Inspire Trust Co. N.A. Raises Stock Holdings in Fortinet, Inc. (NASDAQ:FTNT)

Inspire Trust Co. N.A. raised its stake in Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 25.4% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 26,983 shares of the software maker's stock after buying an additional 5,457 shares during the quarter. Inspire Trust Co. N.A.'s holdings in Fortinet were worth $2,093,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Marshall Wace LLP increased its holdings 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 increased its stake in Fortinet by 94.9% during the second quarter. Van ECK Associates Corp now owns 5,755,599 shares of the software maker's stock worth $346,890,000 after acquiring an additional 2,802,446 shares during the last quarter. FMR LLC increased its stake in Fortinet by 276.3% during the third quarter. FMR LLC now owns 3,685,230 shares of the software maker's stock worth $285,790,000 after acquiring an additional 2,705,767 shares during the last quarter. AQR Capital Management LLC raised its position in Fortinet by 89.7% in the second quarter. AQR Capital Management LLC now owns 2,675,644 shares of the software maker's stock valued at $161,261,000 after purchasing an additional 1,265,162 shares during the period. Finally, Los Angeles Capital Management LLC lifted its stake in shares of Fortinet by 3,155.6% in the 3rd quarter. Los Angeles Capital Management LLC now owns 1,237,244 shares of the software maker's stock valued at $95,948,000 after purchasing an additional 1,199,241 shares during the last quarter. 83.71% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Fortinet

In related news, CFO Keith Jensen sold 4,250 shares of Fortinet stock in a transaction on Tuesday, November 19th. The shares were sold at an average price of $90.83, for a total transaction of $386,027.50. Following the sale, the chief financial officer now directly owns 4,689 shares in the company, valued at $425,901.87. This trade represents a 47.54 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director William H. Neukom acquired 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, with a total value of $34,967.50. Following the purchase, the director now directly owns 150,245 shares of the company's stock, valued at $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. In the last ninety days, insiders sold 68,745 shares of company stock valued at $5,746,974. 18.00% of the stock is currently owned by corporate insiders.

Fortinet Stock Down 0.7 %

Shares of FTNT stock traded down $0.65 on Friday, reaching $97.95. 3,165,889 shares of the stock were exchanged, compared to its average volume of 5,418,071. The company has a market capitalization of $75.07 billion, a price-to-earnings ratio of 49.80, a PEG ratio of 2.77 and a beta of 1.00. The business's 50 day moving average price is $87.98 and its 200 day moving average price is $73.80. The company has a current ratio of 1.34, a quick ratio of 1.25 and a debt-to-equity ratio of 1.09. Fortinet, Inc. has a twelve month low of $54.57 and a twelve month high of $100.59.

Analysts Set New Price Targets

FTNT has been the subject of a number of recent analyst reports. Wells Fargo & Company raised their price objective on Fortinet from $80.00 to $85.00 and gave the stock an "equal weight" rating in a research report on Tuesday, November 19th. UBS Group lifted their price target on shares of Fortinet from $70.00 to $83.00 and gave the company a "neutral" rating in a research report on Friday, November 8th. Needham & Company LLC reissued a "hold" rating on shares of Fortinet in a research note on Friday, November 22nd. Hsbc Global Res raised shares of Fortinet from a "hold" rating to a "strong-buy" rating in a research report on Monday, November 11th. Finally, Mizuho lifted their target price on shares of Fortinet from $68.00 to $78.00 and gave the company an "underperform" rating in a report on Friday. One equities research analyst has rated the stock with a sell rating, nineteen have issued a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus price target of $89.27.

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.