Greenfield Savings Bank Sells 513 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Greenfield Savings Bank trimmed its position in Fortinet, Inc. (NASDAQ:FTNT) by 3.3% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 15,085 shares of the software maker’s stock after selling 513 shares during the period. Greenfield Savings Bank’s holdings in Fortinet were worth $1,425,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Eastern Bank bought a new stake in shares of Fortinet in the third quarter valued at about $25,000. Ashton Thomas Securities LLC acquired a new stake in shares of Fortinet in the third quarter valued at about $26,000. Private Wealth Management Group LLC increased its position in shares of Fortinet by 73.3% in the third quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker’s stock valued at $32,000 after acquiring an additional 173 shares during the last quarter. City State Bank increased its position in shares of Fortinet by 900.0% in the third quarter. City State Bank now owns 500 shares of the software maker’s stock valued at $39,000 after acquiring an additional 450 shares during the last quarter. Finally, Paladin Wealth LLC acquired a new stake in shares of Fortinet in the third quarter valued at about $46,000. 83.71% of the stock is currently owned by institutional investors.

Insider Activity

In other Fortinet news, Director William H. Neukom purchased 355 shares of the firm’s stock in a transaction on Friday, December 6th. The stock was purchased at an average cost of $98.50 per share, for a total transaction of $34,967.50. Following the acquisition, the director now owns 150,245 shares in the company, valued at approximately $14,799,132.50. The trade was a 0.24 % increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Ken Xie sold 23,307 shares of the 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 approximately $4,005,692,751.70. The trade was a 0.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 68,123 shares of company stock worth $6,227,201. Insiders own 18.00% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on the company. Needham & Company LLC reaffirmed a “hold” rating on shares of Fortinet in a research report on Friday, November 22nd. Royal Bank of Canada lifted their target price on Fortinet from $82.00 to $97.00 and gave the company a “sector perform” rating in a research report on Tuesday, November 19th. Barclays lifted their target price on Fortinet from $85.00 to $95.00 and gave the company an “equal weight” rating in a research report on Friday, November 8th. Hsbc Global Res raised Fortinet from a “hold” rating to a “strong-buy” rating in a research report on Monday, November 11th. Finally, Deutsche Bank Aktiengesellschaft boosted their price target on Fortinet from $77.00 to $90.00 and gave the stock a “hold” rating in a research report on Tuesday, November 19th. One investment analyst has rated the stock with a sell rating, eighteen have given a hold rating, fifteen have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $94.35.

Fortinet Stock Down 0.8 %

NASDAQ FTNT opened at $93.83 on Tuesday. Fortinet, Inc. has a fifty-two week low of $54.57 and a fifty-two week high of $101.00. The stock has a market capitalization of $71.92 billion, a PE ratio of 47.39, a PEG ratio of 2.76 and a beta of 1.00. 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 business has a fifty day moving average price of $94.89 and a two-hundred day moving average price of $79.68.

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.