Connor Clark & Lunn Investment Management Ltd. Decreases Stake in Fortinet, Inc. (NASDAQ:FTNT)

Connor Clark & Lunn Investment Management Ltd. lessened its position in shares of Fortinet, Inc. (NASDAQ:FTNT) by 94.5% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 38,903 shares of the software maker’s stock after selling 671,590 shares during the quarter. Connor Clark & Lunn Investment Management Ltd.’s holdings in Fortinet were worth $3,017,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in the company. Eastern Bank bought a new stake in Fortinet in the third quarter worth $25,000. Ashton Thomas Securities LLC purchased a new stake in shares of Fortinet during the 3rd quarter valued at about $26,000. Private Wealth Management Group LLC lifted its holdings in shares of Fortinet by 73.3% in the 3rd quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker’s stock valued at $32,000 after acquiring an additional 173 shares during the last quarter. City State Bank grew its position in Fortinet by 900.0% in the third quarter. City State Bank now owns 500 shares of the software maker’s stock worth $39,000 after acquiring an additional 450 shares in the last quarter. Finally, Oakworth Capital Inc. bought a new stake in Fortinet during the second quarter worth approximately $33,000. Institutional investors own 83.71% of the company’s stock.

Insider Activity

In other Fortinet news, CEO Ken Xie sold 23,307 shares of the firm’s stock in a transaction that occurred on 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 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 ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Keith Jensen sold 4,250 shares of the company’s stock in a transaction on Tuesday, November 19th. The stock was sold at an average price of $90.83, for a total value of $386,027.50. Following the transaction, the chief financial officer now directly owns 4,689 shares in the company, valued at approximately $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. In the last ninety days, insiders have sold 51,095 shares of company stock worth $4,058,575. Corporate insiders own 18.00% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on FTNT. Morgan Stanley raised 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. Mizuho cut shares of Fortinet from a “neutral” rating to an “underperform” rating and set a $68.00 price target for the company. in a research note on Thursday, October 17th. JPMorgan Chase & Co. increased 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. Guggenheim lowered Fortinet from a “buy” rating to a “neutral” rating in a research report on Monday, July 29th. Finally, BMO Capital Markets upped their target price on Fortinet from $88.00 to $100.00 and gave the company a “market perform” rating in a research note on Tuesday, November 19th. One research analyst has rated the stock with a sell rating, nineteen have issued a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $88.93.

Fortinet Price Performance

Shares of FTNT stock opened at $92.77 on Monday. The company has a market cap of $71.10 billion, a P/E ratio of 46.85, a PEG ratio of 2.73 and a beta of 1.00. The company has a debt-to-equity ratio of 1.09, a current ratio of 1.34 and a quick ratio of 1.25. The stock’s 50-day moving average is $82.45 and its 200 day moving average is $70.45. Fortinet, Inc. has a 1-year low of $50.65 and a 1-year high of $100.59.

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.