Fortinet, Inc. (NASDAQ:FTNT) Shares Sold by Rockefeller Capital Management L.P.

Rockefeller Capital Management L.P. decreased its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 27.0% in the 3rd quarter, HoldingsChannel.com reports. The fund owned 395,469 shares of the software maker’s stock after selling 146,356 shares during the quarter. Rockefeller Capital Management L.P.’s holdings in Fortinet were worth $30,667,000 as of its most recent SEC filing.

Other large investors have also modified their holdings of the company. Eastern Bank acquired a new position in Fortinet during the 3rd quarter worth $25,000. Ashton Thomas Securities LLC acquired a new position in shares of Fortinet during the third quarter worth about $26,000. Private Wealth Management Group LLC increased 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 period. Oakworth Capital Inc. acquired a new stake in Fortinet in the second quarter valued at approximately $33,000. Finally, Versant Capital Management Inc lifted its stake in Fortinet by 61.2% in the second 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 last quarter. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on FTNT shares. Needham & Company LLC restated a “hold” rating on shares of Fortinet in a report on Friday, November 22nd. Wells Fargo & Company increased their price objective on Fortinet from $80.00 to $85.00 and gave the company an “equal weight” rating in a report on Tuesday, November 19th. Cantor Fitzgerald boosted their target price on Fortinet from $88.00 to $95.00 and gave the stock a “neutral” rating in a research note on Tuesday, November 19th. Royal Bank of Canada increased their price target on shares of Fortinet from $82.00 to $97.00 and gave the company a “sector perform” rating in a research note on Tuesday, November 19th. Finally, Robert W. Baird boosted their price objective on shares of Fortinet from $95.00 to $100.00 and gave the stock an “outperform” rating in a research report on Tuesday, November 19th. One investment analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, Fortinet currently has an average rating of “Hold” and a consensus price target of $88.93.

Insider Buying and Selling at Fortinet

In related news, 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 value of $1,688,399.00. Following the sale, the chief financial officer now directly 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 at this hyperlink. Also, 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 transaction, the chief executive officer now owns 48,878,806 shares of the company’s stock, valued at $3,662,977,721.64. This trade represents a 0.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 68,745 shares of company stock valued at $5,746,974. Corporate insiders own 18.00% of the company’s stock.

Fortinet Stock Up 1.1 %

Shares of NASDAQ FTNT opened at $95.05 on Friday. The stock has a market capitalization of $72.85 billion, a price-to-earnings ratio of 48.01, a price-to-earnings-growth ratio of 2.73 and a beta of 1.00. Fortinet, Inc. has a 52 week low of $50.65 and a 52 week high of $100.59. The firm has a 50-day moving average price of $84.33 and a 200 day moving average price of $71.53. The company has a quick ratio of 1.25, a current ratio of 1.34 and a debt-to-equity ratio of 1.09.

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.