M&T Bank Corp Sells 28,848 Shares of Fortinet, Inc. (NASDAQ:FTNT)

M&T Bank Corp lowered its stake in Fortinet, Inc. (NASDAQ:FTNT) by 46.5% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 33,139 shares of the software maker’s stock after selling 28,848 shares during the quarter. M&T Bank Corp’s holdings in Fortinet were worth $2,570,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in the stock. State Street Corp lifted its position in shares of Fortinet by 2.9% in the third quarter. State Street Corp now owns 27,281,279 shares of the software maker’s stock worth $2,115,663,000 after purchasing an additional 766,135 shares in the last quarter. Marshall Wace LLP boosted its stake in shares of Fortinet by 198.5% during the 2nd 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. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in shares of Fortinet by 10.3% in the 3rd 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 valued at $448,854,000 after acquiring an additional 542,727 shares in the last quarter. Van ECK Associates Corp increased its position in shares of 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 acquiring an additional 2,802,446 shares during the last quarter. Finally, Renaissance Technologies LLC raised its holdings in Fortinet by 15.0% during the second quarter. Renaissance Technologies LLC now owns 5,026,394 shares of the software maker’s stock worth $302,941,000 after acquiring an additional 657,400 shares in the last quarter. Institutional investors and hedge funds own 83.71% of the company’s stock.

Analyst Ratings Changes

FTNT has been the topic of several recent analyst reports. Morgan Stanley boosted their price target on Fortinet from $105.00 to $106.00 and gave the stock an “overweight” rating in a research report on Tuesday, November 19th. Rosenblatt Securities boosted their target price on shares of Fortinet from $90.00 to $100.00 and gave the stock a “buy” rating in a report 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. Stifel Nicolaus boosted their price objective on shares of Fortinet from $84.00 to $90.00 and gave the stock a “hold” rating in a research note on Tuesday, November 19th. Finally, Raymond James upped their target price on shares of Fortinet from $85.00 to $95.00 and gave the company an “outperform” rating in a report on Friday, November 8th. 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. According to data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $89.27.

Insider Buying and Selling at Fortinet

In other Fortinet news, CEO Ken Xie sold 23,307 shares of the firm’s stock in a transaction dated Wednesday, October 16th. The shares were sold at an average price of $81.89, for a total value of $1,908,610.23. Following the transaction, the chief executive officer now directly owns 48,915,530 shares of the company’s stock, valued at $4,005,692,751.70. This trade represents a 0.05 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Keith Jensen sold 17,650 shares of the business’s stock in a transaction that occurred on 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 completion of the transaction, the chief financial officer now owns 4,689 shares of the company’s stock, valued at $448,549.74. The trade was a 79.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 68,745 shares of company stock valued at $5,746,974 in the last three months. Corporate insiders own 18.00% of the company’s stock.

Fortinet Stock Down 0.7 %

NASDAQ FTNT opened at $97.95 on Friday. The company has a market cap of $75.07 billion, a price-to-earnings ratio of 49.47, a PEG ratio of 2.77 and a beta of 1.00. Fortinet, Inc. has a 1-year low of $54.57 and a 1-year 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 company has a 50 day moving average of $88.38 and a 200-day moving average of $74.05.

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.