Dixon Mitchell Investment Counsel Inc. Buys 169,530 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Dixon Mitchell Investment Counsel Inc. grew its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 129.9% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 299,989 shares of the software maker's stock after acquiring an additional 169,530 shares during the period. Fortinet comprises 1.3% of Dixon Mitchell Investment Counsel Inc.'s holdings, making the stock its 28th largest holding. Dixon Mitchell Investment Counsel Inc.'s holdings in Fortinet were worth $28,343,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of FTNT. Eastern Bank bought a new stake in Fortinet in the third quarter valued at approximately $25,000. Ashton Thomas Securities LLC acquired a new position in shares of Fortinet in the 3rd quarter worth approximately $26,000. Private Wealth Management Group LLC boosted its stake in shares of 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 purchasing an additional 173 shares during the last quarter. City State Bank raised its stake in Fortinet by 900.0% during the third quarter. City State Bank now owns 500 shares of the software maker's stock worth $39,000 after buying an additional 450 shares during the last quarter. Finally, Paladin Wealth LLC bought a new position in Fortinet during the third quarter worth $46,000. Institutional investors and hedge funds own 83.71% of the company's stock.

Insider Activity

In other news, Director William H. Neukom purchased 355 shares of the company's stock in a transaction dated Friday, December 6th. The shares were purchased at an average price of $98.50 per share, with a total value of $34,967.50. Following the transaction, the director now directly owns 150,245 shares of the company's stock, valued at approximately $14,799,132.50. This represents a 0.24 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Ken Xie sold 23,044 shares of the company'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 sale, the chief executive officer now directly owns 49,039,698 shares in the company, valued at approximately $4,576,384,617.36. This trade represents a 0.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 67,860 shares of company stock valued at $6,469,056 in the last three months. Company insiders own 18.00% of the company's stock.

Wall Street Analyst Weigh In

FTNT has been the subject of a number of recent analyst reports. UBS Group increased their price target on Fortinet from $70.00 to $83.00 and gave the stock a "neutral" rating in a report on Friday, November 8th. Rosenblatt Securities raised their target price on Fortinet from $90.00 to $100.00 and gave the stock a "buy" rating in a research note on Wednesday, November 20th. TD Cowen boosted their price target on Fortinet from $90.00 to $105.00 and gave the company a "buy" rating in a research note on Tuesday, November 19th. HSBC raised shares of Fortinet from a "hold" rating to a "buy" rating and raised their price objective for the stock from $83.00 to $111.00 in a research report on Monday, November 11th. Finally, The Goldman Sachs Group boosted their target price on shares of Fortinet from $100.00 to $114.00 and gave the company a "buy" rating in a research report on Thursday, January 2nd. One analyst has rated the stock with a sell rating, nineteen have issued a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Hold" and an average target price of $94.35.

Fortinet Stock Performance

Shares of NASDAQ FTNT traded up $0.99 during mid-day trading on Thursday, reaching $94.05. 2,905,867 shares of the company's stock were exchanged, compared to its average volume of 4,143,487. The firm has a 50-day moving average price of $95.43 and a two-hundred day moving average price of $80.00. The company has a debt-to-equity ratio of 1.09, a current ratio of 1.34 and a quick ratio of 1.25. The firm has a market capitalization of $72.08 billion, a price-to-earnings ratio of 47.50, a price-to-earnings-growth ratio of 2.51 and a beta of 1.00. Fortinet, Inc. has a 52 week low of $54.57 and a 52 week 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.