Sanibel Captiva Trust Company Inc. Reduces Holdings in Fortinet, Inc. (NASDAQ:FTNT)

Sanibel Captiva Trust Company Inc. lowered its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 6.3% in the 4th quarter, HoldingsChannel reports. The firm owned 125,400 shares of the software maker’s stock after selling 8,494 shares during the quarter. Sanibel Captiva Trust Company Inc.’s holdings in Fortinet were worth $11,848,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. State Street Corp raised its stake in shares of Fortinet by 2.9% during the 3rd quarter. State Street Corp now owns 27,281,279 shares of the software maker’s stock valued at $2,115,663,000 after buying an additional 766,135 shares during the last quarter. Geode Capital Management LLC boosted its holdings in shares of Fortinet by 2.4% during the 3rd quarter. Geode Capital Management LLC now owns 14,883,012 shares of the software maker’s stock worth $1,151,097,000 after purchasing an additional 354,692 shares during the last quarter. Marshall Wace LLP increased its position in Fortinet by 198.5% during the second quarter. Marshall Wace LLP now owns 6,238,856 shares of the software maker’s stock worth $376,016,000 after purchasing an additional 4,148,520 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in Fortinet by 10.3% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,787,931 shares of the software maker’s stock worth $448,854,000 after acquiring an additional 542,727 shares during the period. Finally, Charles Schwab Investment Management Inc. increased its position in shares of Fortinet by 1.8% during the third quarter. Charles Schwab Investment Management Inc. now owns 3,817,859 shares of the software maker’s stock valued at $296,075,000 after acquiring an additional 68,852 shares during the last quarter. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have recently weighed in on FTNT. UBS Group raised their price objective on shares of Fortinet from $70.00 to $83.00 and gave the company a “neutral” rating in a report on Friday, November 8th. KeyCorp raised Fortinet from a “sector weight” rating to an “overweight” rating and set a $115.00 price objective for the company in a report on Thursday, December 19th. BMO Capital Markets upped their price objective on Fortinet from $88.00 to $100.00 and gave the company a “market perform” rating in a research note on Tuesday, November 19th. Mizuho upped their price objective on shares of Fortinet from $68.00 to $78.00 and gave the stock an “underperform” rating in a research report on Friday, December 13th. Finally, TD Cowen lifted their price target on Fortinet from $90.00 to $105.00 and gave the company a “buy” rating in a research note on Tuesday, November 19th. One investment analyst has rated the stock with a sell rating, eighteen have assigned a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and an average price target of $95.16.

Fortinet Trading Up 0.2 %

FTNT stock opened at $94.23 on Friday. The business’s 50-day moving average is $95.68 and its 200 day moving average is $80.34. Fortinet, Inc. has a 12-month low of $54.57 and a 12-month high of $101.00. The stock has a market cap of $72.22 billion, a price-to-earnings ratio of 47.59, a PEG ratio of 2.51 and a beta of 1.00. 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 Buying and Selling

In related news, Director William H. Neukom bought 355 shares of the business’s stock in a transaction on Friday, December 6th. The stock was acquired at an average cost of $98.50 per share, with a total value of $34,967.50. Following the purchase, the director now directly owns 150,245 shares of the company’s stock, valued at $14,799,132.50. The trade was a 0.24 % increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Keith Jensen sold 17,650 shares of the business’s stock in a transaction dated Tuesday, November 26th. The shares were sold at an average price of $95.66, for a total transaction of $1,688,399.00. Following the transaction, the chief financial officer now directly owns 4,689 shares in the company, valued at approximately $448,549.74. The trade was a 79.01 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 67,860 shares of company stock worth $6,469,056. 18.00% of the stock is owned by corporate insiders.

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.