Natixis Advisors LLC Raises Stock Position in Fortinet, Inc. (NASDAQ:FTNT)

Natixis Advisors LLC grew its position in Fortinet, Inc. (NASDAQ:FTNT) by 2.2% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 175,073 shares of the software maker’s stock after buying an additional 3,836 shares during the period. Natixis Advisors LLC’s holdings in Fortinet were worth $13,577,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Eagle Capital Management LLC lifted its holdings in shares of Fortinet by 0.6% in the 3rd quarter. Eagle Capital Management LLC now owns 25,772 shares of the software maker’s stock worth $1,999,000 after acquiring an additional 141 shares during the last quarter. OneDigital Investment Advisors LLC lifted its holdings in Fortinet by 3.9% during the 3rd quarter. OneDigital Investment Advisors LLC now owns 3,782 shares of the software maker’s stock worth $293,000 after buying an additional 141 shares in the last quarter. Parallel Advisors LLC boosted its position in Fortinet by 2.0% in the 2nd quarter. Parallel Advisors LLC now owns 7,504 shares of the software maker’s stock valued at $452,000 after buying an additional 148 shares during the period. Private Wealth Management Group LLC increased its position in shares of Fortinet by 73.3% during the third quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker’s stock worth $32,000 after acquiring an additional 173 shares during the period. Finally, Simplicity Wealth LLC raised its position in Fortinet by 2.2% in the 2nd quarter. Simplicity Wealth LLC now owns 8,260 shares of the software maker’s stock valued at $498,000 after purchasing an additional 174 shares in the last quarter. Institutional investors and hedge funds own 83.71% of the company’s stock.

Insider Buying and Selling at Fortinet

In other news, CEO Ken Xie sold 23,538 shares of the firm’s stock in a transaction dated Wednesday, September 18th. The stock was 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 trade represents a 0.05 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Keith Jensen sold 4,250 shares of Fortinet stock in a transaction that occurred on Tuesday, November 19th. The shares were sold at an average price of $90.83, for a total transaction of $386,027.50. Following the transaction, the chief financial officer now directly owns 4,689 shares in the company, valued at approximately $425,901.87. This trade represents a 47.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 51,095 shares of company stock worth $4,058,575. Insiders own 18.00% of the company’s stock.

Fortinet Stock Performance

Shares of NASDAQ FTNT opened at $92.45 on Thursday. 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 cap of $70.86 billion, a PE ratio of 46.69, a price-to-earnings-growth ratio of 2.82 and a beta of 1.00. The company has a 50-day simple moving average of $81.71 and a 200-day simple moving average of $69.89. Fortinet, Inc. has a 12 month low of $50.65 and a 12 month high of $100.59.

Analysts Set New Price Targets

A number of equities research analysts have commented on FTNT shares. Morgan Stanley increased their price objective on shares of Fortinet from $105.00 to $106.00 and gave the company an “overweight” rating in a research report on Tuesday. TD Cowen lifted their price target on shares of Fortinet from $90.00 to $105.00 and gave the stock a “buy” rating in a research note on Tuesday. UBS Group upped their price objective on shares of Fortinet from $70.00 to $83.00 and gave the company a “neutral” rating in a research note on Friday, November 8th. Stifel Nicolaus increased their price objective on Fortinet from $84.00 to $90.00 and gave the company a “hold” rating in a report on Tuesday. Finally, BMO Capital Markets upped their price target on shares of Fortinet from $88.00 to $100.00 and gave the company a “market perform” rating in a research report on Tuesday. One equities research analyst has rated the stock with a sell rating, nineteen have given a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target 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.