Glenmede Trust Co. NA Reduces Stock Holdings in Fortinet, Inc. (NASDAQ:FTNT)

Glenmede Trust Co. NA trimmed its position in Fortinet, Inc. (NASDAQ:FTNT) by 20.1% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 766,184 shares of the software maker’s stock after selling 192,991 shares during the quarter. Glenmede Trust Co. NA’s holdings in Fortinet were worth $59,418,000 as of its most recent SEC filing.

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

Fortinet Trading Up 3.6 %

NASDAQ:FTNT opened at $96.44 on Wednesday. The company has a market capitalization of $73.92 billion, a PE ratio of 48.71, a P/E/G ratio of 2.70 and a beta of 1.00. Fortinet, Inc. has a 52-week low of $50.65 and a 52-week high of $100.59. The stock’s 50 day moving average price is $82.79 and its 200 day moving average price is $70.69. The company has a quick ratio of 1.25, a current ratio of 1.34 and a debt-to-equity ratio of 1.09.

Wall Street Analyst Weigh In

FTNT has been the topic of several recent analyst reports. Susquehanna upped their price objective on shares of Fortinet from $65.00 to $70.00 and gave the stock a “neutral” rating in a report on Thursday, August 8th. Citigroup boosted their price objective on Fortinet from $66.00 to $76.00 and gave the company a “neutral” rating in a report on Friday, September 13th. Morgan Stanley raised their target price on Fortinet from $105.00 to $106.00 and gave the company an “overweight” rating in a report on Tuesday, November 19th. Royal Bank of Canada boosted their price target on shares of Fortinet from $82.00 to $97.00 and gave the stock a “sector perform” rating in a research note on Tuesday, November 19th. Finally, Stifel Nicolaus increased their price target on shares of Fortinet from $84.00 to $90.00 and gave the stock a “hold” rating in a research report on Tuesday, November 19th. One equities research analyst has rated the stock with a sell rating, nineteen have given a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $88.93.

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 transaction, the chief executive officer now owns 48,878,806 shares of the company’s stock, valued at $3,662,977,721.64. This trade represents a 0.05 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CFO Keith Jensen sold 4,250 shares of the company’s stock in a transaction that occurred on Tuesday, November 19th. The shares were sold at an average price of $90.83, for a total value of $386,027.50. Following the sale, the chief financial officer now directly owns 4,689 shares of the company’s stock, valued at approximately $425,901.87. This represents a 47.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 51,095 shares of company stock worth $4,058,575. Insiders own 18.00% of the company’s stock.

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.