Bangor Savings Bank Cuts Stake in Fortinet, Inc. (NASDAQ:FTNT)

Bangor Savings Bank decreased its stake in Fortinet, Inc. (NASDAQ:FTNT) by 3.1% in the 4th quarter, Holdings Channel.com reports. The institutional investor owned 22,980 shares of the software maker’s stock after selling 728 shares during the quarter. Bangor Savings Bank’s holdings in Fortinet were worth $2,171,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Eastern Bank acquired a new stake in Fortinet in the third quarter valued at approximately $25,000. Ashton Thomas Securities LLC purchased a new position in shares of Fortinet in the third quarter valued at $26,000. Private Wealth Management Group LLC grew its holdings in Fortinet by 73.3% during the 3rd quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker’s stock valued at $32,000 after purchasing an additional 173 shares in the last quarter. City State Bank grew its holdings in Fortinet by 900.0% during the 3rd quarter. City State Bank now owns 500 shares of the software maker’s stock valued at $39,000 after purchasing an additional 450 shares in the last quarter. Finally, Paladin Wealth LLC acquired a new position in Fortinet in the 3rd quarter worth $46,000. 83.71% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, CEO Ken Xie sold 22,916 shares of the business’s stock in a transaction on Tuesday, December 17th. The stock was sold at an average price of $97.93, for a total value of $2,244,163.88. Following the sale, the chief executive officer now owns 48,983,683 shares of the company’s stock, valued at approximately $4,796,972,076.19. The trade was a 0.05 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director William H. Neukom bought 355 shares of the firm’s stock in a transaction that occurred on Friday, December 6th. The shares were purchased at an average cost of $98.50 per share, with a total value of $34,967.50. Following the purchase, the director now directly owns 150,245 shares of the company’s stock, valued at approximately $14,799,132.50. This represents a 0.24 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last three months, insiders have sold 68,123 shares of company stock worth $6,227,201. 18.00% of the stock is owned by corporate insiders.

Fortinet Stock Performance

FTNT stock opened at $97.94 on Tuesday. The company has a 50-day simple moving average of $93.25 and a 200 day simple moving average of $78.40. The company has a market capitalization of $75.07 billion, a P/E ratio of 49.46, a PEG ratio of 2.76 and a beta of 1.00. The company has a quick ratio of 1.25, a current ratio of 1.34 and a debt-to-equity ratio of 1.09. Fortinet, Inc. has a fifty-two week low of $54.57 and a fifty-two week high of $101.00.

Wall Street Analysts Forecast Growth

FTNT has been the topic of several recent analyst reports. Jefferies Financial Group boosted their price target on Fortinet from $95.00 to $105.00 and gave the stock a “hold” rating in a research note on Thursday, December 19th. Cantor Fitzgerald upped their target price on Fortinet from $88.00 to $95.00 and gave the company a “neutral” rating in a research report on Tuesday, November 19th. Raymond James raised their price target on shares of Fortinet from $85.00 to $95.00 and gave the stock an “outperform” rating in a research report on Friday, November 8th. Wells Fargo & Company upped their price target on shares of Fortinet from $80.00 to $85.00 and gave the company an “equal weight” rating in a report on Tuesday, November 19th. Finally, Barclays raised their price objective on shares of Fortinet from $85.00 to $95.00 and gave the stock an “equal weight” rating in a report on Friday, November 8th. One investment analyst has rated the stock with a sell rating, eighteen have given a hold rating, fifteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $94.35.

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.