Fortinet, Inc. (NASDAQ:FTNT) Holdings Raised by Franklin Resources Inc.

Franklin Resources Inc. grew its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 21.6% during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 391,263 shares of the software maker’s stock after acquiring an additional 69,374 shares during the period. Franklin Resources Inc.’s holdings in Fortinet were worth $32,408,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of FTNT. Apollon Wealth Management LLC increased its position in Fortinet by 7.6% in the 3rd quarter. Apollon Wealth Management LLC now owns 15,296 shares of the software maker’s stock worth $1,186,000 after purchasing an additional 1,081 shares during the last quarter. Forsta AP Fonden increased its holdings in Fortinet by 11.8% in the third quarter. Forsta AP Fonden now owns 135,500 shares of the software maker’s stock worth $10,508,000 after buying an additional 14,300 shares during the last quarter. Quadrature Capital Ltd bought a new position in Fortinet during the third quarter valued at approximately $10,343,000. Empower Advisory Group LLC lifted its stake in Fortinet by 4.2% in the third quarter. Empower Advisory Group LLC now owns 1,008,224 shares of the software maker’s stock valued at $78,188,000 after acquiring an additional 40,277 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC grew its position in Fortinet by 29.5% in the third quarter. Allspring Global Investments Holdings LLC now owns 152,532 shares of the software maker’s stock worth $11,829,000 after acquiring an additional 34,727 shares in the last quarter. 83.71% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on FTNT shares. JPMorgan Chase & Co. raised their price target on shares of Fortinet from $99.00 to $105.00 and gave the company a “neutral” rating in a report on Monday. Royal Bank of Canada raised their target price on Fortinet from $82.00 to $97.00 and gave the company a “sector perform” rating in a report on Tuesday, November 19th. Rosenblatt Securities upped their price target on Fortinet from $90.00 to $100.00 and gave the stock a “buy” rating in a research note on Wednesday, November 20th. Wells Fargo & Company raised their price objective on Fortinet from $80.00 to $85.00 and gave the company an “equal weight” rating in a research note on Tuesday, November 19th. Finally, Stifel Nicolaus upped their target price on Fortinet from $90.00 to $103.00 and gave the stock a “hold” rating in a research report on Wednesday. One research analyst has rated the stock with a sell rating, nineteen have given a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, Fortinet presently has an average rating of “Hold” and a consensus target price of $90.87.

Insider Transactions at Fortinet

In other news, Director William H. Neukom acquired 355 shares of the firm’s stock in a transaction on Friday, December 6th. The shares were purchased at an average cost of $98.50 per share, with a total value of $34,967.50. Following the completion of the purchase, the director now owns 150,245 shares of the company’s stock, valued at $14,799,132.50. This represents a 0.24 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Ken Xie sold 23,307 shares of the firm’s stock in a transaction that occurred on Wednesday, October 16th. The stock was sold at an average price of $81.89, for a total transaction of $1,908,610.23. Following the sale, the chief executive officer now directly owns 48,915,530 shares of the company’s stock, valued at approximately $4,005,692,751.70. The trade was a 0.05 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 45,207 shares of company stock valued at $3,983,037. Corporate insiders own 18.00% of the company’s stock.

Fortinet Stock Performance

NASDAQ:FTNT opened at $93.36 on Thursday. The firm has a market capitalization of $71.56 billion, a PE ratio of 47.15, a price-to-earnings-growth ratio of 2.77 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. Fortinet, Inc. has a 12-month low of $54.57 and a 12-month high of $100.59. The firm has a 50-day moving average price of $89.45 and a 200 day moving average price of $74.94.

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.