2,885 Shares in Fortinet, Inc. (NASDAQ:FTNT) Acquired by MidWestOne Financial Group Inc.

MidWestOne Financial Group Inc. purchased a new stake in Fortinet, Inc. (NASDAQ:FTNT) in the 3rd quarter, HoldingsChannel.com reports. The institutional investor purchased 2,885 shares of the software maker’s stock, valued at approximately $224,000.

Several other large investors have also recently modified their holdings of FTNT. Eastern Bank acquired a new stake in Fortinet in the third quarter valued at $25,000. Ashton Thomas Securities LLC acquired a new stake in shares of Fortinet in the third quarter valued at about $26,000. Private Wealth Management Group LLC raised its position in shares of Fortinet by 73.3% during the third quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker’s stock worth $32,000 after acquiring an additional 173 shares during the last quarter. City State Bank lifted its stake in shares of Fortinet by 900.0% in the third quarter. City State Bank now owns 500 shares of the software maker’s stock worth $39,000 after acquiring an additional 450 shares during the period. Finally, Oakworth Capital Inc. bought a new stake in Fortinet in the second quarter valued at approximately $33,000. Institutional investors own 83.71% of the company’s stock.

Insider Buying and Selling at Fortinet

In related news, CFO Keith Jensen sold 4,250 shares of the firm’s stock in a transaction dated Tuesday, November 19th. The shares were 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 approximately $425,901.87. This trade represents a 47.54 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Ken Xie sold 23,538 shares of the business’s stock in a transaction dated Wednesday, September 18th. The shares were sold at an average price of $74.94, for a total transaction of $1,763,937.72. Following the completion of the transaction, the chief executive officer now owns 48,878,806 shares in the company, valued at approximately $3,662,977,721.64. The trade was a 0.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 68,745 shares of company stock worth $5,746,974. Insiders own 18.00% of the company’s stock.

Fortinet Stock Performance

Shares of FTNT stock opened at $97.13 on Wednesday. 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 firm has a 50-day moving average of $87.14 and a 200-day moving average of $73.45. Fortinet, Inc. has a one year low of $52.20 and a one year high of $100.59. The company has a market cap of $74.45 billion, a P/E ratio of 49.06, a P/E/G ratio of 2.80 and a beta of 1.00.

Wall Street Analysts Forecast Growth

FTNT has been the topic of a number of recent analyst reports. Scotiabank boosted their price target on shares of Fortinet from $85.00 to $110.00 and gave the stock a “sector outperform” rating in a research report on Wednesday, November 20th. HSBC raised shares of Fortinet from a “hold” rating to a “buy” rating and upped their price target for the company from $83.00 to $111.00 in a research report on Monday, November 11th. Needham & Company LLC reissued a “hold” rating on shares of Fortinet in a research report on Friday, November 22nd. Robert W. Baird upped their target price on Fortinet from $95.00 to $100.00 and gave the company an “outperform” rating in a research report on Tuesday, November 19th. Finally, Bank of America lifted their target price on Fortinet from $87.00 to $104.00 and gave the stock a “buy” rating in a report on Tuesday, November 19th. One analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $88.93.

Fortinet Company 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.