Banco Santander S.A. Increases Stock Position in Fortinet, Inc. (NASDAQ:FTNT)

Banco Santander S.A. lifted its stake in Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 21.8% during the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 292,065 shares of the software maker's stock after acquiring an additional 52,327 shares during the quarter. Banco Santander S.A.'s holdings in Fortinet were worth $22,650,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in the stock. Eagle Capital Management LLC lifted its holdings in shares of Fortinet by 0.6% in the 3rd quarter. Eagle Capital Management LLC now owns 25,772 shares of the software maker's stock worth $1,999,000 after acquiring an additional 141 shares during the last quarter. OneDigital Investment Advisors LLC lifted its holdings in shares of Fortinet by 3.9% in the 3rd quarter. OneDigital Investment Advisors LLC now owns 3,782 shares of the software maker's stock worth $293,000 after acquiring an additional 141 shares during the last quarter. Parallel Advisors LLC lifted its holdings in Fortinet by 2.0% during the 2nd quarter. Parallel Advisors LLC now owns 7,504 shares of the software maker's stock worth $452,000 after buying an additional 148 shares in the last quarter. Private Wealth Management Group LLC lifted its holdings in Fortinet by 73.3% during the 3rd quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker's stock worth $32,000 after buying an additional 173 shares in the last quarter. Finally, Simplicity Wealth LLC lifted its holdings in Fortinet by 2.2% during the 2nd quarter. Simplicity Wealth LLC now owns 8,260 shares of the software maker's stock worth $498,000 after buying an additional 174 shares in the last quarter. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Fortinet Trading Up 1.8 %

Shares of NASDAQ:FTNT traded up $1.68 during trading on Thursday, reaching $94.13. The stock had a trading volume of 3,312,764 shares, compared to its average volume of 5,505,953. The business has a fifty day moving average price of $82.10 and a 200-day moving average price of $70.06. 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 stock has a market cap of $72.15 billion, a P/E ratio of 47.54, a PEG ratio of 2.71 and a beta of 1.00. Fortinet, Inc. has a fifty-two week low of $50.65 and a fifty-two week high of $100.59.

Insider Buying and Selling

In other Fortinet news, CFO Keith Jensen sold 4,250 shares of the business's stock in a transaction that occurred on 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 sale, the chief financial officer now directly owns 4,689 shares in the company, valued at $425,901.87. The trade was a 47.54 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Ken Xie sold 23,538 shares of the business's stock in a transaction that occurred 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 sale, the chief executive officer now owns 48,878,806 shares of the company's stock, valued at approximately $3,662,977,721.64. This represents a 0.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 51,095 shares of company stock valued at $4,058,575. Insiders own 18.00% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on FTNT shares. UBS Group increased their price objective on shares of Fortinet from $70.00 to $83.00 and gave the company a "neutral" rating in a research report on Friday, November 8th. DZ Bank raised shares of Fortinet from a "sell" rating to a "hold" rating and set a $65.00 price objective on the stock in a research report on Thursday, August 8th. JPMorgan Chase & Co. increased their price objective on shares of Fortinet from $63.00 to $70.00 and gave the company a "neutral" rating in a research report on Wednesday, August 7th. TD Cowen increased their price objective on shares of Fortinet from $90.00 to $105.00 and gave the company a "buy" rating in a research report on Tuesday. Finally, StockNews.com raised shares of Fortinet from a "hold" rating to a "buy" rating in a research report on Friday, October 25th. One investment analyst has rated the stock with a sell rating, nineteen have issued a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, Fortinet currently 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.