Fortinet, Inc. (NASDAQ:FTNT) Shares Sold by Penserra Capital Management LLC

Penserra Capital Management LLC reduced its stake in Fortinet, Inc. (NASDAQ:FTNT) by 22.5% during the third quarter, Holdings Channel.com reports. The fund owned 1,044,749 shares of the software maker’s stock after selling 303,785 shares during the period. Fortinet makes up about 1.8% of Penserra Capital Management LLC’s portfolio, making the stock its 6th biggest position. Penserra Capital Management LLC’s holdings in Fortinet were worth $81,019,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in the stock. Swedbank AB acquired a new position in shares of Fortinet in the 1st quarter worth approximately $548,013,000. Marshall Wace LLP raised its stake 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 buying an additional 4,148,520 shares during the last quarter. Van ECK Associates Corp lifted its holdings in Fortinet by 94.9% in the second quarter. Van ECK Associates Corp now owns 5,755,599 shares of the software maker’s stock valued at $346,890,000 after buying an additional 2,802,446 shares during the period. AQR Capital Management LLC boosted its position in Fortinet by 89.7% during the second quarter. AQR Capital Management LLC now owns 2,675,644 shares of the software maker’s stock valued at $161,261,000 after acquiring an additional 1,265,162 shares during the last quarter. Finally, Los Angeles Capital Management LLC grew its holdings in Fortinet by 3,155.6% during the 3rd quarter. Los Angeles Capital Management LLC now owns 1,237,244 shares of the software maker’s stock worth $95,948,000 after acquiring an additional 1,199,241 shares during the period. 83.71% of the stock is currently owned by institutional investors.

Insider Transactions at Fortinet

In other news, CFO Keith Jensen sold 4,250 shares of the firm’s stock in a transaction that occurred on Tuesday, November 19th. The shares were sold at an average price of $90.83, for a total transaction of $386,027.50. Following the completion of the sale, the chief financial officer now owns 4,689 shares in the company, valued at $425,901.87. This trade represents a 47.54 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Ken Xie sold 23,307 shares of Fortinet 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 trade represents a 0.05 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 51,095 shares of company stock worth $4,058,575 in the last ninety days. Company insiders own 18.00% of the company’s stock.

Analyst Ratings Changes

FTNT has been the topic of several research analyst reports. TD Cowen raised their target price on Fortinet from $90.00 to $105.00 and gave the stock a “buy” rating in a research note on Tuesday, November 19th. JPMorgan Chase & Co. raised their price objective on shares of Fortinet from $63.00 to $70.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 7th. StockNews.com upgraded shares of Fortinet from a “hold” rating to a “buy” rating in a research report on Friday, October 25th. BMO Capital Markets raised their price target on shares of Fortinet from $88.00 to $100.00 and gave the stock a “market perform” rating in a report on Tuesday, November 19th. Finally, Citigroup upped their price objective on shares of Fortinet from $66.00 to $76.00 and gave the company a “neutral” rating in a report on Friday, September 13th. One analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Fortinet has a consensus rating of “Hold” and a consensus target price of $88.93.

Fortinet Stock Performance

Shares of Fortinet stock opened at $92.77 on Friday. The firm has a market capitalization of $71.10 billion, a P/E ratio of 46.85, a price-to-earnings-growth ratio of 2.73 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. The business’s fifty day simple moving average is $82.45 and its 200 day simple moving average is $70.37. Fortinet, Inc. has a 12 month low of $50.65 and a 12 month high of $100.59.

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.