Claro Advisors LLC Buys Shares of 6,275 Fortinet, Inc. (NASDAQ:FTNT)

Claro Advisors LLC bought a new stake in Fortinet, Inc. (NASDAQ:FTNT - Free Report) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 6,275 shares of the software maker's stock, valued at approximately $487,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in FTNT. Eastern Bank purchased a new stake in shares of Fortinet in the third quarter valued at $25,000. Ashton Thomas Securities LLC acquired a new position in shares of Fortinet during the 3rd quarter valued at about $26,000. Private Wealth Management Group LLC lifted its holdings in shares of 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 acquiring an additional 173 shares during the period. City State Bank boosted its position in shares of Fortinet by 900.0% in the third quarter. City State Bank now owns 500 shares of the software maker's stock worth $39,000 after acquiring an additional 450 shares during the last quarter. Finally, Oakworth Capital Inc. purchased a new stake in Fortinet in the second quarter valued at approximately $33,000. 83.71% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research firms have weighed in on FTNT. HSBC raised shares of Fortinet from a "hold" rating to a "buy" rating and increased their price target for the stock from $83.00 to $111.00 in a research note on Monday, November 11th. Morgan Stanley lifted their target price on Fortinet from $105.00 to $106.00 and gave the company an "overweight" rating in a report on Tuesday. Guggenheim cut Fortinet from a "buy" rating to a "neutral" rating in a report on Monday, July 29th. BMO Capital Markets lifted their target price on Fortinet from $88.00 to $100.00 and gave the company a "market perform" rating in a report on Tuesday. Finally, Mizuho cut Fortinet from a "neutral" rating to an "underperform" rating and set a $68.00 target price on the stock. in a report on Thursday, October 17th. One analyst has rated the stock with a sell rating, nineteen have given a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $87.10.

Insider Activity at Fortinet

In other news, CEO Ken Xie sold 23,307 shares of the company's stock in a transaction that occurred on Wednesday, October 16th. The stock was sold at an average price of $81.89, for a total transaction of $1,908,610.23. Following the completion of the transaction, the chief executive officer now directly owns 48,915,530 shares of the company's stock, valued at approximately $4,005,692,751.70. This 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 can be accessed through the SEC website. 18.00% of the stock is owned by corporate insiders.

Fortinet Stock Down 1.2 %

Fortinet stock traded down $1.10 during midday trading on Tuesday, hitting $90.78. The stock had a trading volume of 3,150,909 shares, compared to its average volume of 5,501,161. 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 stock has a market cap of $69.58 billion, a P/E ratio of 46.00, a P/E/G ratio of 2.82 and a beta of 1.00. Fortinet, Inc. has a 12 month low of $50.65 and a 12 month high of $100.59. The business has a fifty day moving average price of $81.10 and a 200 day moving average price of $69.51.

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.