Claro Advisors LLC Invests $487,000 in Fortinet, Inc. (NASDAQ:FTNT)

Claro Advisors LLC acquired a new stake in shares of Fortinet, Inc. (NASDAQ:FTNT) in the third quarter, HoldingsChannel reports. The institutional investor acquired 6,275 shares of the software maker’s stock, valued at approximately $487,000.

A number of other large investors have also added to or reduced their stakes in FTNT. Price T Rowe Associates Inc. MD increased its holdings in shares of Fortinet by 664.8% during the first quarter. Price T Rowe Associates Inc. MD now owns 35,137,089 shares of the software maker’s stock valued at $2,400,215,000 after acquiring an additional 30,542,551 shares in the last quarter. Swedbank AB raised its holdings in Fortinet by 1.7% in the second quarter. Swedbank AB now owns 8,156,797 shares of the software maker’s stock worth $491,610,000 after buying an additional 134,366 shares during the last quarter. Marshall Wace LLP lifted its stake in shares of Fortinet by 198.5% in the second quarter. Marshall Wace LLP now owns 6,238,856 shares of the software maker’s stock worth $376,016,000 after buying an additional 4,148,520 shares in the last quarter. Van ECK Associates Corp grew its holdings in shares of Fortinet by 94.9% during the second quarter. Van ECK Associates Corp now owns 5,755,599 shares of the software maker’s stock valued at $346,890,000 after buying an additional 2,802,446 shares during the last quarter. Finally, Renaissance Technologies LLC increased its position in shares of Fortinet by 15.0% during the second quarter. Renaissance Technologies LLC now owns 5,026,394 shares of the software maker’s stock valued at $302,941,000 after acquiring an additional 657,400 shares in the last quarter. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Insider Buying and Selling

In related news, CEO Ken Xie sold 23,307 shares of the firm’s stock in a transaction on Wednesday, October 16th. The shares were sold at an average price of $81.89, for a total transaction of $1,908,610.23. Following the completion of the transaction, the chief executive officer now directly owns 48,915,530 shares of the company’s stock, valued at approximately $4,005,692,751.70. This trade represents a 0.05 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 18.00% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several brokerages have commented on FTNT. Truist Financial increased their target price on Fortinet from $70.00 to $85.00 and gave the company a “buy” rating in a research note on Wednesday, October 23rd. Barclays lifted their price objective on Fortinet from $85.00 to $95.00 and gave the stock an “equal weight” rating in a report on Friday, November 8th. StockNews.com upgraded shares of Fortinet from a “hold” rating to a “buy” rating in a research note on Friday, October 25th. Wells Fargo & Company raised their target price on shares of Fortinet from $62.00 to $64.00 and gave the stock an “equal weight” rating in a report on Wednesday, August 7th. Finally, Piper Sandler boosted their target price on shares of Fortinet from $70.00 to $80.00 and gave the company a “neutral” rating in a research note on Friday, November 8th. One investment analyst has rated the stock with a sell rating, nineteen have issued a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $79.52.

Fortinet Price Performance

NASDAQ:FTNT opened at $91.88 on Tuesday. The business’s 50-day simple moving average is $81.10 and its two-hundred day simple moving average is $69.51. Fortinet, Inc. has a 52 week low of $50.65 and a 52 week high of $100.59. The stock has a market cap of $70.42 billion, a PE ratio of 46.40, a P/E/G ratio of 2.82 and a beta of 1.00. The company has a quick ratio of 1.25, a current ratio of 1.34 and a debt-to-equity ratio of 1.09.

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.