Ashton Thomas Securities LLC Takes Position in Fortinet, Inc. (NASDAQ:FTNT)

Ashton Thomas Securities LLC acquired a new position in Fortinet, Inc. (NASDAQ:FTNT) during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 340 shares of the software maker’s stock, valued at approximately $26,000.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Forsta AP Fonden increased its holdings in shares of Fortinet by 11.8% in the 3rd quarter. Forsta AP Fonden now owns 135,500 shares of the software maker’s stock worth $10,508,000 after buying an additional 14,300 shares during the last quarter. Sarasin & Partners LLP raised 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 valued at $130,370,000 after purchasing an additional 395,477 shares in the last quarter. Cetera Investment Advisers lifted its stake in Fortinet by 543.5% during the first quarter. Cetera Investment Advisers now owns 157,319 shares of the software maker’s stock worth $10,765,000 after purchasing an additional 132,871 shares during the last quarter. Sei Investments Co. boosted its holdings in shares of Fortinet by 10.5% in the 1st quarter. Sei Investments Co. now owns 138,893 shares of the software maker’s stock worth $9,488,000 after purchasing an additional 13,178 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC increased its position in shares of Fortinet by 29.5% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 152,532 shares of the software maker’s stock valued at $11,829,000 after purchasing an additional 34,727 shares during the last quarter. 83.71% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several analysts have issued reports on the company. Rosenblatt Securities upped their target price on Fortinet from $85.00 to $90.00 and gave the stock a “buy” rating in a research note on Friday, November 8th. Needham & Company LLC reiterated a “hold” rating on shares of Fortinet in a research report on Monday. Royal Bank of Canada boosted their price target on shares of Fortinet from $68.00 to $72.00 and gave the stock a “sector perform” rating in a research note on Wednesday, August 7th. UBS Group lifted their price objective on Fortinet from $70.00 to $83.00 and gave the stock a “neutral” rating in a report on Friday, November 8th. Finally, StockNews.com upgraded Fortinet from a “hold” rating to a “buy” rating in a report on Friday, October 25th. One research analyst has rated the stock with a sell rating, nineteen have issued a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $79.52.

Insider Activity

In other news, CEO Ken Xie sold 23,307 shares of Fortinet stock in a transaction dated 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 completion of the transaction, the chief executive officer now owns 48,915,530 shares of the company’s stock, valued at $4,005,692,751.70. The trade was a 0.05 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 18.00% of the company’s stock.

Fortinet Trading Down 3.5 %

Shares of NASDAQ FTNT opened at $94.46 on Friday. The stock has a market cap of $72.40 billion, a P/E ratio of 47.71, a price-to-earnings-growth ratio of 2.96 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 1 year low of $49.97 and a 1 year high of $100.59. The firm has a 50-day moving average of $80.38 and a 200 day moving average of $69.03.

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.