Activest Wealth Management Buys New Shares in Fortinet, Inc. (NASDAQ:FTNT)

Activest Wealth Management purchased a new position in Fortinet, Inc. (NASDAQ:FTNT) during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 5,153 shares of the software maker’s stock, valued at approximately $400,000.

Several other hedge funds and other institutional investors also recently bought and sold shares of FTNT. Price T Rowe Associates Inc. MD raised its stake in Fortinet by 664.8% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 35,137,089 shares of the software maker’s stock worth $2,400,215,000 after acquiring an additional 30,542,551 shares during the last quarter. Swedbank AB purchased a new stake in Fortinet in the first quarter valued at approximately $548,013,000. Marshall Wace LLP increased its holdings in Fortinet by 198.5% in the 2nd 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 during the period. Van ECK Associates Corp raised its position in Fortinet by 94.9% during the 2nd quarter. Van ECK Associates Corp now owns 5,755,599 shares of the software maker’s stock worth $346,890,000 after buying an additional 2,802,446 shares during the last quarter. Finally, AQR Capital Management LLC lifted its stake in Fortinet by 89.7% during the 2nd quarter. AQR Capital Management LLC now owns 2,675,644 shares of the software maker’s stock valued at $161,261,000 after acquiring an additional 1,265,162 shares during the period. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on FTNT shares. DZ Bank upgraded shares of Fortinet from a “sell” rating to a “hold” rating and set a $65.00 target price for the company in a research report on Thursday, August 8th. TD Cowen upped their price objective on Fortinet from $90.00 to $105.00 and gave the stock a “buy” rating in a research report on Tuesday. Scotiabank boosted their target price on shares of Fortinet from $85.00 to $110.00 and gave the company a “sector outperform” rating in a research note on Wednesday. Deutsche Bank Aktiengesellschaft raised their price target on shares of Fortinet from $77.00 to $90.00 and gave the company a “hold” rating in a research report on Tuesday. Finally, Citigroup increased their target price on shares of Fortinet from $66.00 to $76.00 and gave the stock a “neutral” rating in a research note on Friday, September 13th. One analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Fortinet currently has an average rating of “Hold” and a consensus price target of $88.93.

Insiders Place Their Bets

In other news, CFO Keith Jensen sold 4,250 shares of the company’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 completion of the sale, the chief financial officer now owns 4,689 shares in the company, valued at $425,901.87. This represents a 47.54 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Ken Xie sold 23,307 shares of Fortinet 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 owns 48,915,530 shares in the company, valued at approximately $4,005,692,751.70. This trade represents a 0.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 51,095 shares of company stock valued at $4,058,575. 18.00% of the stock is currently owned by insiders.

Fortinet Stock Up 0.9 %

Shares of FTNT stock traded up $0.84 on Thursday, reaching $93.29. 236,126 shares of the stock were exchanged, compared to its average volume of 5,487,626. The business’s 50 day moving average price is $81.71 and its 200 day moving average price is $69.89. The company has a market capitalization of $71.50 billion, a price-to-earnings ratio of 46.69, a PEG ratio of 2.71 and a beta of 1.00. Fortinet, Inc. has a twelve month low of $50.65 and a twelve month high of $100.59. The company has a current ratio of 1.34, a quick ratio of 1.25 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.