Strategy Asset Managers LLC Grows Stock Position in Fortinet, Inc. (NASDAQ:FTNT)

Strategy Asset Managers LLC lifted its position in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 68.7% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 17,240 shares of the software maker's stock after buying an additional 7,019 shares during the period. Strategy Asset Managers LLC's holdings in Fortinet were worth $1,337,000 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. Eastern Bank purchased a new position in shares of Fortinet in the third quarter worth about $25,000. Ashton Thomas Securities LLC purchased a new stake in shares of Fortinet during the third quarter valued at approximately $26,000. Private Wealth Management Group LLC grew its holdings in shares of Fortinet by 73.3% in 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 last quarter. Oakworth Capital Inc. purchased a new position in shares of Fortinet in the second quarter worth $33,000. Finally, Versant Capital Management Inc raised its holdings in Fortinet by 61.2% during the 2nd quarter. Versant Capital Management Inc now owns 627 shares of the software maker's stock valued at $38,000 after buying an additional 238 shares during the last quarter. Institutional investors own 83.71% of the company's stock.

Insiders Place Their Bets

In other news, CEO Ken Xie sold 23,538 shares of the company's stock in a transaction that occurred on Wednesday, September 18th. The shares were 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 approximately $3,662,977,721.64. This represents a 0.05 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 18.00% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on FTNT shares. Guggenheim cut shares of Fortinet from a "buy" rating to a "neutral" rating in a research report on Monday, July 29th. DZ Bank upgraded shares of Fortinet from a "sell" rating to a "hold" rating and set a $65.00 price target for the company in a research note on Thursday, August 8th. BMO Capital Markets lifted their target price on Fortinet from $88.00 to $100.00 and gave the stock a "market perform" rating in a report on Tuesday. Barclays boosted their price objective on shares of Fortinet from $85.00 to $95.00 and gave the company an "equal weight" rating in a report on Friday, November 8th. Finally, Bank of America raised their price target on Fortinet from $87.00 to $104.00 and gave the stock a "buy" rating in a research note on Tuesday. 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 assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average target price of $88.93.

Fortinet Trading Up 1.5 %

FTNT stock traded up $1.32 during trading on Wednesday, hitting $92.11. The company had a trading volume of 2,074,747 shares, compared to its average volume of 5,497,846. Fortinet, Inc. has a 52-week low of $50.65 and a 52-week high of $100.59. The company has a 50 day simple moving average of $81.39 and a 200-day simple moving average of $69.73. The firm has a market capitalization of $70.60 billion, a P/E ratio of 46.55, a PEG ratio of 2.82 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.

About Fortinet

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.