Pinnacle Financial Partners Inc Sells 291 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Pinnacle Financial Partners Inc cut its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 2.3% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 12,307 shares of the software maker’s stock after selling 291 shares during the quarter. Pinnacle Financial Partners Inc’s holdings in Fortinet were worth $954,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in the business. Forsta AP Fonden raised its holdings in shares of 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 buying an additional 14,300 shares in the last quarter. Sarasin & Partners LLP boosted its stake in shares of Fortinet by 22.4% in the 2nd quarter. Sarasin & Partners LLP now owns 2,163,093 shares of the software maker’s stock valued at $130,370,000 after purchasing an additional 395,477 shares in the last quarter. Cetera Investment Advisers grew its holdings in shares of Fortinet by 543.5% during the 1st 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 during the last quarter. Sei Investments Co. increased its position in Fortinet by 10.5% during the 1st quarter. Sei Investments Co. now owns 138,893 shares of the software maker’s stock worth $9,488,000 after purchasing an additional 13,178 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC lifted its stake 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 valued at $11,829,000 after purchasing an additional 34,727 shares during the last quarter. 83.71% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on FTNT. Deutsche Bank Aktiengesellschaft upped their price target on shares of Fortinet from $71.00 to $75.00 and gave the stock a “hold” rating in a report on Wednesday, August 7th. Piper Sandler upped their target price on Fortinet from $70.00 to $80.00 and gave the stock a “neutral” rating in a report on Friday, November 8th. Needham & Company LLC reiterated a “hold” rating on shares of Fortinet in a research report on Monday. Truist Financial boosted their price target on Fortinet from $70.00 to $85.00 and gave the stock a “buy” rating in a report on Wednesday, October 23rd. Finally, Royal Bank of Canada raised their price objective on shares of Fortinet from $68.00 to $72.00 and gave the company a “sector perform” rating in a report on Wednesday, August 7th. One equities research analyst has rated the stock with a sell rating, nineteen have given a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $79.52.

Fortinet Stock Performance

Shares of Fortinet stock opened at $94.46 on Friday. The business has a 50-day simple moving average of $80.38 and a 200 day simple moving average of $69.03. Fortinet, Inc. has a one year low of $49.97 and a one year 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. The firm has a market capitalization of $72.40 billion, a price-to-earnings ratio of 47.71, a PEG ratio of 2.96 and a beta of 1.00.

Insider Activity

In other news, CEO Ken Xie sold 23,538 shares of the business’s stock in a transaction dated Wednesday, September 18th. The shares were sold at an average price of $74.94, for a total transaction of $1,763,937.72. Following the completion of the sale, the chief executive officer now directly owns 48,878,806 shares of the company’s stock, valued at $3,662,977,721.64. The trade was a 0.05 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Corporate insiders own 18.00% of the company’s stock.

Fortinet 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.