Brooklyn Investment Group Has $378,000 Stock Position in Fortinet, Inc. (NASDAQ:FTNT)

Brooklyn Investment Group increased its position in Fortinet, Inc. (NASDAQ:FTNT) by 3.7% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 3,999 shares of the software maker’s stock after buying an additional 144 shares during the period. Brooklyn Investment Group’s holdings in Fortinet were worth $378,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the company. First Hawaiian Bank bought a new stake in shares of Fortinet during the fourth quarter valued at approximately $670,000. LVM Capital Management Ltd. MI raised its holdings in Fortinet by 10.7% during the fourth quarter. LVM Capital Management Ltd. MI now owns 89,827 shares of the software maker’s stock worth $8,487,000 after buying an additional 8,707 shares during the last quarter. Apollon Wealth Management LLC grew its holdings in shares of Fortinet by 7.6% during the third quarter. Apollon Wealth Management LLC now owns 15,296 shares of the software maker’s stock valued at $1,186,000 after buying an additional 1,081 shares during the last quarter. Forsta AP Fonden increased its position in shares of Fortinet by 11.8% during the third quarter. Forsta AP Fonden now owns 135,500 shares of the software maker’s stock worth $10,508,000 after acquiring an additional 14,300 shares in the last quarter. Finally, Quadrature Capital Ltd acquired a new stake in shares of Fortinet in the 3rd quarter worth about $10,343,000. 83.71% of the stock is owned by institutional investors.

Fortinet Trading Up 0.2 %

Shares of FTNT opened at $94.23 on Friday. The company’s fifty day moving average is $95.68 and its 200 day moving average is $80.34. Fortinet, Inc. has a fifty-two week low of $54.57 and a fifty-two week high of $101.00. The company has a debt-to-equity ratio of 1.09, a quick ratio of 1.25 and a current ratio of 1.34. The stock has a market capitalization of $72.22 billion, a PE ratio of 47.59, a P/E/G ratio of 2.51 and a beta of 1.00.

Insider Transactions at Fortinet

In related news, CEO Ken Xie sold 23,044 shares of Fortinet stock in a transaction that occurred on Wednesday, January 15th. The shares were sold at an average price of $93.32, for a total transaction of $2,150,466.08. Following the transaction, the chief executive officer now directly owns 49,039,698 shares of the company’s stock, valued at $4,576,384,617.36. This trade represents a 0.05 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director William H. Neukom bought 355 shares of the stock in a transaction on Friday, December 6th. The shares were bought at an average price of $98.50 per share, with a total value of $34,967.50. Following the acquisition, the director now owns 150,245 shares of the company’s stock, valued at $14,799,132.50. This trade represents a 0.24 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last ninety days, insiders have sold 67,860 shares of company stock worth $6,469,056. Insiders own 18.00% of the company’s stock.

Analyst Ratings Changes

Several brokerages recently issued reports on FTNT. Jefferies Financial Group lifted their target price on Fortinet from $95.00 to $105.00 and gave the company a “hold” rating in a research report on Thursday, December 19th. Bank of America raised their price target on shares of Fortinet from $87.00 to $104.00 and gave the company a “buy” rating in a research report on Tuesday, November 19th. Stifel Nicolaus upped their price objective on shares of Fortinet from $90.00 to $103.00 and gave the stock a “hold” rating in a research report on Wednesday, December 18th. HSBC raised Fortinet from a “hold” rating to a “buy” rating and upped their target price for the company from $83.00 to $111.00 in a report on Monday, November 11th. Finally, The Goldman Sachs Group lifted their price target on Fortinet from $100.00 to $114.00 and gave the stock a “buy” rating in a report on Thursday, January 2nd. One research analyst has rated the stock with a sell rating, eighteen have assigned a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $95.16.

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.