Board of the Pension Protection Fund Invests $1.05 Million in Fortinet, Inc. (NASDAQ:FTNT)

Board of the Pension Protection Fund acquired a new stake in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 11,100 shares of the software maker's stock, valued at approximately $1,049,000. Fortinet comprises approximately 1.2% of Board of the Pension Protection Fund's portfolio, making the stock its 17th biggest holding.

Several other large investors have also modified their holdings of the stock. Fifth Third Wealth Advisors LLC grew its position in Fortinet by 1.6% during the fourth quarter. Fifth Third Wealth Advisors LLC now owns 6,833 shares of the software maker's stock valued at $646,000 after acquiring an additional 107 shares during the period. CCLA Investment Management increased its position in Fortinet by 4.3% during the 4th quarter. CCLA Investment Management now owns 1,442,167 shares of the software maker's stock worth $136,255,000 after purchasing an additional 58,970 shares in the last quarter. Oak Thistle LLC purchased a new position in Fortinet in the fourth quarter valued at approximately $269,000. Accurate Wealth Management LLC grew its stake in Fortinet by 62.3% during the fourth quarter. Accurate Wealth Management LLC now owns 19,188 shares of the software maker's stock worth $1,815,000 after buying an additional 7,368 shares during the period. Finally, David J Yvars Group acquired a new stake in shares of Fortinet in the fourth quarter worth $222,000. 83.71% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Fortinet

In other Fortinet 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 transaction, the chief executive officer now owns 49,039,698 shares of the company's stock, valued at approximately $4,576,384,617.36. This trade represents a 0.05 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Keith Jensen sold 4,250 shares of the company's stock in a transaction that occurred on Tuesday, November 19th. The stock was 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 of the company's stock, valued at approximately $425,901.87. This represents a 47.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 67,860 shares of company stock worth $6,469,056 in the last three months. 18.00% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on FTNT shares. Wedbush upped their price target on shares of Fortinet from $90.00 to $105.00 and gave the stock an "outperform" rating in a research report on Tuesday, November 19th. HSBC raised Fortinet from a "hold" rating to a "buy" rating and upped their target price for the stock from $83.00 to $111.00 in a research report on Monday, November 11th. Truist Financial reiterated a "buy" rating and set a $105.00 target price (up from $85.00) on shares of Fortinet in a report on Wednesday, November 20th. Jefferies Financial Group upped their price target on Fortinet from $95.00 to $105.00 and gave the stock a "hold" rating in a report on Thursday, December 19th. Finally, StockNews.com upgraded shares of Fortinet from a "hold" rating to a "buy" rating in a research note on Friday, October 25th. One investment analyst has rated the stock with a sell rating, nineteen have given a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus target price of $94.35.

Fortinet Stock Performance

Shares of FTNT traded up $0.57 during mid-day trading on Wednesday, reaching $93.06. 4,846,633 shares of the company's stock traded hands, compared to its average volume of 4,280,953. The company has a debt-to-equity ratio of 1.09, a quick ratio of 1.25 and a current ratio of 1.34. The business's 50-day moving average price is $95.18 and its 200-day moving average price is $79.91. The stock has a market capitalization of $71.33 billion, a P/E ratio of 47.00, a price-to-earnings-growth ratio of 2.76 and a beta of 1.00. Fortinet, Inc. has a 12 month low of $54.57 and a 12 month high of $101.00.

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.