XTX Topco Ltd Lowers Stake in Fortinet, Inc. (NASDAQ:FTNT)

XTX Topco Ltd cut its position in shares of Fortinet, Inc. (NASDAQ:FTNT) by 35.2% in the 3rd quarter, HoldingsChannel.com reports. The fund owned 6,481 shares of the software maker’s stock after selling 3,524 shares during the period. XTX Topco Ltd’s holdings in Fortinet were worth $503,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of FTNT. Wealth Enhancement Advisory Services LLC increased its position in Fortinet by 17.3% during the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 54,955 shares of the software maker’s stock worth $3,312,000 after purchasing an additional 8,103 shares in the last quarter. Envestnet Portfolio Solutions Inc. increased its position in shares of Fortinet by 3.6% in the second quarter. Envestnet Portfolio Solutions Inc. now owns 26,643 shares of the software maker’s stock worth $1,606,000 after acquiring an additional 923 shares in the last quarter. Eagle Capital Management LLC raised its stake in shares of Fortinet by 2.2% in the 2nd quarter. Eagle Capital Management LLC now owns 25,631 shares of the software maker’s stock valued at $1,545,000 after acquiring an additional 544 shares during the period. Blue Trust Inc. lifted its holdings in shares of Fortinet by 74.3% during the 2nd quarter. Blue Trust Inc. now owns 8,672 shares of the software maker’s stock valued at $523,000 after acquiring an additional 3,697 shares in the last quarter. Finally, Gradient Investments LLC boosted its position in Fortinet by 7.0% during the 2nd quarter. Gradient Investments LLC now owns 71,298 shares of the software maker’s stock worth $4,297,000 after purchasing an additional 4,674 shares during the period. 83.71% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Fortinet

In other news, Director William H. Neukom bought 355 shares of the firm’s stock in a transaction on Friday, December 6th. The stock was purchased at an average price of $98.50 per share, for a total transaction of $34,967.50. Following the transaction, the director now owns 150,245 shares in the company, valued at approximately $14,799,132.50. This trade represents a 0.24 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO Keith Jensen sold 17,650 shares of the firm’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 sale, the chief financial officer now owns 4,689 shares in the company, valued at $448,549.74. The trade was a 79.01 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 68,745 shares of company stock worth $5,746,974 in the last 90 days. 18.00% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several research firms have commented on FTNT. Stifel Nicolaus raised their price objective on Fortinet from $84.00 to $90.00 and gave the company a “hold” rating in a research report on Tuesday, November 19th. Citigroup raised their target price on Fortinet from $66.00 to $76.00 and gave the company a “neutral” rating in a report on Friday, September 13th. Hsbc Global Res upgraded Fortinet from a “hold” rating to a “strong-buy” rating in a report on Monday, November 11th. UBS Group lifted their price objective on shares of Fortinet from $70.00 to $83.00 and gave the company a “neutral” rating in a research note on Friday, November 8th. Finally, Morgan Stanley boosted their target price on shares of Fortinet from $105.00 to $106.00 and gave the stock an “overweight” rating in a research report on Tuesday, November 19th. One research 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 company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $89.27.

Fortinet Stock Down 0.7 %

NASDAQ:FTNT opened at $97.95 on Friday. 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 stock has a 50 day moving average of $88.38 and a 200-day moving average of $74.05. The firm has a market capitalization of $75.07 billion, a PE ratio of 49.47, a price-to-earnings-growth ratio of 2.77 and a beta of 1.00. Fortinet, Inc. has a 52 week low of $54.57 and a 52 week 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.