Cypress Capital Group Has $895,000 Stake in Fortinet, Inc. (NASDAQ:FTNT)

Cypress Capital Group cut its stake in Fortinet, Inc. (NASDAQ:FTNT) by 4.7% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 11,536 shares of the software maker’s stock after selling 565 shares during the period. Cypress Capital Group’s holdings in Fortinet were worth $895,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. Eastern Bank acquired a new position in shares of Fortinet in the 3rd quarter valued at 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 grew 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 valued at $32,000 after purchasing an additional 173 shares during the period. City State Bank lifted its position in shares of Fortinet by 900.0% during the third quarter. City State Bank now owns 500 shares of the software maker’s stock worth $39,000 after acquiring an additional 450 shares in the last quarter. Finally, Oakworth Capital Inc. purchased a new stake in shares of Fortinet in the second quarter worth $33,000. Institutional investors own 83.71% of the company’s stock.

Insider Buying and Selling at Fortinet

In other news, CFO Keith Jensen sold 4,250 shares of the firm’s 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 completion of the transaction, 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 transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO Ken Xie sold 23,307 shares of the firm’s stock in a transaction dated Wednesday, October 16th. The stock was sold at an average price of $81.89, for a total transaction of $1,908,610.23. Following the completion of the transaction, the chief executive officer now owns 48,915,530 shares of the company’s stock, valued at approximately $4,005,692,751.70. The trade was a 0.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 51,095 shares of company stock worth $4,058,575 over the last 90 days. Insiders own 18.00% of the company’s stock.

Fortinet Trading Up 1.8 %

NASDAQ FTNT opened at $94.13 on Friday. 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’s fifty day simple moving average is $82.10 and its 200-day simple moving average is $70.06. The stock has a market cap of $72.15 billion, a P/E ratio of 47.54, a PEG ratio of 2.71 and a beta of 1.00. Fortinet, Inc. has a 52 week low of $50.65 and a 52 week high of $100.59.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on FTNT shares. Scotiabank increased their target price on Fortinet from $85.00 to $110.00 and gave the company a “sector outperform” rating in a research note on Wednesday. Hsbc Global Res raised Fortinet from a “hold” rating to a “strong-buy” rating in a research note on Monday, November 11th. DZ Bank upgraded shares of Fortinet from a “sell” rating to a “hold” rating and set a $65.00 price objective for the company in a report on Thursday, August 8th. Truist Financial restated a “buy” rating and issued a $105.00 price objective (up from $85.00) on shares of Fortinet in a report on Wednesday. Finally, Raymond James lifted their target price on shares of Fortinet from $85.00 to $95.00 and gave the company an “outperform” rating in a report on Friday, November 8th. One research analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company currently 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.