Decker Retirement Planning Inc. Purchases Shares of 50,980 Fortinet, Inc. (NASDAQ:FTNT)

Decker Retirement Planning Inc. bought a new stake in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm bought 50,980 shares of the software maker's stock, valued at approximately $4,817,000. Fortinet comprises 2.8% of Decker Retirement Planning Inc.'s investment portfolio, making the stock its 10th largest holding.

A number of other institutional investors and hedge funds have also modified their holdings of the business. Marshall Wace LLP lifted its stake in shares of Fortinet by 198.5% in the 2nd quarter. Marshall Wace LLP now owns 6,238,856 shares of the software maker's stock worth $376,016,000 after purchasing an additional 4,148,520 shares during the period. FMR LLC raised its position in Fortinet by 276.3% in the third quarter. FMR LLC now owns 3,685,230 shares of the software maker's stock worth $285,790,000 after acquiring an additional 2,705,767 shares during the period. AQR Capital Management LLC boosted its stake in shares of Fortinet by 89.7% during the 2nd quarter. AQR Capital Management LLC now owns 2,675,644 shares of the software maker's stock worth $161,261,000 after acquiring an additional 1,265,162 shares during the last quarter. Los Angeles Capital Management LLC grew its position in shares of Fortinet by 3,155.6% during the 3rd quarter. Los Angeles Capital Management LLC now owns 1,237,244 shares of the software maker's stock valued at $95,948,000 after acquiring an additional 1,199,241 shares during the period. Finally, State Street Corp increased its stake in shares of Fortinet by 2.9% in the 3rd quarter. State Street Corp now owns 27,281,279 shares of the software maker's stock worth $2,115,663,000 after purchasing an additional 766,135 shares in the last quarter. Institutional investors own 83.71% of the company's stock.

Insider Activity

In other news, Director William H. Neukom bought 355 shares of the stock in a transaction on Friday, December 6th. The stock was bought at an average cost of $98.50 per share, for a total transaction of $34,967.50. Following the completion of the purchase, the director now directly owns 150,245 shares in the company, valued at approximately $14,799,132.50. The trade was a 0.24 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Keith Jensen sold 4,250 shares of the company's stock in a transaction on Tuesday, November 19th. The stock was sold at an average price of $90.83, for a total value of $386,027.50. Following the transaction, the chief financial officer now directly owns 4,689 shares in the company, valued at approximately $425,901.87. The trade was a 47.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 67,860 shares of company stock worth $6,469,056. 18.00% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on the company. KeyCorp upgraded Fortinet from a "sector weight" rating to an "overweight" rating and set a $115.00 target price on the stock in a research report on Thursday, December 19th. The Goldman Sachs Group lifted their price objective on Fortinet from $100.00 to $114.00 and gave the company a "buy" rating in a research report on Thursday, January 2nd. Royal Bank of Canada increased their target price on shares of Fortinet from $82.00 to $97.00 and gave the stock a "sector perform" rating in a report on Tuesday, November 19th. Cantor Fitzgerald lifted their price target on shares of Fortinet from $88.00 to $95.00 and gave the company a "neutral" rating in a report on Tuesday, November 19th. Finally, UBS Group upped their price target on shares of Fortinet from $70.00 to $83.00 and gave the stock a "neutral" rating in a research report on Friday, November 8th. One research analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, Fortinet presently has an average rating of "Hold" and a consensus price target of $95.16.

Fortinet Stock Up 0.3 %

NASDAQ FTNT traded up $0.27 on Friday, reaching $94.32. 2,464,783 shares of the stock traded hands, compared to its average volume of 3,983,692. Fortinet, Inc. has a 12 month low of $54.57 and a 12 month high of $101.00. 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 company has a fifty day moving average price of $95.63 and a 200-day moving average price of $80.10. The company has a market cap of $72.29 billion, a price-to-earnings ratio of 47.66, a PEG ratio of 2.51 and a beta of 1.00.

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.