Covestor Ltd Has $149,000 Stock Position in Fortinet, Inc. (NASDAQ:FTNT)

Covestor Ltd lessened its stake in Fortinet, Inc. (NASDAQ:FTNT) by 13.2% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,926 shares of the software maker’s stock after selling 293 shares during the quarter. Covestor Ltd’s holdings in Fortinet were worth $149,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Empowered Funds LLC boosted its position in shares of Fortinet by 12.4% during the 1st quarter. Empowered Funds LLC now owns 29,500 shares of the software maker’s stock worth $2,015,000 after acquiring an additional 3,258 shares in the last quarter. Sei Investments Co. boosted its holdings in shares of Fortinet by 10.5% in the 1st quarter. Sei Investments Co. now owns 138,893 shares of the software maker’s stock valued at $9,488,000 after purchasing an additional 13,178 shares in the last quarter. NorthRock Partners LLC bought a new position in shares of Fortinet in the 1st quarter valued at $280,000. Meeder Advisory Services Inc. lifted its position in shares of Fortinet by 13.9% during the 1st quarter. Meeder Advisory Services Inc. now owns 8,898 shares of the software maker’s stock worth $608,000 after buying an additional 1,084 shares during the last quarter. Finally, QRG Capital Management Inc. boosted its stake in Fortinet by 5.7% in the first quarter. QRG Capital Management Inc. now owns 35,974 shares of the software maker’s stock valued at $2,457,000 after buying an additional 1,954 shares in the last quarter. Institutional investors own 83.71% of the company’s stock.

Analyst Ratings Changes

Several research analysts have commented on FTNT shares. Needham & Company LLC reissued a “hold” rating on shares of Fortinet in a research note on Monday. Raymond James increased their price objective on shares of Fortinet from $85.00 to $95.00 and gave the company an “outperform” rating in a research note on Friday. Rosenblatt Securities boosted their target price on shares of Fortinet from $85.00 to $90.00 and gave the stock a “buy” rating in a research note on Friday. Morgan Stanley dropped their price target on Fortinet from $73.00 to $69.00 and set an “overweight” rating for the company in a research note on Wednesday, July 17th. Finally, BMO Capital Markets boosted their price objective on Fortinet from $70.00 to $76.00 and gave the stock a “market perform” rating in a research report on Wednesday, August 7th. One research analyst has rated the stock with a sell rating, twenty have issued a hold rating and twelve have assigned a buy rating to the company. According to data from MarketBeat, Fortinet presently has an average rating of “Hold” and a consensus target price of $79.52.

Insider Buying and Selling at Fortinet

In other news, CEO Ken Xie sold 23,538 shares of Fortinet stock in a transaction dated Wednesday, September 18th. The shares were 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 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In the last 90 days, insiders sold 70,538 shares of company stock worth $5,403,559. 18.00% of the stock is owned by corporate insiders.

Fortinet Price Performance

Shares of NASDAQ:FTNT opened at $97.18 on Tuesday. Fortinet, Inc. has a twelve month low of $49.70 and a twelve month high of $97.35. The stock’s 50 day moving average is $79.15 and its 200-day moving average is $68.40. The company has a quick ratio of 1.22, a current ratio of 1.32 and a debt-to-equity ratio of 3.45. The firm has a market capitalization of $74.33 billion, a price-to-earnings ratio of 49.08, a PEG ratio of 3.24 and a beta of 1.00.

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.