Tri Ri Asset Management Corp Purchases Shares of 45,676 Fortinet, Inc. (NASDAQ:FTNT)

Tri Ri Asset Management Corp purchased a new position in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) in the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 45,676 shares of the software maker's stock, valued at approximately $3,566,000. Fortinet comprises about 1.8% of Tri Ri Asset Management Corp's portfolio, making the stock its 21st biggest position.

Several other hedge funds also recently made changes to their positions in FTNT. Apollon Wealth Management LLC grew its position in Fortinet by 7.6% in the third quarter. Apollon Wealth Management LLC now owns 15,296 shares of the software maker's stock valued at $1,186,000 after purchasing an additional 1,081 shares in the last quarter. Forsta AP Fonden boosted its stake in shares of Fortinet by 11.8% during the 3rd 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. Sarasin & Partners LLP increased its position in shares of Fortinet by 22.4% in the second quarter. Sarasin & Partners LLP now owns 2,163,093 shares of the software maker's stock valued at $130,370,000 after acquiring an additional 395,477 shares during the last quarter. Quadrature Capital Ltd bought a new stake in Fortinet during the third quarter worth about $10,343,000. Finally, Empower Advisory Group LLC boosted its position in Fortinet by 4.2% during 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 purchasing an additional 40,277 shares during the last quarter. 83.71% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on FTNT shares. Needham & Company LLC reissued a "hold" rating on shares of Fortinet in a report on Friday, November 22nd. BMO Capital Markets lifted their price objective on shares of Fortinet from $88.00 to $100.00 and gave the company a "market perform" rating in a research report on Tuesday, November 19th. Hsbc Global Res raised shares of Fortinet from a "hold" rating to a "strong-buy" rating in a report on Monday, November 11th. Piper Sandler boosted their price target on Fortinet from $80.00 to $100.00 and gave the stock a "neutral" rating in a research report on Tuesday, November 19th. Finally, 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 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's stock. Based on data from MarketBeat, the stock has an average rating of "Hold" and an average price target of $89.27.

Fortinet Price Performance

NASDAQ:FTNT traded down $0.65 during trading hours on Friday, hitting $97.95. The company's stock had a trading volume of 3,149,963 shares, compared to its average volume of 5,418,000. Fortinet, Inc. has a twelve month low of $54.57 and a twelve month high of $100.59. The company has a debt-to-equity ratio of 1.09, a current ratio of 1.34 and a quick ratio of 1.25. The stock has a fifty day simple moving average of $87.98 and a 200-day simple moving average of $73.80. The company has a market capitalization of $75.07 billion, a P/E ratio of 49.80, a PEG ratio of 2.77 and a beta of 1.00.

Insider Transactions at Fortinet

In related news, Director William H. Neukom acquired 355 shares of the company's stock in a transaction that occurred on Friday, December 6th. The stock was acquired at an average price of $98.50 per share, with a total value of $34,967.50. Following the purchase, the director now directly owns 150,245 shares in the company, valued at approximately $14,799,132.50. This trade represents a 0.24 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Keith Jensen sold 17,650 shares of the business's stock in a transaction on Tuesday, November 26th. The stock was sold at an average price of $95.66, for a total transaction of $1,688,399.00. Following the sale, the chief financial officer now directly owns 4,689 shares in the company, valued at approximately $448,549.74. The trade was a 79.01 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 68,745 shares of company stock valued at $5,746,974. 18.00% of the stock is currently owned by insiders.

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.