Penserra Capital Management LLC Sells 303,785 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Penserra Capital Management LLC trimmed its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 22.5% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,044,749 shares of the software maker’s stock after selling 303,785 shares during the period. Fortinet comprises 1.8% of Penserra Capital Management LLC’s holdings, making the stock its 6th largest position. Penserra Capital Management LLC owned approximately 0.14% of Fortinet worth $81,019,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Advisors Asset Management Inc. increased its holdings in Fortinet by 3.8% during the first quarter. Advisors Asset Management Inc. now owns 17,431 shares of the software maker’s stock worth $1,191,000 after buying an additional 637 shares during the last quarter. Gabelli Funds LLC bought a new stake in shares of Fortinet in the 1st quarter valued at about $205,000. BOKF NA lifted its stake in Fortinet by 5.0% in the 1st quarter. BOKF NA now owns 25,815 shares of the software maker’s stock valued at $1,751,000 after purchasing an additional 1,240 shares during the last quarter. Mount Yale Investment Advisors LLC grew its holdings in Fortinet by 0.9% during the first quarter. Mount Yale Investment Advisors LLC now owns 21,319 shares of the software maker’s stock worth $1,456,000 after purchasing an additional 185 shares during the period. Finally, Silvercrest Asset Management Group LLC increased its position in Fortinet by 37.1% during the first quarter. Silvercrest Asset Management Group LLC now owns 43,856 shares of the software maker’s stock worth $2,996,000 after buying an additional 11,879 shares during the last quarter. Institutional investors own 83.71% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on FTNT. Barclays lifted their target price on Fortinet from $85.00 to $95.00 and gave the stock an “equal weight” rating in a research note on Friday, November 8th. Guggenheim downgraded shares of Fortinet from a “buy” rating to a “neutral” rating in a report on Monday, July 29th. Royal Bank of Canada increased their price objective on shares of Fortinet from $82.00 to $97.00 and gave the company a “sector perform” rating in a research report on Tuesday, November 19th. StockNews.com raised shares of Fortinet from a “hold” rating to a “buy” rating in a report on Friday, October 25th. Finally, Rosenblatt Securities increased their price target on shares of Fortinet from $90.00 to $100.00 and gave the company a “buy” rating in a report on Wednesday. One investment analyst has rated the stock with a sell rating, nineteen have issued a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $88.93.

Insider Activity at Fortinet

In other news, CFO Keith Jensen sold 4,250 shares of the company’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 transaction, the chief financial officer now owns 4,689 shares of the company’s stock, valued at $425,901.87. This represents a 47.54 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CEO Ken Xie sold 23,307 shares of the firm’s stock in a transaction that occurred on Wednesday, October 16th. The shares were 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. This trade represents a 0.05 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 51,095 shares of company stock valued at $4,058,575 in the last quarter. Insiders own 18.00% of the company’s stock.

Fortinet Stock Down 1.3 %

FTNT stock opened at $92.77 on Friday. The stock has a market capitalization of $71.10 billion, a P/E ratio of 46.85, a price-to-earnings-growth ratio of 2.73 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. The firm has a 50-day moving average price of $82.45 and a 200-day moving average price of $70.37. Fortinet, Inc. has a 12 month low of $50.65 and a 12 month 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.