Wellington Management Group LLP Decreases Stake in Fortinet, Inc. (NASDAQ:FTNT)

Wellington Management Group LLP decreased its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 73.3% during the 3rd quarter, according to its most recent disclosure with the SEC. The firm owned 81,124 shares of the software maker’s stock after selling 222,692 shares during the period. Wellington Management Group LLP’s holdings in Fortinet were worth $6,291,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. State Street Corp boosted 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 buying an additional 766,135 shares during the period. Marshall Wace LLP grew its position in Fortinet by 198.5% in the second quarter. Marshall Wace LLP now owns 6,238,856 shares of the software maker’s stock valued at $376,016,000 after acquiring an additional 4,148,520 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in Fortinet by 10.3% in the third 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 lifted its position in shares of Fortinet by 94.9% during the second quarter. Van ECK Associates Corp now owns 5,755,599 shares of the software maker’s stock worth $346,890,000 after purchasing an additional 2,802,446 shares in the last quarter. Finally, Renaissance Technologies LLC lifted its position in shares of 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 purchasing an additional 657,400 shares in the last quarter. 83.71% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, CFO Keith Jensen sold 4,250 shares of the business’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 sale, the chief financial officer now directly owns 4,689 shares in the company, valued at $425,901.87. The trade was a 47.54 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director William H. Neukom bought 355 shares of the business’s stock in a transaction that occurred on Friday, December 6th. The shares were acquired at an average cost of $98.50 per share, with a total value of $34,967.50. Following the completion of the purchase, the director now owns 150,245 shares of the company’s stock, valued at approximately $14,799,132.50. The trade was a 0.24 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders sold 68,745 shares of company stock worth $5,746,974 over the last ninety days. Company insiders own 18.00% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on the stock. Mizuho lifted their price target on shares of Fortinet from $68.00 to $78.00 and gave the stock an “underperform” rating in a research note on Friday. Morgan Stanley boosted their price target on Fortinet from $105.00 to $106.00 and gave the stock an “overweight” rating in a research note on Tuesday, November 19th. HSBC raised Fortinet from a “hold” rating to a “buy” rating and increased their price target for the company from $83.00 to $111.00 in a report on Monday, November 11th. Stifel Nicolaus upped their target price on Fortinet from $84.00 to $90.00 and gave the company a “hold” rating in a research report on Tuesday, November 19th. Finally, Royal Bank of Canada raised their price target on shares of Fortinet from $82.00 to $97.00 and gave the stock a “sector perform” rating in a research report on Tuesday, November 19th. One equities research analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Fortinet presently has an average rating of “Hold” and a consensus target price of $90.43.

Fortinet Trading Up 0.2 %

NASDAQ:FTNT opened at $98.16 on Tuesday. Fortinet, Inc. has a 1 year low of $54.57 and a 1 year high of $100.59. The business has a fifty day moving average of $88.79 and a 200-day moving average of $74.54. The company has a debt-to-equity ratio of 1.09, a quick ratio of 1.25 and a current ratio of 1.34. The stock has a market cap of $75.24 billion, a price-to-earnings ratio of 49.58, a PEG ratio of 2.77 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.