Jackson Square Capital LLC bought a new stake in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor bought 3,315 shares of the software maker's stock, valued at approximately $313,000.
Other institutional investors and hedge funds have also recently modified their holdings of the company. First Hawaiian Bank purchased a new stake in Fortinet during the fourth quarter valued at $670,000. LVM Capital Management Ltd. MI raised its position in shares of Fortinet by 10.7% during the 4th quarter. LVM Capital Management Ltd. MI now owns 89,827 shares of the software maker's stock valued at $8,487,000 after buying an additional 8,707 shares in the last quarter. Apollon Wealth Management LLC lifted its holdings in shares of Fortinet by 7.6% in the 3rd quarter. Apollon Wealth Management LLC now owns 15,296 shares of the software maker's stock valued at $1,186,000 after acquiring an additional 1,081 shares during the last quarter. Forsta AP Fonden grew its position in Fortinet by 11.8% in the third quarter. Forsta AP Fonden now owns 135,500 shares of the software maker's stock worth $10,508,000 after acquiring an additional 14,300 shares in the last quarter. Finally, Quadrature Capital Ltd bought a new stake in Fortinet during the third quarter worth approximately $10,343,000. 83.71% of the stock is owned by hedge funds and other institutional investors.
Fortinet Stock Up 0.2 %
Shares of FTNT stock traded up $0.18 during mid-day trading on Friday, hitting $94.23. 4,915,554 shares of the stock traded hands, compared to its average volume of 3,418,023. The stock's fifty day moving average is $95.68 and its two-hundred day moving average is $80.47. The company has a debt-to-equity ratio of 1.09, a current ratio of 1.34 and a quick ratio of 1.25. Fortinet, Inc. has a 52-week low of $54.57 and a 52-week high of $101.00. The stock has a market cap of $72.22 billion, a P/E ratio of 47.59, a P/E/G ratio of 2.51 and a beta of 1.00.
Insider Activity
In related news, CFO Keith Jensen sold 17,650 shares of the stock in a transaction that occurred on Tuesday, November 26th. The shares were 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 represents a 79.01 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director William H. Neukom acquired 355 shares of the firm's stock in a transaction on Friday, December 6th. The shares were acquired at an average price of $98.50 per share, with a total value of $34,967.50. Following the completion of the purchase, the director now owns 150,245 shares in the company, valued at approximately $14,799,132.50. This trade represents a 0.24 % increase in their position. The disclosure for this purchase can be found here. Insiders have sold a total of 67,860 shares of company stock worth $6,469,056 over the last 90 days. 18.00% of the stock is currently owned by corporate insiders.
Wall Street Analyst Weigh In
Several equities research analysts have recently issued reports on FTNT shares. Wedbush raised their price objective on Fortinet from $90.00 to $105.00 and gave the company an "outperform" rating in a research note on Tuesday, November 19th. StockNews.com raised shares of Fortinet from a "hold" rating to a "buy" rating in a research note on Friday, October 25th. UBS Group increased their target price on shares of Fortinet from $70.00 to $83.00 and gave the company a "neutral" rating in a research note on Friday, November 8th. Stifel Nicolaus raised their target price on shares of Fortinet from $90.00 to $103.00 and gave the stock a "hold" rating in a report on Wednesday, December 18th. Finally, Jefferies Financial Group upped their price target on shares of Fortinet from $95.00 to $105.00 and gave the company a "hold" rating in a report on Thursday, December 19th. One research analyst has rated the stock with a sell rating, seventeen have given a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Fortinet has an average rating of "Hold" and an average price target of $96.17.
Read Our Latest Stock Analysis on FTNT
Fortinet Profile
(
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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