Fisher Asset Management LLC Buys 8,392 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Fisher Asset Management LLC boosted its position in Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 29.3% during the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 37,010 shares of the software maker's stock after buying an additional 8,392 shares during the quarter. Fisher Asset Management LLC's holdings in Fortinet were worth $2,870,000 as of its most recent filing with the SEC.

Several other institutional investors have also recently bought and sold shares of FTNT. Swedbank AB lifted its position in shares of Fortinet by 1.7% in the second quarter. Swedbank AB now owns 8,156,797 shares of the software maker's stock worth $491,610,000 after purchasing an additional 134,366 shares in the last quarter. Marshall Wace LLP boosted its stake in shares of Fortinet by 198.5% during the 2nd quarter. Marshall Wace LLP now owns 6,238,856 shares of the software maker's stock worth $376,016,000 after buying an additional 4,148,520 shares during the last quarter. Van ECK Associates Corp grew its holdings in shares of Fortinet by 94.9% in the 2nd quarter. Van ECK Associates Corp now owns 5,755,599 shares of the software maker's stock valued at $346,890,000 after acquiring an additional 2,802,446 shares in the last quarter. Renaissance Technologies LLC grew its holdings in shares of Fortinet by 15.0% in the 2nd quarter. Renaissance Technologies LLC now owns 5,026,394 shares of the software maker's stock valued at $302,941,000 after acquiring an additional 657,400 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. increased its position in shares of Fortinet by 1.8% in the third quarter. Charles Schwab Investment Management Inc. now owns 3,817,859 shares of the software maker's stock valued at $296,075,000 after acquiring an additional 68,852 shares during the last quarter. Institutional investors own 83.71% of the company's stock.

Analyst Ratings Changes

A number of research firms have weighed in on FTNT. BMO Capital Markets raised their price target on Fortinet from $88.00 to $100.00 and gave the company a "market perform" rating in a research note on Tuesday, November 19th. Truist Financial reissued a "buy" rating and issued a $105.00 target price (up from $85.00) on shares of Fortinet in a research note on Wednesday, November 20th. HSBC upgraded shares of Fortinet from a "hold" rating to a "buy" rating and boosted their target price for the stock from $83.00 to $111.00 in a report on Monday, November 11th. TD Cowen increased their price target on shares of Fortinet from $90.00 to $105.00 and gave the company a "buy" rating in a research note on Tuesday, November 19th. Finally, Mizuho lowered shares of Fortinet from a "neutral" rating to an "underperform" rating and set a $68.00 price objective on the stock. in a research note on Thursday, October 17th. One investment analyst has rated the stock with a sell rating, nineteen have given a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock currently has an average rating of "Hold" and a consensus target price of $88.93.

Insider Buying and Selling at Fortinet

In related news, CEO Ken Xie sold 23,538 shares of Fortinet stock in a transaction that occurred on Wednesday, September 18th. The stock was sold at an average price of $74.94, for a total value of $1,763,937.72. Following the transaction, the chief executive officer now directly owns 48,878,806 shares of the company's stock, valued at $3,662,977,721.64. The trade was a 0.05 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Keith Jensen sold 4,250 shares of the business's stock in a transaction that occurred on Tuesday, November 19th. The stock was sold at an average price of $90.83, for a total transaction of $386,027.50. Following the completion of the transaction, the chief financial officer now owns 4,689 shares in the company, valued at $425,901.87. This trade represents a 47.54 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 68,745 shares of company stock worth $5,746,974. 18.00% of the stock is currently owned by company insiders.

Fortinet Price Performance

FTNT traded up $0.99 on Friday, reaching $95.05. The stock had a trading volume of 2,124,139 shares, compared to its average volume of 5,488,745. The company has a market capitalization of $72.85 billion, a price-to-earnings ratio of 48.14, a price-to-earnings-growth ratio of 2.73 and a beta of 1.00. 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 firm has a 50-day moving average of $83.96 and a 200-day moving average of $71.28. Fortinet, Inc. has a fifty-two week low of $50.65 and a fifty-two week high of $100.59.

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.