Truist Financial Corp lessened its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT – Get Rating) by 1.8% during the 3rd quarter, HoldingsChannel reports. The fund owned 63,278 shares of the software maker’s stock after selling 1,182 shares during the quarter. Truist Financial Corp’s holdings in Fortinet were worth $3,109,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other institutional investors and hedge funds have also modified their holdings of FTNT. Ritholtz Wealth Management lifted its stake in shares of Fortinet by 40.7% during the 3rd quarter. Ritholtz Wealth Management now owns 10,897 shares of the software maker’s stock valued at $535,000 after buying an additional 3,150 shares in the last quarter. Whittier Trust Co. of Nevada Inc. lifted its stake in shares of Fortinet by 4.2% during the 3rd quarter. Whittier Trust Co. of Nevada Inc. now owns 30,885 shares of the software maker’s stock valued at $1,517,000 after buying an additional 1,250 shares in the last quarter. Lazard Asset Management LLC lifted its stake in shares of Fortinet by 525.3% during the 2nd quarter. Lazard Asset Management LLC now owns 479,543 shares of the software maker’s stock valued at $27,132,000 after buying an additional 402,855 shares in the last quarter. DnB Asset Management AS lifted its stake in shares of Fortinet by 403.9% during the 2nd quarter. DnB Asset Management AS now owns 112,060 shares of the software maker’s stock valued at $6,340,000 after buying an additional 89,820 shares in the last quarter. Finally, Wealth Enhancement Advisory Services LLC purchased a new position in shares of Fortinet during the 3rd quarter valued at $1,265,000. Hedge funds and other institutional investors own 64.35% of the company’s stock.
Fortinet Stock Performance
Shares of FTNT opened at $48.87 on Friday. The company has a 50 day moving average price of $51.30 and a 200-day moving average price of $52.85. Fortinet, Inc. has a fifty-two week low of $42.61 and a fifty-two week high of $71.52. The stock has a market capitalization of $38.18 billion, a PE ratio of 53.94, a PEG ratio of 2.54 and a beta of 1.13.
Insider Activity at Fortinet
In related news, VP John Whittle sold 3,125 shares of the stock in a transaction that occurred on Friday, November 11th. The shares were sold at an average price of $55.00, for a total transaction of $171,875.00. Following the completion of the sale, the vice president now owns 12,876 shares of the company’s stock, valued at $708,180. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 18.60% of the stock is currently owned by corporate insiders.
Wall Street Analyst Weigh In
A number of research analysts recently weighed in on the stock. StockNews.com upgraded shares of Fortinet from a “hold” rating to a “buy” rating in a research note on Friday, October 7th. Wedbush decreased their price target on shares of Fortinet from $76.00 to $64.00 in a research note on Thursday, November 3rd. Royal Bank of Canada decreased their price target on shares of Fortinet from $69.00 to $57.00 and set a “sector perform” rating on the stock in a research note on Thursday, November 3rd. Sumitomo Mitsui Financial Group initiated coverage on shares of Fortinet in a research note on Friday, October 7th. They issued an “outperform” rating and a $70.00 price target on the stock. Finally, Robert W. Baird reiterated an “outperform” rating and issued a $70.00 price target on shares of Fortinet in a research note on Wednesday, October 19th. Six investment analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $67.00.
Fortinet Company Profile
Fortinet, Inc provides cybersecurity solutions to a variety of businesses, such as enterprises, communication service providers and small businesses. It operates through the following segments: Network Security, Infrastructure Security, Cloud Security, and Endpoint Protection, Internet of Things and Operational Technology.
- Get a free copy of the StockNews.com research report on Fortinet (FTNT)
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