Graypoint LLC Sells 235 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Graypoint LLC decreased its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 6.6% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 3,330 shares of the software maker’s stock after selling 235 shares during the quarter. Graypoint LLC’s holdings in Fortinet were worth $258,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. 1834 Investment Advisors Co. bought a new stake in shares of Fortinet during the 3rd quarter worth $278,000. HMS Capital Management LLC raised its position in shares of Fortinet by 9.0% during the 3rd quarter. HMS Capital Management LLC now owns 30,024 shares of the software maker’s stock valued at $2,328,000 after buying an additional 2,475 shares in the last quarter. NorthRock Partners LLC purchased a new position in Fortinet in the third quarter worth $212,000. Amalgamated Bank increased its position in shares of Fortinet by 1.8% during the 3rd quarter. Amalgamated Bank now owns 137,093 shares of the software maker’s stock valued at $10,632,000 after purchasing an additional 2,412 shares during the last quarter. Finally, United Advisor Group LLC bought a new stake in Fortinet in the 3rd quarter worth approximately $347,000. Institutional investors own 83.71% of the company’s stock.

Fortinet Stock Up 10.0 %

Shares of NASDAQ:FTNT opened at $92.04 on Friday. The business’s 50 day simple moving average is $78.74 and its two-hundred day simple moving average is $68.15. Fortinet, Inc. has a 52-week low of $49.63 and a 52-week high of $92.53. The company has a debt-to-equity ratio of 3.45, a quick ratio of 1.22 and a current ratio of 1.32. The firm has a market cap of $70.40 billion, a P/E ratio of 54.46, a PEG ratio of 2.85 and a beta of 1.00.

Insider Transactions at Fortinet

In other Fortinet news, CEO Ken Xie sold 23,693 shares of the company’s stock in a transaction dated Wednesday, August 14th. The shares were sold at an average price of $73.06, for a total transaction of $1,731,010.58. Following the completion of the sale, the chief executive officer now directly owns 48,842,522 shares in the company, valued at $3,568,434,657.32. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Insiders have sold 70,538 shares of company stock valued at $5,403,559 in the last quarter. Insiders own 18.00% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on FTNT shares. DZ Bank upgraded shares of Fortinet from a “sell” rating to a “hold” rating and set a $65.00 price target on the stock in a research report on Thursday, August 8th. TD Cowen lifted their target price on Fortinet from $75.00 to $90.00 and gave the stock a “buy” rating in a report on Wednesday, October 9th. HSBC raised shares of Fortinet from a “reduce” rating to a “hold” rating and set a $59.00 price target on the stock in a report on Wednesday, August 7th. BMO Capital Markets increased their price objective on shares of Fortinet from $70.00 to $76.00 and gave the company a “market perform” rating in a research report on Wednesday, August 7th. Finally, Citigroup lifted their price objective on Fortinet from $66.00 to $76.00 and gave the stock a “neutral” rating in a report on Friday, September 13th. One analyst has rated the stock with a sell rating, twenty-one have issued a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat.com, Fortinet presently has an average rating of “Hold” and an average target price of $77.72.

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.