Fortinet, Inc. (NASDAQ:FTNT) Shares Sold by XTX Topco Ltd

XTX Topco Ltd cut its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 35.2% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 6,481 shares of the software maker’s stock after selling 3,524 shares during the quarter. XTX Topco Ltd’s holdings in Fortinet were worth $503,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also made changes to their positions in FTNT. Zacks Investment Management purchased a new stake in Fortinet during the 3rd quarter valued at approximately $14,374,000. National Bank of Canada FI increased its holdings in shares of Fortinet by 103.8% in the third quarter. National Bank of Canada FI now owns 590,732 shares of the software maker’s stock valued at $45,811,000 after purchasing an additional 300,804 shares during the period. EP Wealth Advisors LLC purchased a new stake in shares of Fortinet during the third quarter worth approximately $1,454,000. Kovitz Investment Group Partners LLC lifted its holdings in shares of Fortinet by 108.6% during the third quarter. Kovitz Investment Group Partners LLC now owns 31,783 shares of the software maker’s stock worth $2,465,000 after purchasing an additional 16,550 shares during the period. Finally, Worldquant Millennium Advisors LLC increased its stake in Fortinet by 98.9% in the 3rd quarter. Worldquant Millennium Advisors LLC now owns 1,457,858 shares of the software maker’s stock valued at $113,057,000 after buying an additional 724,887 shares during the period. 83.71% of the stock is owned by hedge funds and other institutional investors.

Fortinet Price Performance

Fortinet stock opened at $97.95 on Friday. The stock has a market capitalization of $75.07 billion, a P/E ratio of 49.47, a P/E/G ratio of 2.77 and a beta of 1.00. Fortinet, Inc. has a 12-month low of $54.57 and a 12-month high of $100.59. The company has a debt-to-equity ratio of 1.09, a current ratio of 1.34 and a quick ratio of 1.25. The firm’s 50-day moving average is $88.38 and its two-hundred day moving average is $74.05.

Analyst Ratings Changes

Several analysts have recently commented on the stock. Scotiabank raised their target price on shares of Fortinet from $85.00 to $110.00 and gave the stock a “sector outperform” rating in a research note on Wednesday, November 20th. Needham & Company LLC restated a “hold” rating on shares of Fortinet in a research report on Friday, November 22nd. Truist Financial reiterated a “buy” rating and set a $105.00 target price (up previously from $85.00) on shares of Fortinet in a research report on Wednesday, November 20th. Cantor Fitzgerald raised their price target on Fortinet from $88.00 to $95.00 and gave the company a “neutral” rating in a report on Tuesday, November 19th. Finally, Citigroup upped their price objective on Fortinet from $66.00 to $76.00 and gave the stock a “neutral” rating in a report on Friday, September 13th. One equities research analyst has rated the stock with a sell rating, nineteen have given a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average price target of $89.27.

Insider Activity at Fortinet

In other Fortinet news, CFO Keith Jensen sold 17,650 shares of Fortinet stock in a transaction dated 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 completion of the sale, the chief financial officer now owns 4,689 shares in the company, valued at $448,549.74. The trade was a 79.01 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Ken Xie sold 23,307 shares of the firm’s stock in a transaction that occurred on Wednesday, October 16th. The stock was sold at an average price of $81.89, for a total transaction of $1,908,610.23. Following the completion of the sale, the chief executive officer now directly owns 48,915,530 shares in the company, valued at $4,005,692,751.70. This represents 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 have sold 68,745 shares of company stock valued at $5,746,974. Company 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.