First Hawaiian Bank Purchases New Position in Fortinet, Inc. (NASDAQ:FTNT)

First Hawaiian Bank purchased a new stake in Fortinet, Inc. (NASDAQ:FTNT) in the fourth quarter, HoldingsChannel reports. The institutional investor purchased 7,096 shares of the software maker’s stock, valued at approximately $670,000.

A number of other institutional investors and hedge funds have also recently bought and sold shares of FTNT. Eastern Bank acquired a new position in Fortinet in the third quarter valued at $25,000. Ashton Thomas Securities LLC acquired a new position in Fortinet in the third quarter valued at $26,000. Private Wealth Management Group LLC increased its stake in 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 purchasing an additional 173 shares during the period. City State Bank increased its stake in 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 purchasing an additional 450 shares during the period. Finally, Paladin Wealth LLC acquired a new position in Fortinet in the third quarter valued at $46,000. 83.71% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Fortinet

In related news, CFO Keith Jensen sold 17,650 shares of the company’s stock in a transaction that occurred on Tuesday, November 26th. The shares were sold at an average price of $95.66, for a total transaction of $1,688,399.00. Following the completion of the transaction, the chief financial officer now owns 4,689 shares of the company’s stock, valued at approximately $448,549.74. This represents a 79.01 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Ken Xie sold 23,307 shares of the company’s stock in a transaction that occurred on Wednesday, October 16th. The stock was sold at an average price of $81.89, for a total transaction of $1,908,610.23. Following the transaction, the chief executive officer now directly owns 48,915,530 shares of the company’s stock, valued at $4,005,692,751.70. This trade represents a 0.05 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 68,123 shares of company stock valued at $6,227,201. Company insiders own 18.00% of the company’s stock.

Fortinet Stock Performance

Shares of FTNT opened at $94.56 on Friday. The company has a debt-to-equity ratio of 1.09, a quick ratio of 1.25 and a current ratio of 1.34. The company has a market capitalization of $72.48 billion, a price-to-earnings ratio of 47.76, a PEG ratio of 2.76 and a beta of 1.00. The company’s 50 day simple moving average is $94.28 and its 200 day simple moving average is $78.90. Fortinet, Inc. has a 1 year low of $54.57 and a 1 year high of $101.00.

Wall Street Analyst Weigh In

A number of research analysts have commented on the stock. Mizuho lifted their price objective on shares of Fortinet from $68.00 to $78.00 and gave the company an “underperform” rating in a research note on Friday, December 13th. Wedbush boosted their price target on shares of Fortinet from $90.00 to $105.00 and gave the stock an “outperform” rating in a research note on Tuesday, November 19th. HSBC upgraded shares of Fortinet from a “hold” rating to a “buy” rating and boosted their price target for the stock from $83.00 to $111.00 in a research note on Monday, November 11th. JPMorgan Chase & Co. boosted their price target on shares of Fortinet from $99.00 to $105.00 and gave the stock a “neutral” rating in a research note on Monday, December 16th. Finally, TD Cowen boosted 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, November 19th. One equities research analyst has rated the stock with a sell rating, eighteen have given a hold rating, fifteen have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Fortinet presently has a consensus rating of “Hold” and a consensus price target of $94.35.

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.