Pinnacle Financial Partners Inc Lowers Position in Fortinet, Inc. (NASDAQ:FTNT)

Pinnacle Financial Partners Inc trimmed its position in shares of Fortinet, Inc. (NASDAQ:FTNT) by 2.3% during the third quarter, Holdings Channel.com reports. The fund owned 12,307 shares of the software maker’s stock after selling 291 shares during the quarter. Pinnacle Financial Partners Inc’s holdings in Fortinet were worth $954,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in FTNT. Eastern Bank bought a new stake in Fortinet in the 3rd quarter worth about $25,000. Ashton Thomas Securities LLC bought a new position in shares of Fortinet in the third quarter valued at approximately $26,000. Private Wealth Management Group LLC lifted its holdings in Fortinet by 73.3% during the third quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker’s stock worth $32,000 after acquiring an additional 173 shares during the period. City State Bank boosted its position in Fortinet by 900.0% in the third quarter. City State Bank now owns 500 shares of the software maker’s stock worth $39,000 after purchasing an additional 450 shares during the last quarter. Finally, Oakworth Capital Inc. bought a new position in Fortinet in the 2nd quarter valued at $33,000. Institutional investors own 83.71% of the company’s stock.

Wall Street Analyst Weigh In

FTNT has been the topic of a number of research analyst reports. Susquehanna boosted their price target on shares of Fortinet from $65.00 to $70.00 and gave the stock a “neutral” rating in a report on Thursday, August 8th. Cantor Fitzgerald boosted their target price on shares of Fortinet from $65.00 to $88.00 and gave the company a “neutral” rating in a research note on Tuesday, October 29th. Scotiabank raised their price target on shares of Fortinet from $75.00 to $85.00 and gave the stock a “sector outperform” rating in a research note on Friday, November 8th. Needham & Company LLC reaffirmed a “hold” rating on shares of Fortinet in a report on Monday. Finally, Barclays increased their price objective on Fortinet from $85.00 to $95.00 and gave the company an “equal weight” rating in a report on Friday, November 8th. One research analyst has rated the stock with a sell rating, nineteen have issued a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $79.52.

Fortinet Trading Down 3.5 %

Shares of FTNT opened at $94.46 on Friday. Fortinet, Inc. has a 1-year low of $49.97 and a 1-year high of $100.59. The company has a market capitalization of $72.40 billion, a P/E ratio of 47.71, a P/E/G ratio of 2.96 and a beta of 1.00. The company has a debt-to-equity ratio of 1.09, a current ratio of 1.34 and a quick ratio of 1.25. The firm’s 50 day simple moving average is $80.38 and its 200 day simple moving average is $69.03.

Insider Transactions at Fortinet

In other news, CEO Ken Xie sold 23,538 shares of the stock in a transaction dated Wednesday, September 18th. The stock was sold at an average price of $74.94, for a total transaction of $1,763,937.72. Following the transaction, the chief executive officer now directly owns 48,878,806 shares in the company, valued at approximately $3,662,977,721.64. This represents a 0.05 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 18.00% of the company’s stock.

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.