Beacon Investment Advisory Services Inc. Has $12.83 Million Stake in Fortinet, Inc. (NASDAQ:FTNT)

Beacon Investment Advisory Services Inc. grew its position in shares of Fortinet, Inc. (NASDAQ:FTNT) by 5.4% during the 3rd quarter, Holdings Channel reports. The institutional investor owned 165,468 shares of the software maker’s stock after buying an additional 8,421 shares during the quarter. Beacon Investment Advisory Services Inc.’s holdings in Fortinet were worth $12,832,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors also recently modified their holdings of the business. Swedbank AB raised its stake in Fortinet by 1.7% in the 2nd quarter. Swedbank AB now owns 8,156,797 shares of the software maker’s stock worth $491,610,000 after purchasing an additional 134,366 shares in the last quarter. Marshall Wace LLP boosted its stake in shares of Fortinet by 198.5% in the second quarter. Marshall Wace LLP now owns 6,238,856 shares of the software maker’s stock valued at $376,016,000 after buying an additional 4,148,520 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in Fortinet by 10.3% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,787,931 shares of the software maker’s stock worth $448,854,000 after buying an additional 542,727 shares in the last quarter. Van ECK Associates Corp increased its stake 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 acquiring an additional 2,802,446 shares during the period. Finally, Renaissance Technologies LLC raised its holdings in Fortinet by 15.0% in the 2nd quarter. Renaissance Technologies LLC now owns 5,026,394 shares of the software maker’s stock valued at $302,941,000 after acquiring an additional 657,400 shares in the last quarter. Institutional investors own 83.71% of the company’s stock.

Insider Buying and Selling at Fortinet

In other Fortinet news, CEO Ken Xie sold 23,538 shares of the firm’s stock in a transaction on Wednesday, September 18th. The stock was sold at an average price of $74.94, for a total transaction of $1,763,937.72. Following the transaction, the chief executive officer now directly owns 48,878,806 shares in the company, valued at approximately $3,662,977,721.64. This trade represents a 0.05 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Keith Jensen sold 4,250 shares of the company’s 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 sale, the chief financial officer now owns 4,689 shares of the company’s stock, valued at approximately $425,901.87. The trade was a 47.54 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 68,745 shares of company stock valued at $5,746,974. Corporate insiders own 18.00% of the company’s stock.

Fortinet Price Performance

Shares of NASDAQ:FTNT opened at $95.05 on Monday. The stock’s 50 day moving average is $84.33 and its 200-day moving average is $71.61. Fortinet, Inc. has a twelve month low of $50.65 and a twelve month high of $100.59. 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 firm has a market capitalization of $72.85 billion, a price-to-earnings ratio of 48.01, a PEG ratio of 2.76 and a beta of 1.00.

Analysts Set New Price Targets

FTNT has been the topic of a number of recent analyst reports. Rosenblatt Securities raised their price target on Fortinet from $90.00 to $100.00 and gave the stock a “buy” rating in a research report on Wednesday, November 20th. Barclays raised their target price on shares of Fortinet from $85.00 to $95.00 and gave the company an “equal weight” rating in a report on Friday, November 8th. Wells Fargo & Company upped their price target on shares of Fortinet from $80.00 to $85.00 and gave the stock an “equal weight” rating in a report on Tuesday, November 19th. Scotiabank increased 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. Finally, Robert W. Baird boosted their price objective on shares of Fortinet from $95.00 to $100.00 and gave the company an “outperform” rating in a research report on Tuesday, November 19th. 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 assigned a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $88.93.

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.