Kovitz Investment Group Partners LLC Acquires 16,550 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Kovitz Investment Group Partners LLC grew its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 108.6% in the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 31,783 shares of the software maker's stock after purchasing an additional 16,550 shares during the period. Kovitz Investment Group Partners LLC's holdings in Fortinet were worth $2,465,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in the business. Eastern Bank bought a new stake in shares of Fortinet during the third quarter valued at approximately $25,000. Ashton Thomas Securities LLC bought a new stake in shares of Fortinet during the third quarter valued at approximately $26,000. Private Wealth Management Group LLC increased its position 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 valued at $32,000 after acquiring an additional 173 shares in the last quarter. Oakworth Capital Inc. bought a new stake in shares of Fortinet during the second quarter valued at approximately $33,000. Finally, City State Bank grew its position in Fortinet by 900.0% in the 3rd 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 period. 83.71% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on FTNT shares. Wedbush lifted their target price on shares of Fortinet from $90.00 to $105.00 and gave the stock an "outperform" rating in a research report on Tuesday, November 19th. TD Cowen boosted their price objective on shares of Fortinet from $90.00 to $105.00 and gave the company a "buy" rating in a research report on Tuesday, November 19th. 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 research report on Friday, November 8th. Piper Sandler lifted their target price on shares of Fortinet from $80.00 to $100.00 and gave the company a "neutral" rating in a research note on Tuesday, November 19th. Finally, Morgan Stanley lifted their target price on shares of Fortinet from $105.00 to $106.00 and gave the company an "overweight" rating in a research note on Tuesday, November 19th. One research analyst has rated the stock with a sell rating, nineteen have given a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Fortinet has a consensus rating of "Hold" and an average target price of $88.93.

Insider Buying and Selling

In related news, Director William H. Neukom bought 355 shares of Fortinet stock in a transaction dated Friday, December 6th. The shares were acquired at an average cost of $98.50 per share, with a total value of $34,967.50. Following the completion of the transaction, the director now owns 150,245 shares in the company, valued at $14,799,132.50. The trade was a 0.24 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Ken Xie sold 23,538 shares of the firm's stock in a transaction that occurred on Wednesday, September 18th. The stock was sold at an average price of $74.94, for a total transaction of $1,763,937.72. Following the transaction, the chief executive officer now directly owns 48,878,806 shares in the company, valued at approximately $3,662,977,721.64. This trade represents a 0.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 68,745 shares of company stock valued at $5,746,974 in the last ninety days. 18.00% of the stock is owned by company insiders.

Fortinet Trading Up 0.1 %

Fortinet stock traded up $0.09 during midday trading on Tuesday, reaching $97.13. The stock had a trading volume of 3,915,105 shares, compared to its average volume of 5,446,687. The company has a quick ratio of 1.25, a current ratio of 1.34 and a debt-to-equity ratio of 1.09. Fortinet, Inc. has a 52-week low of $52.20 and a 52-week high of $100.59. The firm has a market cap of $74.45 billion, a price-to-earnings ratio of 49.01, a price-to-earnings-growth ratio of 2.80 and a beta of 1.00. The company has a fifty day moving average of $86.72 and a 200 day moving average of $73.20.

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.