Alpha DNA Investment Management LLC Acquires New Shares in Fortinet, Inc. (NASDAQ:FTNT)

Alpha DNA Investment Management LLC acquired a new stake in Fortinet, Inc. (NASDAQ:FTNT - Free Report) during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund acquired 11,651 shares of the software maker's stock, valued at approximately $904,000.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Baltimore Washington Financial Advisors Inc. raised its stake in Fortinet by 2.1% during the third quarter. Baltimore Washington Financial Advisors Inc. now owns 59,130 shares of the software maker's stock worth $4,586,000 after acquiring an additional 1,190 shares during the period. Algert Global LLC grew its holdings in shares of Fortinet by 598.7% in the 3rd quarter. Algert Global LLC now owns 58,243 shares of the software maker's stock worth $4,517,000 after acquiring an additional 49,907 shares during the last quarter. Cerity Partners LLC raised its holdings in Fortinet by 26.8% during the 3rd quarter. Cerity Partners LLC now owns 274,158 shares of the software maker's stock worth $21,261,000 after buying an additional 57,888 shares during the period. Leelyn Smith LLC lifted its position in shares of Fortinet by 1.8% in the 3rd quarter. Leelyn Smith LLC now owns 15,767 shares of the software maker's stock valued at $1,223,000 after acquiring an additional 282 shares in the last quarter. Finally, Meridian Wealth Management LLC acquired a new stake in Fortinet during the 3rd quarter worth about $647,000. Institutional investors and hedge funds own 83.71% of the company's stock.

Insiders Place Their Bets

In related news, CEO Ken Xie sold 23,307 shares of the 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 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 ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Keith Jensen sold 4,250 shares of the stock in a transaction dated Tuesday, November 19th. The shares were 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. The trade was a 47.54 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 51,095 shares of company stock worth $4,058,575 over the last quarter. 18.00% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on the company. Citigroup raised their target price on Fortinet from $66.00 to $76.00 and gave the company a "neutral" rating in a report on Friday, September 13th. HSBC upgraded shares of Fortinet from a "hold" rating to a "buy" rating and raised their price target for the stock from $83.00 to $111.00 in a research note on Monday, November 11th. Susquehanna boosted their price target on shares of Fortinet from $65.00 to $70.00 and gave the company a "neutral" rating in a research report on Thursday, August 8th. StockNews.com raised shares of Fortinet from a "hold" rating to a "buy" rating in a report on Friday, October 25th. Finally, Truist Financial restated a "buy" rating and set a $105.00 target price (up from $85.00) on shares of Fortinet in a research report on Wednesday. One equities research analyst has rated the stock with a sell rating, nineteen have issued a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Hold" and an average target price of $88.93.

Fortinet Trading Down 1.3 %

Fortinet stock traded down $1.25 during trading hours on Friday, reaching $92.77. The company had a trading volume of 4,060,455 shares, compared to its average volume of 5,676,962. The company has a debt-to-equity ratio of 1.09, a current ratio of 1.34 and a quick ratio of 1.25. Fortinet, Inc. has a 12-month low of $50.65 and a 12-month high of $100.59. The company has a 50-day moving average price of $82.45 and a 200 day moving average price of $70.45. The firm has a market cap of $71.10 billion, a price-to-earnings ratio of 46.85, a P/E/G ratio of 2.73 and a beta of 1.00.

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.