Fortinet, Inc. (NASDAQ:FTNT) Holdings Trimmed by Pacer Advisors Inc.

Pacer Advisors Inc. cut its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 23.2% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 132,450 shares of the software maker’s stock after selling 40,060 shares during the quarter. Pacer Advisors Inc.’s holdings in Fortinet were worth $10,271,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Eastern Bank bought a new stake in shares of Fortinet during the 3rd quarter worth $25,000. Ashton Thomas Securities LLC acquired a new position in shares of Fortinet in the 3rd quarter valued at $26,000. Private Wealth Management Group LLC boosted its position in shares of Fortinet by 73.3% in the 3rd 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. Oakworth Capital Inc. purchased a new position in Fortinet in the 2nd quarter worth about $33,000. Finally, Versant Capital Management Inc raised 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 buying an additional 238 shares during the period. 83.71% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on the stock. Morgan Stanley boosted their price target on shares of Fortinet from $105.00 to $106.00 and gave the company an “overweight” rating in a report on Tuesday, November 19th. Bank of America boosted their target price on shares of Fortinet from $87.00 to $104.00 and gave the company a “buy” rating in a research note on Tuesday, November 19th. Royal Bank of Canada raised their target price on Fortinet from $82.00 to $97.00 and gave the stock a “sector perform” rating in a research report on Tuesday, November 19th. Scotiabank upped their price target on Fortinet from $85.00 to $110.00 and gave the company a “sector outperform” rating in a research report on Wednesday. Finally, Needham & Company LLC restated a “hold” rating on shares of Fortinet in a research report on Friday. One analyst has rated the stock with a sell rating, nineteen have issued a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $88.93.

Fortinet Trading Down 1.3 %

Fortinet stock opened at $92.77 on Friday. The business’s 50-day simple moving average is $82.45 and its 200-day simple moving average is $70.37. Fortinet, Inc. has a 52 week low of $50.65 and a 52 week high of $100.59. The firm has a market capitalization of $71.10 billion, a PE ratio of 46.85, a PEG ratio of 2.73 and a beta of 1.00. The company has a debt-to-equity ratio of 1.09, a quick ratio of 1.25 and a current ratio of 1.34.

Insiders Place Their Bets

In related news, CFO Keith Jensen sold 4,250 shares of Fortinet stock in a transaction dated Tuesday, November 19th. The stock was sold at an average price of $90.83, for a total transaction of $386,027.50. Following the sale, the chief financial officer now directly owns 4,689 shares of the company’s stock, valued at $425,901.87. This trade represents a 47.54 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Ken Xie sold 23,538 shares of the company’s stock in a transaction that occurred on Wednesday, September 18th. The shares were sold at an average price of $74.94, for a total value of $1,763,937.72. Following the completion of the transaction, the chief executive officer now directly owns 48,878,806 shares of the company’s stock, valued at approximately $3,662,977,721.64. This trade represents a 0.05 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 51,095 shares of company stock valued at $4,058,575 in the last three months. 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.