BNP PARIBAS ASSET MANAGEMENT Holding S.A. Acquires 396,919 Shares of Fortinet, Inc. (NASDAQ:FTNT)

BNP PARIBAS ASSET MANAGEMENT Holding S.A. increased its holdings in Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 27.2% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,857,648 shares of the software maker's stock after acquiring an additional 396,919 shares during the period. BNP PARIBAS ASSET MANAGEMENT Holding S.A. owned about 0.24% of Fortinet worth $144,061,000 at the end of the most recent quarter.

Other large investors have also added to or reduced their stakes in the company. Eagle Capital Management LLC lifted its holdings in shares of Fortinet by 0.6% in the third quarter. Eagle Capital Management LLC now owns 25,772 shares of the software maker's stock valued at $1,999,000 after purchasing an additional 141 shares in the last quarter. OneDigital Investment Advisors LLC boosted its holdings in Fortinet by 3.9% during 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 raised its holdings in shares of Fortinet by 2.0% in the second quarter. Parallel Advisors LLC now owns 7,504 shares of the software maker's stock valued at $452,000 after purchasing an additional 148 shares during the last quarter. Private Wealth Management Group LLC increased 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 valued at $32,000 after buying an additional 173 shares during the last quarter. Finally, Simplicity Wealth LLC lifted its holdings in Fortinet by 2.2% during the second quarter. Simplicity Wealth LLC now owns 8,260 shares of the software maker's stock worth $498,000 after acquiring an additional 174 shares during the period. Institutional investors own 83.71% of the company's stock.

Fortinet Stock Performance

Fortinet stock opened at $92.45 on Thursday. The firm has a fifty day simple moving average of $81.71 and a two-hundred day simple moving average of $69.89. Fortinet, Inc. has a twelve month low of $50.65 and a twelve month high of $100.59. The company has a market capitalization of $70.86 billion, a PE ratio of 46.69, a P/E/G ratio of 2.71 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.

Insider Activity at Fortinet

In related news, 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 value of $386,027.50. Following the sale, the chief financial officer now directly owns 4,689 shares of the company's stock, valued at $425,901.87. This trade represents a 47.54 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Ken Xie sold 23,538 shares of the company's stock in a transaction that occurred on Wednesday, September 18th. The shares were sold at an average price of $74.94, for a total value of $1,763,937.72. Following the transaction, the chief executive officer now directly owns 48,878,806 shares of the company's stock, valued at $3,662,977,721.64. The trade was a 0.05 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 51,095 shares of company stock worth $4,058,575 in the last ninety days. 18.00% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on FTNT. Morgan Stanley boosted their price target on shares of Fortinet from $105.00 to $106.00 and gave the stock an "overweight" rating in a report on Tuesday. Stifel Nicolaus lifted their price target on shares of Fortinet from $84.00 to $90.00 and gave the stock a "hold" rating in a report on Tuesday. Raymond James increased their price objective on Fortinet from $85.00 to $95.00 and gave the company an "outperform" rating in a report on Friday, November 8th. Truist Financial restated a "buy" rating and issued a $105.00 target price (up from $85.00) on shares of Fortinet in a research note on Wednesday. Finally, Wells Fargo & Company increased their price target on Fortinet from $80.00 to $85.00 and gave the stock an "equal weight" rating in a research note on Tuesday. One analyst has rated the stock with a sell rating, nineteen have issued a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Fortinet currently has a consensus rating of "Hold" and an average target price of $88.93.

Fortinet Company 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.

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