Fortinet, Inc. (NASDAQ:FTNT) Shares Sold by MetLife Investment Management LLC

MetLife Investment Management LLC decreased its stake in Fortinet, Inc. (NASDAQ:FTNT) by 2.3% in the 3rd quarter, HoldingsChannel reports. The institutional investor owned 188,463 shares of the software maker’s stock after selling 4,488 shares during the period. MetLife Investment Management LLC’s holdings in Fortinet were worth $14,615,000 as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of FTNT. Eagle Capital Management LLC increased its position in Fortinet by 0.6% during the third quarter. Eagle Capital Management LLC now owns 25,772 shares of the software maker’s stock worth $1,999,000 after buying an additional 141 shares during the period. OneDigital Investment Advisors LLC grew its position in shares of Fortinet by 3.9% during the third quarter. OneDigital Investment Advisors LLC now owns 3,782 shares of the software maker’s stock worth $293,000 after acquiring an additional 141 shares during the last quarter. Parallel Advisors LLC increased its holdings in shares of Fortinet by 2.0% in the 2nd quarter. Parallel Advisors LLC now owns 7,504 shares of the software maker’s stock valued at $452,000 after acquiring an additional 148 shares during the period. Crewe Advisors LLC raised its position in Fortinet by 8.8% in the 3rd quarter. Crewe Advisors LLC now owns 1,958 shares of the software maker’s stock valued at $152,000 after purchasing an additional 158 shares during the last quarter. Finally, Private Wealth Management Group LLC boosted its stake in Fortinet by 73.3% during the 3rd quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker’s stock worth $32,000 after purchasing an additional 173 shares during the period. 83.71% of the stock is owned by hedge funds and other institutional investors.

Fortinet Stock Down 2.5 %

Shares of NASDAQ FTNT opened at $94.06 on Thursday. The firm’s 50-day moving average is $83.21 and its two-hundred day moving average is $70.96. The company has a market capitalization of $72.09 billion, a PE ratio of 47.51, a price-to-earnings-growth ratio of 2.70 and a beta of 1.00. Fortinet, Inc. has a 12-month low of $50.65 and a 12-month high of $100.59. The company has a debt-to-equity ratio of 1.09, a current ratio of 1.34 and a quick ratio of 1.25.

Analysts Set New Price Targets

A number of research analysts have commented on the stock. Deutsche Bank Aktiengesellschaft lifted their price objective on shares of Fortinet from $77.00 to $90.00 and gave the company a “hold” rating in a research note on Tuesday, November 19th. StockNews.com upgraded Fortinet from a “hold” rating to a “buy” rating in a research report on Friday, October 25th. DZ Bank raised Fortinet from a “sell” rating to a “hold” rating and set a $65.00 price objective for the company in a research report on Thursday, August 8th. Royal Bank of Canada boosted their target price on Fortinet from $82.00 to $97.00 and gave the company a “sector perform” rating in a report on Tuesday, November 19th. Finally, Mizuho cut Fortinet from a “neutral” rating to an “underperform” rating and set a $68.00 price target for the company. in a research note on Thursday, October 17th. One investment analyst has rated the stock with a sell rating, nineteen have issued a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $88.93.

Insider Activity at Fortinet

In other news, CEO Ken Xie sold 23,307 shares of the business’s stock in a transaction that occurred on Wednesday, October 16th. The shares were sold at an average price of $81.89, for a total value of $1,908,610.23. Following the completion of the transaction, the chief executive officer now owns 48,915,530 shares of the company’s stock, valued at $4,005,692,751.70. The trade was a 0.05 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Keith Jensen sold 17,650 shares of the company’s stock in a transaction that occurred on Tuesday, November 26th. The shares were sold at an average price of $95.66, for a total transaction of $1,688,399.00. Following the transaction, the chief financial officer now directly owns 4,689 shares in the company, valued at $448,549.74. The trade was a 79.01 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 68,745 shares of company stock valued at $5,746,974. 18.00% of the stock is owned by corporate insiders.

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.