Pacer Advisors Inc. Has $10.27 Million Stock Holdings in Fortinet, Inc. (NASDAQ:FTNT)

Pacer Advisors Inc. trimmed its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 23.2% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 132,450 shares of the software maker’s stock after selling 40,060 shares during the quarter. Pacer Advisors Inc.’s holdings in Fortinet were worth $10,271,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors also recently modified their holdings of the stock. Apollon Wealth Management LLC raised its stake in Fortinet by 7.6% during the third quarter. Apollon Wealth Management LLC now owns 15,296 shares of the software maker’s stock worth $1,186,000 after acquiring an additional 1,081 shares in the last quarter. Forsta AP Fonden increased its position 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 purchasing an additional 14,300 shares in the last quarter. Sarasin & Partners LLP increased its position in shares of Fortinet by 22.4% during the 2nd quarter. Sarasin & Partners LLP now owns 2,163,093 shares of the software maker’s stock worth $130,370,000 after purchasing an additional 395,477 shares in the last quarter. Cetera Investment Advisers lifted its holdings in 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. Finally, Empower Advisory Group LLC grew its stake in Fortinet by 4.2% during the third quarter. Empower Advisory Group LLC now owns 1,008,224 shares of the software maker’s stock worth $78,188,000 after buying an additional 40,277 shares during the last quarter. 83.71% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Fortinet

In related news, CEO Ken Xie sold 23,538 shares of the business’s stock in a transaction 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 sale, the chief executive officer now directly owns 48,878,806 shares of the company’s stock, valued at approximately $3,662,977,721.64. The trade was a 0.05 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CFO Keith Jensen sold 4,250 shares of the stock in a transaction dated Tuesday, November 19th. The stock was sold at an average price of $90.83, for a total value of $386,027.50. Following the transaction, the chief financial officer now owns 4,689 shares of the company’s stock, valued at approximately $425,901.87. This trade represents a 47.54 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 51,095 shares of company stock valued at $4,058,575. 18.00% of the stock is currently owned by corporate insiders.

Fortinet Stock Down 1.3 %

Shares of Fortinet stock opened at $92.77 on Friday. Fortinet, Inc. has a 1 year low of $50.65 and a 1 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 company has a market capitalization of $71.10 billion, a P/E ratio of 46.85, a price-to-earnings-growth ratio of 2.73 and a beta of 1.00. The business has a 50-day moving average of $82.45 and a two-hundred day moving average of $70.37.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on FTNT shares. Robert W. Baird lifted their target price on shares of Fortinet from $95.00 to $100.00 and gave the company an “outperform” rating in a research note on Tuesday, November 19th. Susquehanna lifted their price objective on Fortinet from $65.00 to $70.00 and gave the company a “neutral” rating in a research report on Thursday, August 8th. HSBC upgraded Fortinet from a “hold” rating to a “buy” rating and increased their target price for the stock from $83.00 to $111.00 in a report on Monday, November 11th. Needham & Company LLC reaffirmed a “hold” rating on shares of Fortinet in a report on Friday. Finally, Mizuho lowered shares of Fortinet from a “neutral” rating to an “underperform” rating and set a $68.00 price objective on the stock. in a report on Thursday, October 17th. One analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Fortinet presently has an average rating of “Hold” and an average target price of $88.93.

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.