Oppenheimer & Co. Inc. Cuts Stock Position in Fortinet, Inc. (NASDAQ:FTNT)

Oppenheimer & Co. Inc. cut its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 30.0% in the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 36,076 shares of the software maker’s stock after selling 15,469 shares during the quarter. Oppenheimer & Co. Inc.’s holdings in Fortinet were worth $2,798,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of FTNT. Eastern Bank bought a new stake in Fortinet in the third quarter worth $25,000. Ashton Thomas Securities LLC bought a new stake in Fortinet in the third quarter worth $26,000. Private Wealth Management Group LLC lifted its position in Fortinet by 73.3% in the third quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker’s stock worth $32,000 after buying an additional 173 shares during the last quarter. Oakworth Capital Inc. bought a new stake in shares of Fortinet during the second quarter worth $33,000. Finally, Versant Capital Management Inc lifted its position in shares of Fortinet by 61.2% during the second quarter. Versant Capital Management Inc now owns 627 shares of the software maker’s stock worth $38,000 after purchasing an additional 238 shares during the last quarter. 83.71% of the stock is owned by hedge funds and other institutional investors.

Fortinet Trading Down 0.3 %

Shares of NASDAQ:FTNT opened at $94.20 on Friday. Fortinet, Inc. has a 12-month low of $49.97 and a 12-month high of $100.59. The company has a market capitalization of $72.20 billion, a PE ratio of 47.58, a PEG ratio of 2.93 and a beta of 1.00. The business has a 50 day moving average of $80.76 and a two-hundred day moving average of $69.28. The company has a current ratio of 1.34, a quick ratio of 1.25 and a debt-to-equity ratio of 1.09.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on FTNT shares. Barclays lifted their target price on Fortinet from $85.00 to $95.00 and gave the stock an “equal weight” rating in a research report on Friday, November 8th. Guggenheim downgraded Fortinet from a “buy” rating to a “neutral” rating in a research report on Monday, July 29th. Needham & Company LLC reiterated a “hold” rating on shares of Fortinet in a research report on Monday, November 11th. JPMorgan Chase & Co. lifted their target price on Fortinet from $63.00 to $70.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 7th. Finally, Wells Fargo & Company lifted their price objective on Fortinet from $62.00 to $64.00 and gave the company an “equal weight” rating in a report on Wednesday, August 7th. One equities research analyst has rated the stock with a sell rating, nineteen have issued a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $79.52.

Insider Transactions at Fortinet

In related news, CEO Ken Xie sold 23,538 shares of the business’s stock in a transaction that occurred on Wednesday, September 18th. The stock was sold at an average price of $74.94, for a total transaction of $1,763,937.72. Following the completion of the sale, the chief executive officer now directly owns 48,878,806 shares in the company, valued at approximately $3,662,977,721.64. The trade was a 0.05 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 18.00% of the company’s stock.

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.