CIBC Asset Management Inc grew its stake in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 5.7% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 222,191 shares of the software maker's stock after acquiring an additional 11,943 shares during the period. CIBC Asset Management Inc's holdings in Fortinet were worth $17,231,000 at the end of the most recent quarter.
A number of other institutional investors also recently made changes to their positions in the company. Vanguard Group Inc. boosted its position in shares of Fortinet by 1.2% in the first quarter. Vanguard Group Inc. now owns 68,052,487 shares of the software maker's stock valued at $4,648,665,000 after acquiring an additional 779,271 shares during the period. Price T Rowe Associates Inc. MD grew its position in shares of Fortinet by 664.8% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 35,137,089 shares of the software maker's stock worth $2,400,215,000 after purchasing an additional 30,542,551 shares in the last quarter. Swedbank AB boosted its stake in shares of Fortinet by 1.7% in the second quarter. Swedbank AB now owns 8,156,797 shares of the software maker's stock valued at $491,610,000 after buying an additional 134,366 shares during the period. Marshall Wace LLP boosted its stake in shares of Fortinet by 198.5% in the second quarter. Marshall Wace LLP now owns 6,238,856 shares of the software maker's stock valued at $376,016,000 after buying an additional 4,148,520 shares during the period. Finally, Van ECK Associates Corp grew its position in Fortinet by 94.9% during the second quarter. Van ECK Associates Corp now owns 5,755,599 shares of the software maker's stock worth $346,890,000 after buying an additional 2,802,446 shares in the last quarter. Institutional investors own 83.71% of the company's stock.
Fortinet Stock Down 0.3 %
Fortinet stock traded down $0.26 during trading on Friday, hitting $94.20. 5,916,022 shares of the company were exchanged, compared to its average volume of 5,497,884. The company has a current ratio of 1.34, a quick ratio of 1.25 and a debt-to-equity ratio of 1.09. The business's 50 day moving average is $80.76 and its 200 day moving average is $69.24. Fortinet, Inc. has a 52 week low of $49.97 and a 52 week high of $100.59. The company has a market capitalization of $72.20 billion, a P/E ratio of 47.58, a PEG ratio of 2.93 and a beta of 1.00.
Insider Buying and Selling at Fortinet
In other news, CEO Ken Xie sold 23,307 shares of the business's stock in a transaction that occurred on Wednesday, October 16th. The shares were sold at an average price of $81.89, for a total value of $1,908,610.23. Following the sale, the chief executive officer now owns 48,915,530 shares of the company's stock, valued at $4,005,692,751.70. The trade was a 0.05 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Corporate insiders own 18.00% of the company's stock.
Analyst Ratings Changes
A number of analysts have recently weighed in on the company. Raymond James upped their target price on Fortinet from $85.00 to $95.00 and gave the company an "outperform" rating in a research report on Friday, November 8th. Hsbc Global Res raised shares of Fortinet from a "hold" rating to a "strong-buy" rating in a research report on Monday, November 11th. DZ Bank raised shares of Fortinet from a "sell" rating to a "hold" rating and set a $65.00 target price on the stock in a report on Thursday, August 8th. Susquehanna upped their price target on shares of Fortinet from $65.00 to $70.00 and gave the stock a "neutral" rating in a report on Thursday, August 8th. Finally, Truist Financial increased their price target on shares of Fortinet from $70.00 to $85.00 and gave the stock a "buy" rating in a research report on Wednesday, October 23rd. One analyst has rated the stock with a sell rating, nineteen have issued a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Fortinet has a consensus rating of "Hold" and a consensus price target of $79.52.
View Our Latest Stock Report on Fortinet
About Fortinet
(
Free Report)
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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