FORA Capital LLC Buys 62,972 Shares of Fortinet, Inc. (NASDAQ:FTNT)

FORA Capital LLC boosted its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 187.1% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 96,635 shares of the software maker’s stock after buying an additional 62,972 shares during the quarter. Fortinet makes up approximately 0.9% of FORA Capital LLC’s portfolio, making the stock its 24th biggest position. FORA Capital LLC’s holdings in Fortinet were worth $7,494,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in the stock. Swedbank AB acquired a new position in shares of Fortinet in the first quarter worth approximately $548,013,000. Marshall Wace LLP grew its stake in Fortinet by 198.5% during the second quarter. Marshall Wace LLP now owns 6,238,856 shares of the software maker’s stock worth $376,016,000 after purchasing an additional 4,148,520 shares during the period. Van ECK Associates Corp grew its stake in Fortinet by 94.9% during the second quarter. Van ECK Associates Corp now owns 5,755,599 shares of the software maker’s stock worth $346,890,000 after purchasing an additional 2,802,446 shares during the period. FMR LLC increased its holdings in Fortinet by 276.3% in the third quarter. FMR LLC now owns 3,685,230 shares of the software maker’s stock worth $285,790,000 after purchasing an additional 2,705,767 shares in the last quarter. Finally, AQR Capital Management LLC lifted its stake in Fortinet by 89.7% in the second quarter. AQR Capital Management LLC now owns 2,675,644 shares of the software maker’s stock valued at $161,261,000 after buying an additional 1,265,162 shares during the period. Institutional investors own 83.71% of the company’s stock.

Fortinet Stock Performance

Fortinet stock traded up $0.18 during mid-day trading on Wednesday, reaching $96.62. 527,638 shares of the company’s stock were exchanged, compared to its average volume of 5,488,055. The firm has a market capitalization of $74.05 billion, a PE ratio of 48.71, a P/E/G ratio of 2.70 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. The business’s fifty day simple moving average is $82.79 and its 200 day simple moving average is $70.69. Fortinet, Inc. has a one year low of $50.65 and a one year high of $100.59.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on the stock. Raymond James lifted their price objective on shares of Fortinet from $85.00 to $95.00 and gave the company an “outperform” rating in a research note on Friday, November 8th. Bank of America lifted their price target on shares of Fortinet from $87.00 to $104.00 and gave the company a “buy” rating in a research note on Tuesday, November 19th. Mizuho lowered shares of Fortinet from a “neutral” rating to an “underperform” rating and set a $68.00 price objective on the stock. in a report on Thursday, October 17th. Rosenblatt Securities raised their target price on Fortinet from $90.00 to $100.00 and gave the company a “buy” rating in a research note on Wednesday, November 20th. Finally, Citigroup upped their price target on Fortinet from $66.00 to $76.00 and gave the stock a “neutral” rating in a research note on Friday, September 13th. One investment analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $88.93.

Insider Transactions at Fortinet

In other Fortinet news, CFO Keith Jensen sold 4,250 shares of the stock in a transaction 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 transaction, the chief financial officer now directly owns 4,689 shares of the company’s stock, valued at approximately $425,901.87. This represents a 47.54 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Ken Xie sold 23,307 shares of the business’s stock in a transaction on Wednesday, October 16th. The shares were sold at an average price of $81.89, for a total value of $1,908,610.23. Following the completion of the sale, the chief executive officer now owns 48,915,530 shares in the company, valued at approximately $4,005,692,751.70. The trade was a 0.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 51,095 shares of company stock worth $4,058,575 in the last ninety days. Company insiders own 18.00% of the company’s stock.

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.