Fortinet, Inc. (NASDAQ:FTNT) Shares Purchased by CCLA Investment Management

CCLA Investment Management boosted its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 4.3% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,442,167 shares of the software maker's stock after acquiring an additional 58,970 shares during the period. Fortinet comprises 2.2% of CCLA Investment Management's portfolio, making the stock its 17th largest holding. CCLA Investment Management owned approximately 0.19% of Fortinet worth $136,255,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently modified their holdings of FTNT. Versant Capital Management Inc raised its position in shares of Fortinet by 13.1% during the 4th quarter. Versant Capital Management Inc now owns 1,106 shares of the software maker's stock worth $104,000 after purchasing an additional 128 shares during the last quarter. Diversified Trust Co raised its holdings in shares of Fortinet by 0.6% in the fourth quarter. Diversified Trust Co now owns 23,852 shares of the software maker's stock worth $2,254,000 after acquiring an additional 135 shares during the last quarter. Eagle Capital Management LLC boosted its stake in shares of Fortinet by 0.6% during the third quarter. Eagle Capital Management LLC now owns 25,772 shares of the software maker's stock valued at $1,999,000 after acquiring an additional 141 shares during the last quarter. OneDigital Investment Advisors LLC increased its position in Fortinet by 3.9% during the 3rd quarter. OneDigital Investment Advisors LLC now owns 3,782 shares of the software maker's stock worth $293,000 after purchasing an additional 141 shares in the last quarter. Finally, Parallel Advisors LLC raised its stake in Fortinet by 2.0% in the 2nd quarter. Parallel Advisors LLC now owns 7,504 shares of the software maker's stock valued at $452,000 after purchasing an additional 148 shares during the last quarter. Hedge funds and other institutional investors own 83.71% of the company's stock.

Wall Street Analyst Weigh In

Several research firms have issued reports on FTNT. Jefferies Financial Group raised their price target on shares of Fortinet from $95.00 to $105.00 and gave the stock a "hold" rating in a research note on Thursday, December 19th. Deutsche Bank Aktiengesellschaft lifted their target price on shares of Fortinet from $77.00 to $90.00 and gave the stock a "hold" rating in a research note on Tuesday, November 19th. Piper Sandler raised Fortinet from a "neutral" rating to an "overweight" rating and increased their price target for the stock from $100.00 to $120.00 in a research note on Monday, January 6th. 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, Mizuho increased their target price on Fortinet from $68.00 to $78.00 and gave the stock an "underperform" rating in a research report on Friday, December 13th. One research analyst has rated the stock with a sell rating, nineteen have given a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus price target of $94.35.

Fortinet Trading Down 1.4 %

Shares of FTNT opened at $92.49 on Wednesday. Fortinet, Inc. has a one year low of $54.57 and a one year high of $101.00. The stock has a 50-day moving average price of $94.89 and a 200 day moving average price of $79.68. 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 market capitalization of $70.89 billion, a P/E ratio of 46.71, a P/E/G ratio of 2.76 and a beta of 1.00.

Insider Buying and Selling at Fortinet

In related news, CFO Keith Jensen sold 4,250 shares of the company's stock in a transaction on Tuesday, November 19th. The shares were sold at an average price of $90.83, for a total value of $386,027.50. Following the sale, the chief financial officer now directly owns 4,689 shares of the company's stock, valued at $425,901.87. This represents a 47.54 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director William H. Neukom bought 355 shares of the company's stock in a transaction dated Friday, December 6th. The stock was bought at an average cost of $98.50 per share, with a total value of $34,967.50. Following the transaction, 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 position. The disclosure for this purchase can be found here. Insiders have sold a total of 44,816 shares of company stock valued at $4,318,590 in the last three months. Corporate insiders own 18.00% of the company's stock.

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.

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