Jacobs Levy Equity Management Inc. Sells 3,231,567 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Jacobs Levy Equity Management Inc. cut its position in shares of Fortinet, Inc. (NASDAQ:FTNT) by 75.5% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,047,279 shares of the software maker’s stock after selling 3,231,567 shares during the quarter. Jacobs Levy Equity Management Inc.’s holdings in Fortinet were worth $81,216,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also modified their holdings of the business. Eastern Bank acquired a new position in shares of Fortinet in the 3rd quarter valued at $25,000. Ashton Thomas Securities LLC acquired a new position in shares of Fortinet during the 3rd quarter worth about $26,000. Private Wealth Management Group LLC raised its holdings in shares of Fortinet by 73.3% in the 3rd quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker’s stock valued at $32,000 after purchasing an additional 173 shares during the period. Oakworth Capital Inc. bought a new stake in shares of Fortinet in the 2nd quarter valued at about $33,000. Finally, Versant Capital Management Inc raised its holdings in Fortinet by 61.2% in the 2nd quarter. Versant Capital Management Inc now owns 627 shares of the software maker’s stock valued at $38,000 after acquiring an additional 238 shares during the period. 83.71% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Fortinet

In other Fortinet news, CFO Keith Jensen sold 17,650 shares of Fortinet stock in a transaction dated Tuesday, November 26th. The stock was sold at an average price of $95.66, for a total value of $1,688,399.00. Following the completion of the sale, the chief financial officer now owns 4,689 shares in the company, valued at $448,549.74. The trade was a 79.01 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Ken Xie sold 23,307 shares of the business’s stock in a transaction dated Wednesday, October 16th. The stock was sold at an average price of $81.89, for a total value of $1,908,610.23. Following the sale, the chief executive officer now owns 48,915,530 shares of the company’s stock, valued at $4,005,692,751.70. The trade was a 0.05 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 68,745 shares of company stock valued at $5,746,974. 18.00% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

FTNT has been the topic of several recent research reports. Wedbush raised their target price on shares of Fortinet from $90.00 to $105.00 and gave the stock an “outperform” rating in a report on Tuesday, November 19th. Susquehanna boosted their price objective on shares of Fortinet from $65.00 to $70.00 and gave the stock a “neutral” rating in a research note on Thursday, August 8th. Rosenblatt Securities boosted their target price on shares of Fortinet from $90.00 to $100.00 and gave the company a “buy” rating in a report on Wednesday, November 20th. Needham & Company LLC restated a “hold” rating on shares of Fortinet in a report on Friday, November 22nd. Finally, Stifel Nicolaus upped their price objective on shares of Fortinet from $84.00 to $90.00 and gave the company a “hold” rating in a report on Tuesday, November 19th. One analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $88.93.

Fortinet Stock Performance

Shares of FTNT opened at $95.32 on Tuesday. The company’s 50 day simple moving average is $84.33 and its 200-day simple moving average is $71.69. Fortinet, Inc. has a 12-month low of $50.65 and a 12-month high of $100.59. The company has a current ratio of 1.34, a quick ratio of 1.25 and a debt-to-equity ratio of 1.09. The firm has a market cap of $73.06 billion, a PE ratio of 48.14, a price-to-earnings-growth ratio of 2.76 and a beta of 1.00.

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.