Crossmark Global Holdings Inc. Has $2.79 Million Position in Fortinet, Inc. (NASDAQ:FTNT)

Crossmark Global Holdings Inc. lessened its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 1.8% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 35,947 shares of the software maker’s stock after selling 642 shares during the period. Crossmark Global Holdings Inc.’s holdings in Fortinet were worth $2,788,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of FTNT. Forsta AP Fonden boosted its position in Fortinet by 11.8% during the 3rd quarter. Forsta AP Fonden now owns 135,500 shares of the software maker’s stock worth $10,508,000 after acquiring an additional 14,300 shares during the period. Sarasin & Partners LLP boosted its holdings in shares of Fortinet by 22.4% during the second quarter. Sarasin & Partners LLP now owns 2,163,093 shares of the software maker’s stock worth $130,370,000 after purchasing an additional 395,477 shares during the period. Cetera Investment Advisers grew its position 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 purchasing an additional 132,871 shares in the last quarter. Sei Investments Co. increased its stake in Fortinet by 10.5% in the 1st quarter. Sei Investments Co. now owns 138,893 shares of the software maker’s stock valued at $9,488,000 after buying an additional 13,178 shares during the period. Finally, Allspring Global Investments Holdings LLC lifted its position in Fortinet by 29.5% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 152,532 shares of the software maker’s stock worth $11,829,000 after buying an additional 34,727 shares in the last quarter. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have recently weighed in on FTNT. Piper Sandler upped their price target on shares of Fortinet from $70.00 to $80.00 and gave the stock a “neutral” rating in a research note on Friday. Susquehanna raised their price target on Fortinet from $65.00 to $70.00 and gave the stock a “neutral” rating in a research note on Thursday, August 8th. Truist Financial boosted their price target on Fortinet from $70.00 to $85.00 and gave the company a “buy” rating in a research note on Wednesday, October 23rd. StockNews.com raised shares of Fortinet from a “hold” rating to a “buy” rating in a research report on Friday, October 25th. Finally, BMO Capital Markets boosted their target price on shares of Fortinet from $70.00 to $76.00 and gave the stock a “market perform” rating in a research report on Wednesday, August 7th. One equities research analyst has rated the stock with a sell rating, twenty have assigned a hold rating and twelve have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $79.52.

Fortinet Price Performance

Shares of NASDAQ:FTNT opened at $97.18 on Tuesday. The firm has a market capitalization of $74.33 billion, a PE ratio of 49.08, a PEG ratio of 3.24 and a beta of 1.00. The company has a current ratio of 1.32, a quick ratio of 1.22 and a debt-to-equity ratio of 3.45. Fortinet, Inc. has a 1-year low of $49.70 and a 1-year high of $97.35. The business’s 50 day moving average is $79.15 and its 200-day moving average is $68.40.

Insiders Place Their Bets

In other news, CEO Ken Xie sold 23,538 shares of the stock in a transaction on Wednesday, September 18th. The shares were sold at an average price of $74.94, for a total value of $1,763,937.72. Following the completion of the transaction, the chief executive officer now owns 48,878,806 shares in the company, valued at approximately $3,662,977,721.64. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders have sold 70,538 shares of company stock worth $5,403,559 over the last 90 days. Corporate insiders own 18.00% of the company’s stock.

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.