partners LLC grew its stake in Fortinet by 33.0% during the 3rd quarter. PDT Partners LLC now owns 99,329 shares of the software maker’s stock worth $7,703,000 after buying an additional 24,641 shares during the last quarter. 83.71% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, Director William H. Neukom acquired 355 shares of Fortinet stock in a transaction that occurred on Friday, December 6th. The shares were purchased at an average price of $98.50 per share, for a total transaction of $34,967.50. Following the completion of the transaction, the director now owns 150,245 shares in the company, valued at $14,799,132.50. This represents a 0.24 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Keith Jensen sold 4,250 shares of the business’s stock in a transaction on 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 $425,901.87. This trade represents a 47.54 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 68,745 shares of company stock worth $5,746,974. 18.00% of the stock is owned by insiders.

Fortinet Price Performance

Fortinet stock opened at $97.04 on Tuesday. The company has a fifty day simple moving average of $86.72 and a 200-day simple moving average of $73.20. The firm has a market capitalization of $74.38 billion, a price-to-earnings ratio of 49.01, a PEG ratio of 2.80 and a beta of 1.00. The company has a quick ratio of 1.25, a current ratio of 1.34 and a debt-to-equity ratio of 1.09. Fortinet, Inc. has a 52-week low of $52.20 and a 52-week high of $100.59.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on FTNT shares. Mizuho cut Fortinet from a “neutral” rating to an “underperform” rating and set a $68.00 price target for the company. in a research note on Thursday, October 17th. Piper Sandler lifted their target price on shares of Fortinet from $80.00 to $100.00 and gave the stock a “neutral” rating in a research note on Tuesday, November 19th. Citigroup upped their price target on shares of Fortinet from $66.00 to $76.00 and gave the company a “neutral” rating in a research note on Friday, September 13th. Needham & Company LLC reiterated a “hold” rating on shares of Fortinet in a research note on Friday, November 22nd. Finally, Robert W. Baird boosted their price objective on shares of Fortinet from $95.00 to $100.00 and gave the company an “outperform” rating in a report on Tuesday, November 19th. One research analyst has rated the stock with a sell rating, nineteen have issued a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Fortinet presently has a consensus rating of “Hold” and an average 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.