First Hawaiian Bank Takes $670,000 Position in Fortinet, Inc. (NASDAQ:FTNT)

First Hawaiian Bank bought a new stake in Fortinet, Inc. (NASDAQ:FTNT - Free Report) in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 7,096 shares of the software maker's stock, valued at approximately $670,000.

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

Fortinet Trading Down 1.5 %

FTNT stock traded down $1.48 during midday trading on Friday, reaching $94.56. 4,018,700 shares of the company's stock traded hands, compared to its average volume of 4,016,648. Fortinet, Inc. has a fifty-two week low of $54.57 and a fifty-two week high of $101.00. The business has a 50-day moving average price of $94.59 and a two-hundred day moving average price of $79.30. The company has a market capitalization of $72.48 billion, a P/E ratio of 47.76, a PEG ratio of 2.76 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.

Analysts Set New Price Targets

A number of analysts recently commented on FTNT shares. Citigroup boosted their price objective on shares of Fortinet from $66.00 to $76.00 and gave the stock a "neutral" rating in a report on Friday, September 13th. Mizuho boosted their price target on Fortinet from $68.00 to $78.00 and gave the stock an "underperform" rating in a research note on Friday, December 13th. Jefferies Financial Group raised their price objective on Fortinet from $95.00 to $105.00 and gave the company a "hold" rating in a research note on Thursday, December 19th. Truist Financial reissued a "buy" rating and issued a $105.00 target price (up previously from $85.00) on shares of Fortinet in a report on Wednesday, November 20th. Finally, StockNews.com raised Fortinet from a "hold" rating to a "buy" rating in a research note on Friday, October 25th. One equities research analyst has rated the stock with a sell rating, eighteen have issued a hold rating, fifteen have given a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target of $94.35.

Insider Activity at Fortinet

In other news, CFO Keith Jensen sold 4,250 shares of the business's stock in a transaction on Tuesday, November 19th. The shares were sold at an average price of $90.83, for a total transaction of $386,027.50. Following the transaction, the chief financial officer now directly owns 4,689 shares of the company's stock, valued at approximately $425,901.87. The trade was a 47.54 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director William H. Neukom purchased 355 shares of the stock in a transaction that occurred on Friday, December 6th. The shares were purchased at an average cost of $98.50 per share, with a total value of $34,967.50. Following the completion of the acquisition, the director now owns 150,245 shares in the company, valued at approximately $14,799,132.50. This represents a 0.24 % increase in their position. The disclosure for this purchase can be found here. In the last 90 days, insiders have sold 68,123 shares of company stock worth $6,227,201. 18.00% of the stock is currently owned by corporate insiders.

Fortinet Company 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.