Pitcairn Co. Sells 1,365 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Pitcairn Co. reduced its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 5.5% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 23,284 shares of the software maker’s stock after selling 1,365 shares during the quarter. Pitcairn Co.’s holdings in Fortinet were worth $1,806,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in FTNT. Algert Global LLC grew its stake in shares of Fortinet by 598.7% during the third quarter. Algert Global LLC now owns 58,243 shares of the software maker’s stock valued at $4,517,000 after buying an additional 49,907 shares during the last quarter. Cerity Partners LLC grew its stake in shares of Fortinet by 26.8% during the third quarter. Cerity Partners LLC now owns 274,158 shares of the software maker’s stock valued at $21,261,000 after buying an additional 57,888 shares during the last quarter. Leelyn Smith LLC grew its stake in shares of Fortinet by 1.8% during the third quarter. Leelyn Smith LLC now owns 15,767 shares of the software maker’s stock valued at $1,223,000 after buying an additional 282 shares during the last quarter. Meridian Wealth Management LLC bought a new position in shares of Fortinet during the third quarter valued at approximately $647,000. Finally, Activest Wealth Management bought a new position in shares of Fortinet during the third quarter valued at approximately $400,000. 83.71% of the stock is owned by institutional investors.

Insider Buying and Selling

In other Fortinet news, CFO Keith Jensen sold 4,250 shares of the stock in a transaction dated Tuesday, November 19th. The stock was sold at an average price of $90.83, for a total transaction of $386,027.50. Following the sale, the chief financial officer now directly owns 4,689 shares of the company’s stock, valued at approximately $425,901.87. This trade represents a 47.54 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Ken Xie sold 23,538 shares of the stock in a transaction dated Wednesday, September 18th. The stock was sold at an average price of $74.94, for a total value of $1,763,937.72. Following the sale, the chief executive officer now directly owns 48,878,806 shares in the company, valued at $3,662,977,721.64. This represents a 0.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 51,095 shares of company stock worth $4,058,575 in the last 90 days. Insiders own 18.00% of the company’s stock.

Fortinet Stock Performance

Shares of FTNT stock opened at $92.77 on Friday. The firm has a market capitalization of $71.10 billion, a price-to-earnings ratio of 46.85, a price-to-earnings-growth 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 business has a fifty day moving average of $82.45 and a 200 day moving average of $70.37. Fortinet, Inc. has a 1 year low of $50.65 and a 1 year high of $100.59.

Analysts Set New Price Targets

FTNT has been the topic of a number of analyst reports. Wedbush upped their target price on Fortinet from $90.00 to $105.00 and gave the company an “outperform” rating in a research note on Tuesday, November 19th. Scotiabank increased their price objective on Fortinet from $85.00 to $110.00 and gave the stock a “sector outperform” rating in a research note on Wednesday. Deutsche Bank Aktiengesellschaft increased their price objective on Fortinet from $77.00 to $90.00 and gave the stock a “hold” rating in a research note on Tuesday, November 19th. Rosenblatt Securities increased their price objective on Fortinet from $90.00 to $100.00 and gave the stock a “buy” rating in a research note on Wednesday. Finally, TD Cowen increased their price objective on Fortinet from $90.00 to $105.00 and gave the stock a “buy” 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 issued a strong buy rating to the stock. According to MarketBeat, Fortinet has a consensus rating of “Hold” and a consensus price target of $88.93.

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.