EP Wealth Advisors LLC Takes $1.45 Million Position in Fortinet, Inc. (NASDAQ:FTNT)

EP Wealth Advisors LLC purchased a new position in Fortinet, Inc. (NASDAQ:FTNT - Free Report) in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm purchased 18,754 shares of the software maker's stock, valued at approximately $1,454,000.

Other large investors also recently added to or reduced their stakes in the company. Apollon Wealth Management LLC increased its position in shares of Fortinet by 7.6% during the 3rd quarter. Apollon Wealth Management LLC now owns 15,296 shares of the software maker's stock valued at $1,186,000 after purchasing an additional 1,081 shares during the last quarter. Forsta AP Fonden boosted its stake in Fortinet by 11.8% during the third quarter. Forsta AP Fonden now owns 135,500 shares of the software maker's stock worth $10,508,000 after buying an additional 14,300 shares during the period. Sarasin & Partners LLP increased its position in Fortinet by 22.4% during the second quarter. Sarasin & Partners LLP now owns 2,163,093 shares of the software maker's stock valued at $130,370,000 after acquiring an additional 395,477 shares during the last quarter. Quadrature Capital Ltd purchased a new stake in shares of Fortinet in the third quarter valued at $10,343,000. Finally, Empower Advisory Group LLC lifted its holdings in shares of Fortinet by 4.2% in the 3rd quarter. Empower Advisory Group LLC now owns 1,008,224 shares of the software maker's stock worth $78,188,000 after acquiring an additional 40,277 shares during the last quarter. 83.71% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several brokerages recently commented on FTNT. Hsbc Global Res upgraded shares of Fortinet from a "hold" rating to a "strong-buy" rating in a report on Monday, November 11th. Barclays upped their target price on Fortinet from $85.00 to $95.00 and gave the company an "equal weight" rating in a research note on Friday, November 8th. Rosenblatt Securities raised their price target on Fortinet from $90.00 to $100.00 and gave the stock a "buy" rating in a research note on Wednesday, November 20th. Truist Financial reaffirmed a "buy" rating and issued a $105.00 price objective (up previously from $85.00) on shares of Fortinet in a research report on Wednesday, November 20th. Finally, Royal Bank of Canada lifted their target price on Fortinet from $82.00 to $97.00 and gave the stock a "sector perform" rating in a research report on Tuesday, November 19th. One investment analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Fortinet presently has an average rating of "Hold" and an average price target of $88.93.

Insider Transactions at Fortinet

In other news, CEO Ken Xie sold 23,538 shares of Fortinet stock in a transaction on Wednesday, September 18th. The shares were sold at an average price of $74.94, for a total transaction of $1,763,937.72. Following the completion of the sale, the chief executive officer now directly owns 48,878,806 shares in the company, valued at approximately $3,662,977,721.64. The trade was a 0.05 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Keith Jensen sold 17,650 shares of the company's stock in a transaction on Tuesday, November 26th. The shares were sold at an average price of $95.66, for a total value of $1,688,399.00. Following the completion of the transaction, the chief financial officer now directly owns 4,689 shares in the company, valued at approximately $448,549.74. The trade was a 79.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 68,745 shares of company stock valued at $5,746,974 in the last quarter. 18.00% of the stock is currently owned by corporate insiders.

Fortinet Stock Up 0.1 %

NASDAQ FTNT traded up $0.09 on Tuesday, hitting $97.13. The stock had a trading volume of 3,915,105 shares, compared to its average volume of 5,446,687. The business's fifty day moving average price is $86.72 and its 200 day moving average price is $73.20. The stock has a market cap of $74.45 billion, a price-to-earnings ratio of 49.01, a price-to-earnings-growth ratio of 2.80 and a beta of 1.00. The company has a debt-to-equity ratio of 1.09, a current ratio of 1.34 and a quick ratio of 1.25. Fortinet, Inc. has a 52-week low of $52.20 and a 52-week high of $100.59.

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.