CIBC Asset Management Inc Has $17.23 Million Stake in Fortinet, Inc. (NASDAQ:FTNT)

CIBC Asset Management Inc boosted its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 5.7% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 222,191 shares of the software maker’s stock after purchasing an additional 11,943 shares during the quarter. CIBC Asset Management Inc’s holdings in Fortinet were worth $17,231,000 at the end of the most recent reporting period.

Other institutional investors have also made changes to their positions in the company. Eastern Bank bought a new stake in shares of Fortinet during the third quarter worth $25,000. Ashton Thomas Securities LLC acquired a new position in shares of Fortinet in the 3rd quarter worth approximately $26,000. Private Wealth Management Group LLC grew its holdings in Fortinet by 73.3% during the 3rd 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 period. Oakworth Capital Inc. bought a new stake in Fortinet in the second quarter worth approximately $33,000. Finally, Versant Capital Management Inc increased its stake in Fortinet by 61.2% in the second quarter. Versant Capital Management Inc now owns 627 shares of the software maker’s stock valued at $38,000 after purchasing an additional 238 shares in the last quarter. 83.71% of the stock is currently owned by institutional investors.

Insider Activity at Fortinet

In related news, CEO Ken Xie sold 23,307 shares of the stock in a transaction on 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 directly owns 48,915,530 shares of the company’s stock, valued at approximately $4,005,692,751.70. This represents a 0.05 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 18.00% of the company’s stock.

Fortinet Stock Performance

Shares of NASDAQ FTNT opened at $94.20 on Friday. The company has a current ratio of 1.34, a quick ratio of 1.25 and a debt-to-equity ratio of 1.09. The company has a 50 day simple moving average of $80.76 and a two-hundred day simple moving average of $69.24. Fortinet, Inc. has a 12 month low of $49.97 and a 12 month high of $100.59. The stock has a market cap of $72.20 billion, a price-to-earnings ratio of 47.58, a PEG ratio of 2.93 and a beta of 1.00.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on FTNT shares. Raymond James increased their target price on Fortinet from $85.00 to $95.00 and gave the stock an “outperform” rating in a report on Friday, November 8th. JPMorgan Chase & Co. boosted their price target on shares of Fortinet from $63.00 to $70.00 and gave the stock a “neutral” rating in a report on Wednesday, August 7th. StockNews.com raised Fortinet from a “hold” rating to a “buy” rating in a research report on Friday, October 25th. Scotiabank upped their price target on shares of Fortinet from $75.00 to $85.00 and gave the company a “sector outperform” rating in a research note on Friday, November 8th. Finally, Guggenheim cut Fortinet from a “buy” rating to a “neutral” rating in a research report on Monday, July 29th. 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 assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Fortinet presently has a consensus rating of “Hold” and an average target price of $79.52.

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.