UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 10.3% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 5,787,931 shares of the software maker's stock after purchasing an additional 542,727 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC owned 0.76% of Fortinet worth $448,854,000 at the end of the most recent quarter.
A number of other hedge funds have also recently made changes to their positions in the company. Eastern Bank bought a new position in Fortinet in the 3rd quarter valued at approximately $25,000. Ashton Thomas Securities LLC bought a new position in shares of Fortinet during the third quarter valued at $26,000. Private Wealth Management Group LLC lifted its holdings in shares of Fortinet by 73.3% during the third quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker's stock worth $32,000 after purchasing an additional 173 shares during the period. City State Bank grew its stake in shares of Fortinet by 900.0% in the third 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 last quarter. Finally, Oakworth Capital Inc. acquired a new stake in Fortinet in the second quarter valued at $33,000. 83.71% of the stock is owned by institutional investors and hedge funds.
Analyst Upgrades and Downgrades
Several research analysts have commented on the company. JPMorgan Chase & Co. lifted their target price on Fortinet from $63.00 to $70.00 and gave the stock a "neutral" rating in a report on Wednesday, August 7th. TD Cowen upped their target price on Fortinet from $90.00 to $105.00 and gave the company a "buy" rating in a report on Tuesday, November 19th. Mizuho lowered shares of Fortinet from a "neutral" rating to an "underperform" rating and set a $68.00 price target for the company. in a report on Thursday, October 17th. Citigroup upped their price objective on shares of Fortinet from $66.00 to $76.00 and gave the company a "neutral" rating in a research note on Friday, September 13th. Finally, StockNews.com raised shares of Fortinet from a "hold" rating to a "buy" rating in a research note on Friday, October 25th. One research 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. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus target price of $88.93.
View Our Latest Stock Analysis on FTNT
Fortinet Stock Up 1.1 %
Shares of NASDAQ FTNT traded up $0.99 during mid-day trading on Friday, reaching $95.05. 2,124,139 shares of the company were exchanged, compared to its average volume of 5,488,745. Fortinet, Inc. has a 1 year low of $50.65 and a 1 year high of $100.59. The firm has a 50-day moving average of $83.96 and a 200 day moving average of $71.28. The stock has a market cap of $72.85 billion, a price-to-earnings ratio of 48.14, a P/E/G ratio of 2.73 and a beta of 1.00. The company has a quick ratio of 1.25, a current ratio of 1.34 and a debt-to-equity ratio of 1.09.
Insiders Place Their Bets
In other news, CEO Ken Xie sold 23,538 shares of the firm's stock in a transaction 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 completion of the sale, the chief executive officer now owns 48,878,806 shares of the company's stock, valued at $3,662,977,721.64. This trade represents a 0.05 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Keith Jensen sold 17,650 shares of the business's stock in a transaction on Tuesday, November 26th. The stock was sold at an average price of $95.66, for a total value of $1,688,399.00. Following the transaction, the chief financial officer now owns 4,689 shares in the company, valued at approximately $448,549.74. This trade represents a 79.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 68,745 shares of company stock worth $5,746,974. 18.00% of the stock is owned by corporate insiders.
About Fortinet
(
Free Report)
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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