Fmr LLC Acquires 2,705,767 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Fmr LLC grew its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 276.3% in the 3rd quarter, Holdings Channel.com reports. The fund owned 3,685,230 shares of the software maker’s stock after purchasing an additional 2,705,767 shares during the period. Fmr LLC’s holdings in Fortinet were worth $285,790,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of FTNT. Eagle Capital Management LLC raised its position in Fortinet by 0.6% during the 3rd quarter. Eagle Capital Management LLC now owns 25,772 shares of the software maker’s stock worth $1,999,000 after purchasing an additional 141 shares during the last quarter. OneDigital Investment Advisors LLC raised its position in shares of Fortinet by 3.9% during the third quarter. OneDigital Investment Advisors LLC now owns 3,782 shares of the software maker’s stock worth $293,000 after acquiring an additional 141 shares during the last quarter. Parallel Advisors LLC lifted its stake in shares of Fortinet by 2.0% in the second quarter. Parallel Advisors LLC now owns 7,504 shares of the software maker’s stock worth $452,000 after acquiring an additional 148 shares during the period. Crewe Advisors LLC lifted its stake in shares of Fortinet by 8.8% in the third quarter. Crewe Advisors LLC now owns 1,958 shares of the software maker’s stock worth $152,000 after acquiring an additional 158 shares during the period. Finally, Private Wealth Management Group LLC boosted its holdings 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 acquiring an additional 173 shares during the last quarter. Institutional investors and hedge funds own 83.71% of the company’s stock.

Fortinet Stock Up 1.1 %

FTNT opened at $95.05 on Monday. Fortinet, Inc. has a fifty-two week low of $50.65 and a fifty-two week high of $100.59. 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’s 50-day moving average is $84.33 and its 200 day moving average is $71.61. The firm has a market capitalization of $72.85 billion, a P/E ratio of 48.01, a PEG ratio of 2.76 and a beta of 1.00.

Analyst Upgrades and Downgrades

FTNT has been the topic of a number of recent analyst reports. Barclays boosted their price target on shares of Fortinet from $85.00 to $95.00 and gave the stock an “equal weight” rating in a research report on Friday, November 8th. Wells Fargo & Company boosted their target price on shares of Fortinet from $80.00 to $85.00 and gave the company an “equal weight” rating in a report on Tuesday, November 19th. 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 report on Tuesday, November 19th. Wedbush boosted their price objective on Fortinet from $90.00 to $105.00 and gave the company an “outperform” rating in a research note on Tuesday, November 19th. Finally, Cantor Fitzgerald raised their target price on Fortinet from $88.00 to $95.00 and gave the stock a “neutral” rating in a research note on Tuesday, November 19th. One investment analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $88.93.

Insiders Place Their Bets

In related news, CFO Keith Jensen sold 17,650 shares of the stock in a transaction that occurred on Tuesday, November 26th. The stock was sold at an average price of $95.66, for a total transaction of $1,688,399.00. Following the completion of the sale, the chief financial officer now directly owns 4,689 shares of the company’s stock, valued at approximately $448,549.74. This trade represents a 79.01 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Ken Xie sold 23,538 shares of the business’s stock in a transaction on 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 completion of the transaction, the chief executive officer now directly owns 48,878,806 shares in the company, valued at approximately $3,662,977,721.64. This represents a 0.05 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 68,745 shares of company stock valued at $5,746,974 in the last 90 days. 18.00% of the stock is currently owned by corporate insiders.

About Fortinet

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.