Quest Partners LLC Lowers Holdings in Fortinet, Inc. (NASDAQ:FTNT)

Quest Partners LLC reduced its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 56.6% during the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 3,381 shares of the software maker’s stock after selling 4,401 shares during the period. Quest Partners LLC’s holdings in Fortinet were worth $262,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in the business. Eastern Bank purchased a new position in shares of Fortinet in the 3rd quarter valued at about $25,000. Ashton Thomas Securities LLC acquired a new stake in Fortinet in the third quarter valued at approximately $26,000. Private Wealth Management Group LLC lifted its stake 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 acquiring an additional 173 shares during the last quarter. Oakworth Capital Inc. purchased a new stake in shares of Fortinet in the 2nd quarter valued at approximately $33,000. Finally, Versant Capital Management Inc raised its holdings in shares of Fortinet by 61.2% in the 2nd quarter. Versant Capital Management Inc now owns 627 shares of the software maker’s stock valued at $38,000 after purchasing an additional 238 shares in the last quarter. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Fortinet Price Performance

Fortinet stock opened at $96.44 on Wednesday. Fortinet, Inc. has a 1 year low of $50.65 and a 1 year high of $100.59. 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 firm has a 50 day moving average price of $82.79 and a 200 day moving average price of $70.69. The company has a market cap of $73.92 billion, a price-to-earnings ratio of 48.71, a PEG ratio of 2.69 and a beta of 1.00.

Insider Activity

In related news, CFO Keith Jensen sold 4,250 shares of Fortinet stock in a transaction on Tuesday, November 19th. The stock was sold at an average price of $90.83, for a total value of $386,027.50. Following the transaction, the chief financial officer now owns 4,689 shares in the company, valued at approximately $425,901.87. This trade represents a 47.54 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Ken Xie sold 23,307 shares of the company’s stock in a transaction dated Wednesday, October 16th. The stock was sold at an average price of $81.89, for a total value 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 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 valued at $4,058,575 in the last ninety days. Company insiders own 18.00% of the company’s stock.

Analysts Set New Price Targets

Several research firms recently commented on FTNT. Morgan Stanley increased their target price on Fortinet from $105.00 to $106.00 and gave the company an “overweight” rating in a report on Tuesday, November 19th. Cantor Fitzgerald raised their target price on Fortinet from $88.00 to $95.00 and gave the stock a “neutral” rating in a research report on Tuesday, November 19th. Rosenblatt Securities raised their price objective on Fortinet from $90.00 to $100.00 and gave the stock a “buy” rating in a report on Wednesday, November 20th. BMO Capital Markets upped their target price on Fortinet from $88.00 to $100.00 and gave the company a “market perform” rating in a research report on Tuesday, November 19th. Finally, Royal Bank of Canada boosted their price objective on Fortinet from $82.00 to $97.00 and gave the company a “sector perform” rating in a research note on Tuesday, November 19th. One analyst has rated the stock with a sell rating, nineteen have given a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Fortinet currently has a consensus rating of “Hold” and an average target price 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.