Raymond James Trust N.A. Sells 961 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Raymond James Trust N.A. cut its position in Fortinet, Inc. (NASDAQ:FTNT) by 8.0% in the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 11,026 shares of the software maker’s stock after selling 961 shares during the quarter. Raymond James Trust N.A.’s holdings in Fortinet were worth $855,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Eagle Capital Management LLC increased its holdings in shares of Fortinet by 0.6% during the third quarter. Eagle Capital Management LLC now owns 25,772 shares of the software maker’s stock valued at $1,999,000 after acquiring an additional 141 shares in the last quarter. OneDigital Investment Advisors LLC increased its holdings in shares of Fortinet by 3.9% during the third quarter. OneDigital Investment Advisors LLC now owns 3,782 shares of the software maker’s stock valued at $293,000 after acquiring an additional 141 shares in the last quarter. Parallel Advisors LLC increased its holdings in shares of Fortinet by 2.0% during the second quarter. Parallel Advisors LLC now owns 7,504 shares of the software maker’s stock valued at $452,000 after acquiring an additional 148 shares in the last quarter. Private Wealth Management Group LLC increased its holdings in shares of 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 acquiring an additional 173 shares in the last quarter. Finally, Simplicity Wealth LLC increased its holdings in shares of Fortinet by 2.2% during the second quarter. Simplicity Wealth LLC now owns 8,260 shares of the software maker’s stock valued at $498,000 after acquiring an additional 174 shares in the last quarter. 83.71% of the stock is currently owned by institutional investors.

Insider Transactions at Fortinet

In related news, CEO Ken Xie sold 23,538 shares of the firm’s 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 completion of the transaction, the chief executive officer now directly owns 48,878,806 shares in the company, valued at $3,662,977,721.64. This trade represents a 0.05 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, 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 value of $386,027.50. Following the transaction, the chief financial officer now owns 4,689 shares of the company’s stock, valued at $425,901.87. This trade represents a 47.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 51,095 shares of company stock worth $4,058,575. 18.00% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on FTNT. StockNews.com upgraded shares of Fortinet from a “hold” rating to a “buy” rating in a report on Friday, October 25th. Truist Financial reiterated a “buy” rating and issued a $105.00 target price (up previously from $85.00) on shares of Fortinet in a research report on Wednesday, November 20th. Royal Bank of Canada upped their target price on Fortinet from $82.00 to $97.00 and gave the company a “sector perform” rating in a research report on Tuesday, November 19th. Scotiabank upped their target price on Fortinet from $85.00 to $110.00 and gave the company a “sector outperform” rating in a research report on Wednesday, November 20th. Finally, Cantor Fitzgerald upped their target price on Fortinet from $88.00 to $95.00 and gave the company a “neutral” rating in a research report on Tuesday, November 19th. One analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Fortinet presently has a consensus rating of “Hold” and a consensus target price of $88.93.

Fortinet Stock Performance

NASDAQ FTNT opened at $92.77 on Monday. The stock has a market cap of $71.10 billion, a PE ratio of 46.85, a P/E/G 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. Fortinet, Inc. has a twelve month low of $50.65 and a twelve month high of $100.59. The stock has a fifty day simple moving average of $82.45 and a 200-day simple moving average of $70.45.

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.