The Manufacturers Life Insurance Company Cuts Stake in Fortinet, Inc. (NASDAQ:FTNT)

The Manufacturers Life Insurance Company lessened its stake in Fortinet, Inc. (NASDAQ:FTNT) by 1.7% during the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 402,876 shares of the software maker’s stock after selling 6,800 shares during the quarter. The Manufacturers Life Insurance Company owned approximately 0.05% of Fortinet worth $31,243,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the stock. Apollon Wealth Management LLC lifted its stake in Fortinet by 7.6% in the 3rd quarter. Apollon Wealth Management LLC now owns 15,296 shares of the software maker’s stock worth $1,186,000 after purchasing an additional 1,081 shares in the last quarter. Forsta AP Fonden lifted its position in shares of Fortinet by 11.8% in the third quarter. Forsta AP Fonden now owns 135,500 shares of the software maker’s stock worth $10,508,000 after buying an additional 14,300 shares in the last quarter. Sarasin & Partners LLP boosted its stake in Fortinet by 22.4% during the second quarter. Sarasin & Partners LLP now owns 2,163,093 shares of the software maker’s stock valued at $130,370,000 after buying an additional 395,477 shares during the last quarter. Cetera Investment Advisers boosted its stake in Fortinet by 543.5% during the first quarter. Cetera Investment Advisers now owns 157,319 shares of the software maker’s stock valued at $10,765,000 after buying an additional 132,871 shares during the last quarter. Finally, Empower Advisory Group LLC grew its holdings in Fortinet by 4.2% during the 3rd quarter. Empower Advisory Group LLC now owns 1,008,224 shares of the software maker’s stock valued at $78,188,000 after buying an additional 40,277 shares in the last quarter. Institutional investors own 83.71% of the company’s stock.

Insider Buying and Selling at Fortinet

In related news, CEO Ken Xie sold 23,307 shares of the firm’s stock in a transaction dated Wednesday, October 16th. The stock was sold at an average price of $81.89, for a total transaction of $1,908,610.23. Following the sale, the chief executive officer now owns 48,915,530 shares of the company’s stock, 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 document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Keith Jensen sold 17,650 shares of Fortinet stock in a transaction dated Tuesday, November 26th. The shares were sold at an average price of $95.66, for a total value of $1,688,399.00. Following the completion of the transaction, the chief financial officer now owns 4,689 shares in the company, valued at $448,549.74. This trade represents a 79.01 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 68,745 shares of company stock valued at $5,746,974. Company insiders own 18.00% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on FTNT. Rosenblatt Securities increased their target price on Fortinet from $90.00 to $100.00 and gave the company a “buy” rating in a research report on Wednesday, November 20th. Truist Financial reiterated a “buy” rating and set a $105.00 price objective (up previously from $85.00) on shares of Fortinet in a research report on Wednesday, November 20th. TD Cowen boosted their target price on shares of Fortinet from $90.00 to $105.00 and gave the stock a “buy” rating in a report on Tuesday, November 19th. Scotiabank increased their price target on shares of Fortinet from $85.00 to $110.00 and gave the company a “sector outperform” rating in a report on Wednesday, November 20th. Finally, Needham & Company LLC reiterated a “hold” rating on shares of Fortinet in a research report on Friday, November 22nd. One investment analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Fortinet currently has a consensus rating of “Hold” and a consensus price target of $88.93.

Fortinet Stock Performance

FTNT stock opened at $95.05 on Friday. Fortinet, Inc. has a 1-year low of $50.65 and a 1-year high of $100.59. The business has a 50-day moving average price of $83.96 and a 200 day moving average price of $71.28. The company has a market capitalization of $72.85 billion, a P/E ratio of 48.14, 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.

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.