Hancock Whitney Corp Sells 459 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Hancock Whitney Corp reduced its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 1.1% in the 3rd quarter, HoldingsChannel.com reports. The fund owned 40,562 shares of the software maker’s stock after selling 459 shares during the quarter. Hancock Whitney Corp’s holdings in Fortinet were worth $3,146,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also made changes to their positions in the business. Advisors Asset Management Inc. raised its position in shares of Fortinet by 3.8% in the first quarter. Advisors Asset Management Inc. now owns 17,431 shares of the software maker’s stock valued at $1,191,000 after purchasing an additional 637 shares during the period. Gabelli Funds LLC bought a new position in Fortinet in the 1st quarter valued at about $205,000. Silvercrest Asset Management Group LLC lifted its position in Fortinet by 37.1% during the first quarter. Silvercrest Asset Management Group LLC now owns 43,856 shares of the software maker’s stock worth $2,996,000 after acquiring an additional 11,879 shares during the last quarter. B. Riley Wealth Advisors Inc. grew its position in shares of Fortinet by 423.3% in the first quarter. B. Riley Wealth Advisors Inc. now owns 48,201 shares of the software maker’s stock valued at $3,293,000 after purchasing an additional 38,990 shares during the last quarter. Finally, Motley Fool Asset Management LLC increased its stake in shares of Fortinet by 12.9% during the first quarter. Motley Fool Asset Management LLC now owns 26,171 shares of the software maker’s stock worth $1,788,000 after purchasing an additional 2,982 shares during the period. 83.71% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several analysts recently issued reports on FTNT shares. TD Cowen boosted 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. Truist Financial restated a “buy” rating and issued a $105.00 price target (up from $85.00) on shares of Fortinet in a research note on Wednesday, November 20th. Hsbc Global Res upgraded shares of Fortinet from a “hold” rating to a “strong-buy” rating in a research note on Monday, November 11th. DZ Bank upgraded shares of Fortinet from a “sell” rating to a “hold” rating and set a $65.00 target price on the stock in a research report on Thursday, August 8th. Finally, Wells Fargo & Company raised their target price on shares of Fortinet from $80.00 to $85.00 and gave the stock an “equal weight” rating in a report on Tuesday, November 19th. 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 issued a strong buy rating to the stock. Based on data from MarketBeat.com, Fortinet currently has a consensus rating of “Hold” and a consensus price target of $88.93.

Insider Buying and Selling

In other news, CEO Ken Xie sold 23,538 shares of the firm’s stock in a transaction dated Wednesday, September 18th. The stock was sold at an average price of $74.94, for a total transaction of $1,763,937.72. Following the completion of the transaction, the chief executive officer now directly owns 48,878,806 shares in the company, valued at $3,662,977,721.64. This trade represents a 0.05 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Keith Jensen sold 4,250 shares of the company’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 value 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. The trade was a 47.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 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.

Fortinet Stock Performance

Shares of FTNT stock opened at $93.12 on Tuesday. The business’s 50-day moving average price is $82.79 and its 200-day moving average price is $70.69. Fortinet, Inc. has a 12 month low of $50.65 and a 12 month high of $100.59. 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 firm has a market capitalization of $71.37 billion, a price-to-earnings ratio of 47.03, a PEG ratio of 2.69 and a beta of 1.00.

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.