Hancock Whitney Corp Sells 459 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Hancock Whitney Corp reduced its position in shares of Fortinet, Inc. (NASDAQ:FTNT) by 1.1% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 40,562 shares of the software maker’s stock after selling 459 shares during the period. Hancock Whitney Corp’s holdings in Fortinet were worth $3,146,000 at the end of the most recent quarter.

Other large investors have also recently added to or reduced their stakes in the company. Eagle Capital Management LLC increased its stake in shares of Fortinet by 0.6% in the third quarter. Eagle Capital Management LLC now owns 25,772 shares of the software maker’s stock valued at $1,999,000 after buying an additional 141 shares in the last quarter. OneDigital Investment Advisors LLC increased its position in Fortinet by 3.9% in the 3rd 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 raised its stake in shares of Fortinet by 2.0% in the second quarter. Parallel Advisors LLC now owns 7,504 shares of the software maker’s stock worth $452,000 after acquiring an additional 148 shares during the last quarter. Crewe Advisors LLC lifted its position in shares of Fortinet by 8.8% during the third quarter. Crewe Advisors LLC now owns 1,958 shares of the software maker’s stock worth $152,000 after purchasing an additional 158 shares in the last quarter. Finally, Private Wealth Management Group LLC grew its stake 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 purchasing an additional 173 shares during the last quarter. 83.71% of the stock is owned by institutional investors.

Insider Buying and Selling

In other news, CFO Keith Jensen sold 4,250 shares of the 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 of the company’s stock, valued at approximately $425,901.87. This represents a 47.54 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Ken Xie sold 23,538 shares of the business’s stock in a transaction on 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 owns 48,878,806 shares in the company, valued at approximately $3,662,977,721.64. The trade was a 0.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 51,095 shares of company stock worth $4,058,575. 18.00% of the stock is owned by insiders.

Analysts Set New Price Targets

Several research analysts have issued reports on the company. StockNews.com raised Fortinet from a “hold” rating to a “buy” rating in a report on Friday, October 25th. Royal Bank of Canada upped their price target on Fortinet from $82.00 to $97.00 and gave the company a “sector perform” rating in a research note on Tuesday, November 19th. Raymond James boosted their price objective on Fortinet from $85.00 to $95.00 and gave the stock an “outperform” rating in a report on Friday, November 8th. UBS Group upped their target price on shares of Fortinet from $70.00 to $83.00 and gave the company a “neutral” rating in a research report on Friday, November 8th. Finally, HSBC raised shares of Fortinet from a “hold” rating to a “buy” rating and boosted their price target for the stock from $83.00 to $111.00 in a research note on Monday, November 11th. One investment analyst has rated the stock with a sell rating, nineteen have given a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Fortinet has a consensus rating of “Hold” and a consensus target price of $88.93.

Fortinet Price Performance

Shares of FTNT opened at $93.12 on Tuesday. The company has a quick ratio of 1.25, a current ratio of 1.34 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 market capitalization of $71.37 billion, a P/E ratio of 47.03, a P/E/G ratio of 2.69 and a beta of 1.00. The company has a 50 day moving average of $82.79 and a 200-day moving average of $70.69.

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.