Cynosure Group LLC Decreases Position in Fortinet, Inc. (NASDAQ:FTNT)

Cynosure Group LLC decreased its position in shares of Fortinet, Inc. (NASDAQ:FTNT) by 19.0% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 5,484 shares of the software maker’s stock after selling 1,290 shares during the quarter. Cynosure Group LLC’s holdings in Fortinet were worth $425,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Eagle Capital Management LLC grew its holdings in Fortinet by 0.6% during the 3rd 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 lifted its holdings in shares of 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 during the last quarter. Parallel Advisors LLC grew its position in 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 in the last quarter. Crewe Advisors LLC increased its stake in 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 acquiring an additional 158 shares during the last quarter. Finally, Private Wealth Management Group LLC raised its position 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. Institutional investors own 83.71% of the company’s stock.

Wall Street Analysts Forecast Growth

FTNT has been the topic of several recent research reports. Susquehanna increased their price target on Fortinet from $65.00 to $70.00 and gave the company a “neutral” rating in a report on Thursday, August 8th. Mizuho downgraded shares of Fortinet from a “neutral” rating to an “underperform” rating and set a $68.00 target price on the stock. in a research note on Thursday, October 17th. TD Cowen lifted their price target on shares of Fortinet from $90.00 to $105.00 and gave the stock a “buy” rating in a research note on Tuesday, November 19th. Barclays increased their price objective on shares of Fortinet from $85.00 to $95.00 and gave the stock an “equal weight” rating in a research report on Friday, November 8th. Finally, UBS Group upped their target price on Fortinet from $70.00 to $83.00 and gave the company a “neutral” rating in a research note on Friday, November 8th. One equities 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 assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average price target of $88.93.

Fortinet Stock Performance

Shares of FTNT stock opened at $94.06 on Thursday. The company has a market capitalization of $72.09 billion, a P/E ratio of 47.51, a P/E/G ratio of 2.70 and a beta of 1.00. Fortinet, Inc. has a 12-month low of $50.65 and a 12-month high of $100.59. The business’s 50 day moving average is $83.21 and its two-hundred day moving average is $70.96. The company has a current ratio of 1.34, a quick ratio of 1.25 and a debt-to-equity ratio of 1.09.

Insider Activity

In other news, CFO Keith Jensen sold 17,650 shares of the firm’s stock in a transaction that occurred on Tuesday, November 26th. The stock was sold at an average price of $95.66, for a total value of $1,688,399.00. Following the transaction, the chief financial officer now owns 4,689 shares in the company, valued at $448,549.74. This trade represents a 79.01 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Ken Xie sold 23,538 shares of the business’s stock in a transaction that occurred on Wednesday, September 18th. The stock was sold at an average price of $74.94, for a total value of $1,763,937.72. Following the sale, the chief executive officer now owns 48,878,806 shares of the company’s stock, valued at $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. Insiders have sold 68,745 shares of company stock worth $5,746,974 in the last quarter. Corporate insiders own 18.00% of the company’s stock.

Fortinet Company Profile

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.