Gateway Investment Advisers LLC Acquires 10,052 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Gateway Investment Advisers LLC raised its stake in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 86.5% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 21,676 shares of the software maker's stock after purchasing an additional 10,052 shares during the quarter. Gateway Investment Advisers LLC's holdings in Fortinet were worth $2,048,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of FTNT. Fifth Third Wealth Advisors LLC boosted its position in shares of Fortinet by 1.6% during the fourth quarter. Fifth Third Wealth Advisors LLC now owns 6,833 shares of the software maker's stock valued at $646,000 after purchasing an additional 107 shares in the last quarter. Versant Capital Management Inc boosted its holdings 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 valued at $104,000 after buying an additional 128 shares in the last quarter. Diversified Trust Co grew its position in shares of Fortinet by 0.6% in the 4th quarter. Diversified Trust Co now owns 23,852 shares of the software maker's stock worth $2,254,000 after buying an additional 135 shares during the period. Eagle Capital Management LLC increased its stake in shares of Fortinet by 0.6% in the 3rd quarter. Eagle Capital Management LLC now owns 25,772 shares of the software maker's stock worth $1,999,000 after acquiring an additional 141 shares in the last quarter. Finally, OneDigital Investment Advisors LLC lifted 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 valued at $293,000 after acquiring an additional 141 shares during the period. 83.71% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Fortinet

In related news, CEO Ken Xie sold 22,916 shares of the firm's stock in a transaction on Tuesday, December 17th. The shares were sold at an average price of $97.93, for a total transaction of $2,244,163.88. Following the completion of the transaction, the chief executive officer now directly owns 48,983,683 shares of the company's stock, valued at approximately $4,796,972,076.19. This trade represents a 0.05 % 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 purchased 355 shares of the firm's stock in a transaction on Friday, December 6th. The stock was bought at an average price of $98.50 per share, for a total transaction of $34,967.50. Following the purchase, 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 ownership of the stock. The disclosure for this purchase can be found here. Insiders have sold a total of 67,860 shares of company stock valued at $6,469,056 over the last ninety days. 18.00% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of equities analysts have weighed in on FTNT shares. Truist Financial reaffirmed a "buy" rating and set a $105.00 target price (up previously from $85.00) on shares of Fortinet in a research note on Wednesday, November 20th. Robert W. Baird raised their price objective on Fortinet from $95.00 to $100.00 and gave the company an "outperform" rating in a research report on Tuesday, November 19th. Hsbc Global Res raised Fortinet from a "hold" rating to a "strong-buy" rating in a report on Monday, November 11th. Stifel Nicolaus raised their price target on Fortinet from $90.00 to $103.00 and gave the company a "hold" rating in a report on Wednesday, December 18th. Finally, JPMorgan Chase & Co. lifted their price target on Fortinet from $99.00 to $105.00 and gave the stock a "neutral" rating in a research report on Monday, December 16th. One research analyst has rated the stock with a sell rating, eighteen have assigned a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $95.16.

Fortinet Price Performance

Shares of FTNT stock traded up $0.18 on Friday, hitting $94.23. 4,915,554 shares of the stock traded hands, compared to its average volume of 3,418,023. The firm has a market cap of $72.22 billion, a price-to-earnings ratio of 47.59, a PEG ratio of 2.51 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. The firm has a 50 day simple moving average of $95.68 and a two-hundred day simple moving average of $80.47. Fortinet, Inc. has a 52 week low of $54.57 and a 52 week high of $101.00.

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.