Fortinet, Inc. (NASDAQ:FTNT) Stake Trimmed by Wellington Management Group LLP

Wellington Management Group LLP cut its position in shares of Fortinet, Inc. (NASDAQ:FTNT) by 73.3% in the third quarter, Holdings Channel.com reports. The institutional investor owned 81,124 shares of the software maker’s stock after selling 222,692 shares during the period. Wellington Management Group LLP’s holdings in Fortinet were worth $6,291,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Eastern Bank purchased a new stake in shares of Fortinet in the 3rd quarter valued at approximately $25,000. Ashton Thomas Securities LLC acquired a new stake in Fortinet during the 3rd quarter valued at $26,000. Private Wealth Management Group LLC boosted its position in shares of Fortinet by 73.3% in the third quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker’s stock worth $32,000 after buying an additional 173 shares during the period. City State Bank grew its holdings in shares of Fortinet by 900.0% during the third quarter. City State Bank now owns 500 shares of the software maker’s stock valued at $39,000 after buying an additional 450 shares in the last quarter. Finally, DT Investment Partners LLC raised its position in Fortinet by 539.0% during the second quarter. DT Investment Partners LLC now owns 671 shares of the software maker’s stock valued at $40,000 after buying an additional 566 shares during the period. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities analysts have weighed in on FTNT shares. Morgan Stanley lifted their target price on Fortinet from $105.00 to $106.00 and gave the company an “overweight” rating in a research note on Tuesday, November 19th. HSBC upgraded shares of Fortinet from a “hold” rating to a “buy” rating and upped their price objective for the company from $83.00 to $111.00 in a research note on Monday, November 11th. StockNews.com raised shares of Fortinet from a “hold” rating to a “buy” rating in a research note on Friday, October 25th. Truist Financial reaffirmed 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. Finally, Needham & Company LLC reissued a “hold” rating on shares of Fortinet in a research report on Friday, November 22nd. One equities research analyst has rated the stock with a sell rating, nineteen have given a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $90.43.

Insider Buying and Selling at Fortinet

In other Fortinet news, CFO Keith Jensen sold 4,250 shares of the firm’s stock in a transaction that occurred 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 completion of the sale, the chief financial officer now owns 4,689 shares in the company, valued at approximately $425,901.87. This trade represents a 47.54 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director William H. Neukom bought 355 shares of the business’s stock in a transaction that occurred on Friday, December 6th. The stock was purchased at an average price of $98.50 per share, with a total value of $34,967.50. Following the completion of the purchase, the director now directly owns 150,245 shares of the company’s stock, valued at $14,799,132.50. This represents a 0.24 % increase in their position. The disclosure for this purchase can be found here. Insiders sold a total of 68,745 shares of company stock valued at $5,746,974 in the last ninety days. Company insiders own 18.00% of the company’s stock.

Fortinet Stock Up 0.2 %

FTNT opened at $98.16 on Tuesday. The business has a 50 day moving average of $88.79 and a 200-day moving average of $74.54. The stock has a market capitalization of $75.24 billion, a price-to-earnings ratio of 49.58, a P/E/G ratio of 2.77 and a beta of 1.00. 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, Inc. has a 1-year low of $54.57 and a 1-year high of $100.59.

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.