Fortinet, Inc. (NASDAQ:FTNT) Shares Sold by Cigna Investments Inc. New

Cigna Investments Inc. New cut its position in Fortinet, Inc. (NASDAQ:FTNT) by 3.8% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 6,540 shares of the software maker’s stock after selling 259 shares during the period. Cigna Investments Inc. New’s holdings in Fortinet were worth $507,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also modified their holdings of the company. State of Alaska Department of Revenue boosted its holdings in Fortinet by 0.5% in the first quarter. State of Alaska Department of Revenue now owns 69,156 shares of the software maker’s stock valued at $4,724,000 after purchasing an additional 315 shares in the last quarter. Norden Group LLC acquired a new position in shares of Fortinet in the 1st quarter valued at $2,277,000. First Trust Direct Indexing L.P. grew its position in shares of Fortinet by 18.6% in the 1st quarter. First Trust Direct Indexing L.P. now owns 15,828 shares of the software maker’s stock valued at $1,081,000 after buying an additional 2,482 shares during the last quarter. Mission Wealth Management LP raised its stake in Fortinet by 30.0% during the 1st quarter. Mission Wealth Management LP now owns 5,753 shares of the software maker’s stock worth $393,000 after acquiring an additional 1,329 shares in the last quarter. Finally, BNP Paribas Financial Markets lifted its position in Fortinet by 24.0% in the first quarter. BNP Paribas Financial Markets now owns 1,304,118 shares of the software maker’s stock valued at $89,084,000 after acquiring an additional 252,731 shares during the last quarter. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on the company. Truist Financial raised their price objective on Fortinet from $70.00 to $85.00 and gave the stock a “buy” rating in a report on Wednesday, October 23rd. Susquehanna boosted their price objective on Fortinet from $65.00 to $70.00 and gave the company a “neutral” rating in a research note on Thursday, August 8th. Deutsche Bank Aktiengesellschaft upped their price target on shares of Fortinet from $71.00 to $75.00 and gave the company a “hold” rating in a research report on Wednesday, August 7th. Wedbush reiterated an “outperform” rating and set a $78.00 target price on shares of Fortinet in a research note on Wednesday, August 7th. Finally, JPMorgan Chase & Co. boosted their price target on Fortinet from $63.00 to $70.00 and gave the company a “neutral” rating in a research report on Wednesday, August 7th. One analyst has rated the stock with a sell rating, twenty-two have given a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $74.68.

Fortinet Price Performance

Shares of NASDAQ FTNT opened at $78.80 on Friday. The company has a current ratio of 1.32, a quick ratio of 1.22 and a debt-to-equity ratio of 3.45. The stock has a market cap of $60.27 billion, a price-to-earnings ratio of 46.63, a PEG ratio of 2.78 and a beta of 1.00. The company’s 50-day moving average price is $78.06 and its 200 day moving average price is $67.48. Fortinet, Inc. has a 52 week low of $44.12 and a 52 week high of $83.77.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings data on Tuesday, August 6th. The software maker reported $0.57 earnings per share for the quarter, topping analysts’ consensus estimates of $0.41 by $0.16. Fortinet had a net margin of 23.71% and a negative return on equity of 2,160.10%. The business had revenue of $1.43 billion during the quarter, compared to analysts’ expectations of $1.40 billion. During the same period last year, the company posted $0.31 EPS. The company’s revenue was up 10.9% on a year-over-year basis. As a group, research analysts forecast that Fortinet, Inc. will post 1.74 earnings per share for the current fiscal year.

Insider Transactions at Fortinet

In other Fortinet news, CEO Ken Xie sold 23,307 shares of the stock in a transaction that occurred on Wednesday, October 16th. The shares were sold at an average price of $81.89, for a total transaction of $1,908,610.23. Following the transaction, the chief executive officer now owns 48,915,530 shares of the company’s stock, valued at $4,005,692,751.70. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders sold a total of 70,538 shares of company stock valued at $5,403,559 over the last three months. 18.00% of the stock is currently owned by insiders.

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.