Crossmark Global Holdings Inc. Sells 642 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Crossmark Global Holdings Inc. decreased its position in shares of Fortinet, Inc. (NASDAQ:FTNT) by 1.8% during the 3rd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 35,947 shares of the software maker’s stock after selling 642 shares during the quarter. Crossmark Global Holdings Inc.’s holdings in Fortinet were worth $2,788,000 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of the company. Eastern Bank acquired a new stake in Fortinet in the third quarter worth about $25,000. Private Wealth Management Group LLC raised 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 worth $32,000 after buying an additional 173 shares during the last quarter. Oakworth Capital Inc. acquired a new position in Fortinet in the second quarter valued at approximately $33,000. Versant Capital Management Inc grew its holdings in Fortinet by 61.2% during the 2nd quarter. Versant Capital Management Inc now owns 627 shares of the software maker’s stock worth $38,000 after acquiring an additional 238 shares during the period. Finally, City State Bank grew its holdings in Fortinet by 900.0% during the 3rd quarter. City State Bank now owns 500 shares of the software maker’s stock worth $39,000 after acquiring an additional 450 shares during the period. 83.71% of the stock is currently owned by institutional investors.

Fortinet Stock Performance

Shares of NASDAQ FTNT opened at $97.18 on Tuesday. The company has a current ratio of 1.32, a quick ratio of 1.22 and a debt-to-equity ratio of 3.45. The company has a market capitalization of $74.33 billion, a P/E ratio of 49.08, a P/E/G ratio of 3.24 and a beta of 1.00. Fortinet, Inc. has a 12 month low of $49.70 and a 12 month high of $97.35. The stock has a 50 day moving average of $79.15 and a 200-day moving average of $68.40.

Analysts Set New Price Targets

FTNT has been the topic of several recent research reports. Piper Sandler raised their price target on Fortinet from $70.00 to $80.00 and gave the stock a “neutral” rating in a research report on Friday. Hsbc Global Res upgraded Fortinet from a “moderate sell” rating to a “hold” rating in a research report on Wednesday, August 7th. Susquehanna increased their price target on shares of Fortinet from $65.00 to $70.00 and gave the company a “neutral” rating in a research report on Thursday, August 8th. Royal Bank of Canada lifted their price objective on shares of Fortinet from $68.00 to $72.00 and gave the stock a “sector perform” rating in a research note on Wednesday, August 7th. Finally, Rosenblatt Securities upped their target price on shares of Fortinet from $85.00 to $90.00 and gave the company a “buy” rating in a research note on Friday. One equities research analyst has rated the stock with a sell rating, twenty have issued a hold rating and twelve have given a buy rating to the company’s stock. According to MarketBeat, Fortinet currently has an average rating of “Hold” and an average price target of $79.52.

Insiders Place Their Bets

In other news, CEO Ken Xie sold 23,538 shares of the firm’s stock in a transaction dated Wednesday, September 18th. The shares were sold at an average price of $74.94, for a total transaction of $1,763,937.72. Following the completion of the sale, the chief executive officer now owns 48,878,806 shares in the company, valued at approximately $3,662,977,721.64. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Insiders sold a total of 70,538 shares of company stock valued at $5,403,559 over the last ninety days. 18.00% of the stock is currently owned by company insiders.

Fortinet 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.