Fortinet, Inc. (NASDAQ:FTNT) Shares Sold by CHURCHILL MANAGEMENT Corp

CHURCHILL MANAGEMENT Corp lowered its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 2.8% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 21,679 shares of the software maker’s stock after selling 632 shares during the period. CHURCHILL MANAGEMENT Corp’s holdings in Fortinet were worth $2,048,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. State Street Corp grew its stake in Fortinet by 2.9% in the 3rd quarter. State Street Corp now owns 27,281,279 shares of the software maker’s stock worth $2,115,663,000 after acquiring an additional 766,135 shares during the period. Geode Capital Management LLC grew its position in shares of Fortinet by 2.4% in the third quarter. Geode Capital Management LLC now owns 14,883,012 shares of the software maker’s stock valued at $1,151,097,000 after purchasing an additional 354,692 shares during the period. Marshall Wace LLP increased its stake in Fortinet by 198.5% in the second quarter. Marshall Wace LLP now owns 6,238,856 shares of the software maker’s stock valued at $376,016,000 after purchasing an additional 4,148,520 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in Fortinet by 10.3% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,787,931 shares of the software maker’s stock worth $448,854,000 after buying an additional 542,727 shares during the period. Finally, Charles Schwab Investment Management Inc. boosted its stake in Fortinet by 1.8% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 3,817,859 shares of the software maker’s stock worth $296,075,000 after buying an additional 68,852 shares during the last quarter. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on the stock. The Goldman Sachs Group increased their price objective on shares of Fortinet from $100.00 to $114.00 and gave the stock a “buy” rating in a report on Thursday, January 2nd. Scotiabank increased their price target on shares of Fortinet from $85.00 to $110.00 and gave the stock a “sector outperform” rating in a research note on Wednesday, November 20th. Mizuho boosted their price objective on shares of Fortinet from $68.00 to $78.00 and gave the company an “underperform” rating in a research note on Friday, December 13th. UBS Group increased their target price on Fortinet from $70.00 to $83.00 and gave the stock a “neutral” rating in a research report on Friday, November 8th. Finally, JPMorgan Chase & Co. boosted their price target on Fortinet from $99.00 to $105.00 and gave the company a “neutral” rating in a research report on Monday, December 16th. One research analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $94.35.

Insider Buying and Selling

In related news, CEO Ken Xie sold 23,044 shares of the company’s stock in a transaction that occurred on Wednesday, January 15th. The stock was sold at an average price of $93.32, for a total transaction of $2,150,466.08. Following the sale, the chief executive officer now directly owns 49,039,698 shares of the company’s stock, valued at approximately $4,576,384,617.36. This represents a 0.05 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director William H. Neukom acquired 355 shares of the firm’s stock in a transaction on Friday, December 6th. The stock was acquired at an average cost of $98.50 per share, with a total value of $34,967.50. Following the acquisition, the director now owns 150,245 shares of the company’s stock, valued at $14,799,132.50. This trade represents a 0.24 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last three months, insiders sold 67,860 shares of company stock worth $6,469,056. Corporate insiders own 18.00% of the company’s stock.

Fortinet Price Performance

Shares of FTNT stock opened at $94.05 on Friday. The firm has a fifty day moving average of $95.43 and a two-hundred day moving average of $80.00. The firm has a market cap of $72.08 billion, a P/E ratio of 47.50, a P/E/G ratio of 2.51 and a beta of 1.00. Fortinet, Inc. has a 1-year low of $54.57 and a 1-year high of $101.00. The company has a debt-to-equity ratio of 1.09, a current ratio of 1.34 and a quick ratio of 1.25.

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.