Summit Trail Advisors LLC Has $389,000 Stock Holdings in Fortinet, Inc. (NASDAQ:FTNT)

Summit Trail Advisors LLC trimmed its position in Fortinet, Inc. (NASDAQ:FTNT) by 8.1% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 5,018 shares of the software maker’s stock after selling 444 shares during the quarter. Summit Trail Advisors LLC’s holdings in Fortinet were worth $389,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also modified their holdings of FTNT. Swedbank AB bought a new stake in Fortinet during the 1st quarter valued at approximately $548,013,000. Marshall Wace LLP grew its stake in shares of Fortinet by 198.5% in the second quarter. Marshall Wace LLP now owns 6,238,856 shares of the software maker’s stock worth $376,016,000 after acquiring an additional 4,148,520 shares during the last quarter. Van ECK Associates Corp increased its position in Fortinet by 94.9% during the second quarter. Van ECK Associates Corp now owns 5,755,599 shares of the software maker’s stock worth $346,890,000 after acquiring an additional 2,802,446 shares during the period. AQR Capital Management LLC raised its stake in Fortinet by 89.7% during the 2nd quarter. AQR Capital Management LLC now owns 2,675,644 shares of the software maker’s stock valued at $161,261,000 after purchasing an additional 1,265,162 shares during the last quarter. Finally, Los Angeles Capital Management LLC boosted its holdings in Fortinet by 3,155.6% in the 3rd quarter. Los Angeles Capital Management LLC now owns 1,237,244 shares of the software maker’s stock valued at $95,948,000 after purchasing an additional 1,199,241 shares during the period. 83.71% of the stock is owned by institutional investors.

Insider Activity

In related news, CEO Ken Xie sold 23,538 shares of the stock in a transaction that occurred on Wednesday, September 18th. The shares were sold at an average price of $74.94, for a total value of $1,763,937.72. Following the transaction, the chief executive officer now directly owns 48,878,806 shares in the company, valued at $3,662,977,721.64. This represents a 0.05 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Keith Jensen sold 4,250 shares of Fortinet stock in a transaction on Tuesday, November 19th. The stock was sold at an average price of $90.83, for a total transaction of $386,027.50. Following the sale, the chief financial officer now directly owns 4,689 shares of the company’s stock, valued at $425,901.87. This represents a 47.54 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 51,095 shares of company stock valued at $4,058,575. Company insiders own 18.00% of the company’s stock.

Fortinet Stock Performance

FTNT stock opened at $96.44 on Wednesday. The company has a 50 day moving average price of $82.79 and a 200 day moving average price of $70.69. Fortinet, Inc. has a fifty-two week low of $50.65 and a fifty-two week 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 stock has a market capitalization of $73.92 billion, a PE ratio of 48.71, a price-to-earnings-growth ratio of 2.69 and a beta of 1.00.

Analysts Set New Price Targets

Several research analysts have recently issued reports on FTNT shares. Royal Bank of Canada upped their price objective on shares of Fortinet from $82.00 to $97.00 and gave the company a “sector perform” rating in a research report on Tuesday, November 19th. Wells Fargo & Company raised their price objective on Fortinet from $80.00 to $85.00 and gave the stock an “equal weight” rating in a research report on Tuesday, November 19th. Robert W. Baird boosted their price objective on Fortinet from $95.00 to $100.00 and gave the company an “outperform” rating in a research report on Tuesday, November 19th. HSBC raised Fortinet from a “hold” rating to a “buy” rating and raised their target price for the stock from $83.00 to $111.00 in a research report on Monday, November 11th. Finally, JPMorgan Chase & Co. boosted their price target on shares of Fortinet from $63.00 to $70.00 and gave the company a “neutral” rating in a report on Wednesday, August 7th. One research analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $88.93.

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.