ETRADE Capital Management LLC trimmed its position in shares of Fortinet Inc (NASDAQ:FTNT) by 7.5% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 11,149 shares of the software maker’s stock after selling 899 shares during the period. ETRADE Capital Management LLC’s holdings in Fortinet were worth $1,128,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also recently made changes to their positions in the company. AE Wealth Management LLC purchased a new position in shares of Fortinet during the 4th quarter valued at about $231,000. Fulton Breakefield Broenniman LLC purchased a new position in shares of Fortinet during the 1st quarter valued at about $373,000. Sigma Planning Corp purchased a new position in shares of Fortinet during the 4th quarter valued at about $322,000. Bank of America Corp DE raised its holdings in shares of Fortinet by 26.3% during the 4th quarter. Bank of America Corp DE now owns 1,855,147 shares of the software maker’s stock valued at $198,057,000 after buying an additional 386,796 shares in the last quarter. Finally, Cedar Capital LLC purchased a new position in shares of Fortinet during the 1st quarter valued at about $1,077,000. 75.56% of the stock is currently owned by institutional investors.
NASDAQ FTNT opened at $142.64 on Friday. Fortinet Inc has a twelve month low of $68.87 and a twelve month high of $149.69. The firm has a market capitalization of $23.18 billion, a PE ratio of 66.65, a P/E/G ratio of 5.55 and a beta of 0.92. The stock’s 50 day moving average is $116.09 and its 200 day moving average is $108.28.
In other Fortinet news, VP John Whittle sold 2,539 shares of the business’s stock in a transaction on Tuesday, March 24th. The stock was sold at an average price of $100.00, for a total value of $253,900.00. Following the sale, the vice president now directly owns 1,893 shares of the company’s stock, valued at $189,300. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Christopher B. Paisley sold 750 shares of the business’s stock in a transaction on Tuesday, May 19th. The stock was sold at an average price of $144.00, for a total value of $108,000.00. Following the completion of the sale, the director now directly owns 75,412 shares in the company, valued at $10,859,328. The disclosure for this sale can be found here. Insiders sold 35,402 shares of company stock worth $3,854,601 over the last three months. Corporate insiders own 17.20% of the company’s stock.
A number of equities analysts have commented on FTNT shares. Oppenheimer lifted their price target on Fortinet from $145.00 to $160.00 and gave the stock an “outperform” rating in a research note on Wednesday. Credit Suisse Group lifted their price target on Fortinet from $100.00 to $110.00 and gave the stock a “neutral” rating in a research note on Thursday, May 7th. BTIG Research started coverage on Fortinet in a research note on Friday, March 27th. They issued a “neutral” rating on the stock. DA Davidson lifted their price target on Fortinet from $90.00 to $110.00 and gave the stock a “neutral” rating in a research note on Thursday, May 7th. Finally, Robert W. Baird lifted their price target on Fortinet from $105.00 to $120.00 and gave the stock a “neutral” rating in a research note on Thursday, May 7th. One research analyst has rated the stock with a sell rating, fifteen have given a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average price target of $121.73.
Fortinet, Inc provides broad, integrated, and automated cybersecurity solutions worldwide. It offers FortiGate hardware and software licenses that provide various security and networking functions, including firewall, intrusion prevention, anti-malware, virtual private network, application control, Web filtering, anti-spam, and wide area network acceleration; FortiSandbox technology that delivers proactive detection and mitigation services; and FortiSIEM family of software solutions, which offers a cloud-ready security information and event management solutions.
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