Thrivent Financial for Lutherans Decreases Stock Position in Fortinet, Inc. (NASDAQ:FTNT)

Thrivent Financial for Lutherans reduced its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 8.7% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,355,169 shares of the software maker’s stock after selling 128,644 shares during the period. Thrivent Financial for Lutherans’ holdings in Fortinet were worth $105,094,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. Price T Rowe Associates Inc. MD grew its holdings in shares of Fortinet by 664.8% during the first quarter. Price T Rowe Associates Inc. MD now owns 35,137,089 shares of the software maker’s stock worth $2,400,215,000 after buying an additional 30,542,551 shares in the last quarter. Swedbank AB purchased a new stake in Fortinet in the 1st quarter worth approximately $548,013,000. Marshall Wace LLP raised its holdings in Fortinet by 198.5% in the 2nd quarter. Marshall Wace LLP now owns 6,238,856 shares of the software maker’s stock valued at $376,016,000 after acquiring an additional 4,148,520 shares during the last quarter. Van ECK Associates Corp lifted its stake in shares of Fortinet by 94.9% during the 2nd quarter. Van ECK Associates Corp now owns 5,755,599 shares of the software maker’s stock worth $346,890,000 after purchasing an additional 2,802,446 shares during the period. Finally, Bessemer Group Inc. boosted its holdings in shares of Fortinet by 102.5% during the first quarter. Bessemer Group Inc. now owns 3,284,203 shares of the software maker’s stock worth $224,344,000 after purchasing an additional 1,662,156 shares during the last quarter. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Fortinet Trading Down 0.3 %

NASDAQ FTNT opened at $94.20 on Monday. The company has a market capitalization of $72.20 billion, a price-to-earnings ratio of 47.58, a price-to-earnings-growth ratio of 2.82 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. Fortinet, Inc. has a 12 month low of $49.97 and a 12 month high of $100.59. The company’s fifty day moving average price is $80.76 and its two-hundred day moving average price is $69.32.

Insider Activity

In related news, CEO Ken Xie sold 23,538 shares of the company’s stock in a transaction that occurred on Wednesday, September 18th. The stock was sold at an average price of $74.94, for a total transaction 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. This represents a 0.05 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Company insiders own 18.00% of the company’s stock.

Wall Street Analyst Weigh In

FTNT has been the subject of several analyst reports. Scotiabank upped their target price on Fortinet from $75.00 to $85.00 and gave the company a “sector outperform” rating in a research note on Friday, November 8th. Needham & Company LLC reiterated a “hold” rating on shares of Fortinet in a report on Monday, November 11th. UBS Group boosted their target price on shares of Fortinet from $70.00 to $83.00 and gave the company a “neutral” rating in a report on Friday, November 8th. Truist Financial increased their price target on shares of Fortinet from $70.00 to $85.00 and gave the stock a “buy” rating in a research note on Wednesday, October 23rd. Finally, Cantor Fitzgerald boosted their price objective on shares of Fortinet from $65.00 to $88.00 and gave the company a “neutral” rating in a research note on Tuesday, October 29th. One equities research analyst has rated the stock with a sell rating, nineteen have given a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $79.52.

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.