B. Metzler seel. Sohn & Co. Holding AG Takes $2.02 Million Position in Fortinet, Inc. (NASDAQ:FTNT)

B. Metzler seel. Sohn & Co. Holding AG acquired a new position in Fortinet, Inc. (NASDAQ:FTNT) during the 3rd quarter, according to its most recent filing with the SEC. The fund acquired 26,066 shares of the software maker’s stock, valued at approximately $2,021,000.

A number of other large investors have also recently added to or reduced their stakes in the business. Apollon Wealth Management LLC grew its position in shares of Fortinet by 7.6% in the third quarter. Apollon Wealth Management LLC now owns 15,296 shares of the software maker’s stock valued at $1,186,000 after purchasing an additional 1,081 shares during the last quarter. Forsta AP Fonden grew its holdings in Fortinet by 11.8% during the 3rd quarter. Forsta AP Fonden now owns 135,500 shares of the software maker’s stock valued at $10,508,000 after buying an additional 14,300 shares during the last quarter. Sarasin & Partners LLP increased its position in Fortinet by 22.4% during the second quarter. Sarasin & Partners LLP now owns 2,163,093 shares of the software maker’s stock worth $130,370,000 after buying an additional 395,477 shares in the last quarter. Cetera Investment Advisers raised its holdings in shares of Fortinet by 543.5% in the first quarter. Cetera Investment Advisers now owns 157,319 shares of the software maker’s stock worth $10,765,000 after acquiring an additional 132,871 shares during the last quarter. Finally, Empower Advisory Group LLC lifted its position in shares of Fortinet by 4.2% in the third quarter. Empower Advisory Group LLC now owns 1,008,224 shares of the software maker’s stock valued at $78,188,000 after acquiring an additional 40,277 shares in the last quarter. 83.71% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

FTNT has been the subject of several analyst reports. Morgan Stanley boosted their target price on shares of Fortinet from $105.00 to $106.00 and gave the company an “overweight” rating in a research note on Tuesday. Needham & Company LLC reissued a “hold” rating on shares of Fortinet in a research note on Monday, November 11th. TD Cowen lifted their target price on shares of Fortinet from $90.00 to $105.00 and gave the stock a “buy” rating in a research note on Tuesday. Royal Bank of Canada increased their price target on Fortinet from $82.00 to $97.00 and gave the stock a “sector perform” rating in a research note on Tuesday. Finally, Mizuho downgraded Fortinet from a “neutral” rating to an “underperform” rating and set a $68.00 price objective for the company. in a research report on Thursday, October 17th. One investment 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 stock. Based on data from MarketBeat.com, Fortinet presently has an average rating of “Hold” and an average target price of $88.93.

Fortinet Stock Up 1.8 %

Shares of NASDAQ:FTNT opened at $94.13 on Friday. The company has a market capitalization of $72.15 billion, a price-to-earnings ratio of 47.54, a price-to-earnings-growth ratio of 2.71 and a beta of 1.00. The company has a 50 day moving average of $82.10 and a two-hundred day moving average of $70.06. Fortinet, Inc. has a 52-week low of $50.65 and a 52-week high of $100.59. The company has a quick ratio of 1.25, a current ratio of 1.34 and a debt-to-equity ratio of 1.09.

Insider Activity at Fortinet

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

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.