Avanza Fonder AB Takes Position in Fortinet, Inc. (NASDAQ:FTNT)

Avanza Fonder AB acquired a new position in Fortinet, Inc. (NASDAQ:FTNT - Free Report) during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund acquired 46,661 shares of the software maker's stock, valued at approximately $4,409,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Eastern Bank acquired a new stake in Fortinet in the 3rd quarter worth approximately $25,000. Ashton Thomas Securities LLC acquired a new stake in Fortinet in the 3rd quarter worth approximately $26,000. Private Wealth Management Group LLC boosted its stake in Fortinet by 73.3% in the 3rd quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker's stock worth $32,000 after purchasing an additional 173 shares in the last quarter. City State Bank boosted its stake in Fortinet by 900.0% in the 3rd quarter. City State Bank now owns 500 shares of the software maker's stock worth $39,000 after purchasing an additional 450 shares in the last quarter. Finally, Paladin Wealth LLC acquired a new stake in Fortinet during the 3rd quarter valued at approximately $46,000. Hedge funds and other institutional investors own 83.71% of the company's stock.

Fortinet Trading Up 0.2 %

Fortinet stock traded up $0.18 during midday trading on Friday, hitting $94.23. 4,915,554 shares of the stock were exchanged, compared to its average volume of 3,418,023. Fortinet, Inc. has a fifty-two week low of $54.57 and a fifty-two week high of $101.00. The stock has a market capitalization of $72.22 billion, a price-to-earnings ratio of 47.59, a PEG ratio of 2.51 and a beta of 1.00. The stock's 50-day simple moving average is $95.68 and its 200 day simple moving average is $80.34. The company has a current ratio of 1.34, a quick ratio of 1.25 and a debt-to-equity ratio of 1.09.

Analyst Upgrades and Downgrades

Several analysts have commented on FTNT shares. Stifel Nicolaus lifted their price objective on shares of Fortinet from $90.00 to $103.00 and gave the company a "hold" rating in a research note on Wednesday, December 18th. Raymond James restated a "market perform" rating on shares of Fortinet in a research note on Tuesday. Truist Financial restated a "buy" rating and set a $105.00 price objective (up from $85.00) on shares of Fortinet in a research note on Wednesday, November 20th. Robert W. Baird lifted their price objective on shares of Fortinet from $95.00 to $100.00 and gave the company an "outperform" rating in a research note on Tuesday, November 19th. Finally, Royal Bank of Canada lifted their price objective on shares of Fortinet from $82.00 to $97.00 and gave the company a "sector perform" rating in a research note on Tuesday, November 19th. One analyst has rated the stock with a sell rating, eighteen have given a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus target price of $95.16.

Insider Buying and Selling

In related news, CEO Ken Xie sold 23,044 shares of the firm's stock in a transaction dated Wednesday, January 15th. The shares were sold at an average price of $93.32, for a total transaction of $2,150,466.08. Following the completion of the sale, the chief executive officer now directly owns 49,039,698 shares in the company, valued at approximately $4,576,384,617.36. This trade represents a 0.05 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Keith Jensen sold 4,250 shares of the firm's stock in a transaction dated Tuesday, November 19th. The stock was sold at an average price of $90.83, for a total transaction of $386,027.50. Following 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 ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 67,860 shares of company stock worth $6,469,056. Insiders own 18.00% of the company's stock.

Fortinet Profile

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.