Rehmann Capital Advisory Group Cuts Stake in Fortinet, Inc. (NASDAQ:FTNT)

Rehmann Capital Advisory Group decreased its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 3.0% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 4,232 shares of the software maker’s stock after selling 130 shares during the period. Rehmann Capital Advisory Group’s holdings in Fortinet were worth $328,000 as of its most recent SEC filing.

Other hedge funds have also bought and sold shares of the company. Eastern Bank bought a new stake in Fortinet in the 3rd quarter worth approximately $25,000. Ashton Thomas Securities LLC purchased a new stake in Fortinet during the third quarter valued at $26,000. Private Wealth Management Group LLC lifted its holdings in Fortinet by 73.3% in the third 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 period. Oakworth Capital Inc. bought a new stake in shares of Fortinet during the 2nd quarter valued at about $33,000. Finally, City State Bank increased its position in shares of Fortinet by 900.0% during the 3rd quarter. City State Bank now owns 500 shares of the software maker’s stock valued at $39,000 after purchasing an additional 450 shares during the last quarter. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Fortinet Stock Up 0.6 %

Shares of NASDAQ:FTNT opened at $98.60 on Friday. Fortinet, Inc. has a 12 month low of $54.57 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. The company has a 50-day moving average price of $87.98 and a 200 day moving average price of $73.80. The company has a market cap of $75.57 billion, a price-to-earnings ratio of 49.80, a PEG ratio of 2.77 and a beta of 1.00.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on the stock. Barclays boosted their target price on shares of Fortinet from $85.00 to $95.00 and gave the company an “equal weight” rating in a research report on Friday, November 8th. Stifel Nicolaus upped their price objective on Fortinet from $84.00 to $90.00 and gave the stock a “hold” rating in a research note on Tuesday, November 19th. Truist Financial reiterated a “buy” rating and set a $105.00 target price (up from $85.00) on shares of Fortinet in a research report on Wednesday, November 20th. Royal Bank of Canada upped their price target on Fortinet from $82.00 to $97.00 and gave the stock a “sector perform” rating in a research report on Tuesday, November 19th. Finally, Rosenblatt Securities raised their price objective on Fortinet from $90.00 to $100.00 and gave the stock a “buy” rating in a research note on Wednesday, November 20th. One analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $88.93.

Insider Activity

In other Fortinet news, Director William H. Neukom bought 355 shares of the firm’s stock in a transaction dated Friday, December 6th. The stock was acquired at an average cost 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 trade represents a 0.24 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Keith Jensen sold 4,250 shares of Fortinet stock in a transaction dated Tuesday, November 19th. The shares were sold at an average price of $90.83, for a total transaction of $386,027.50. Following the sale, the chief financial officer now owns 4,689 shares of the company’s stock, valued at $425,901.87. The trade was a 47.54 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 68,745 shares of company stock valued at $5,746,974. 18.00% of the stock is currently owned by insiders.

Fortinet Company 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.