MML Investors Services LLC increased its position in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 13.0% during the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 45,710 shares of the software maker's stock after buying an additional 5,263 shares during the period. MML Investors Services LLC's holdings in Fortinet were worth $3,545,000 at the end of the most recent reporting period.
Several other hedge funds have also recently added to or reduced their stakes in the company. Orion Portfolio Solutions LLC lifted its stake in Fortinet by 3.5% during the third quarter. Orion Portfolio Solutions LLC now owns 12,442 shares of the software maker's stock worth $965,000 after purchasing an additional 416 shares during the last quarter. Zacks Investment Management acquired a new position in shares of Fortinet in the 3rd quarter valued at $14,374,000. National Bank of Canada FI grew its position in shares of Fortinet by 103.8% in the 3rd quarter. National Bank of Canada FI now owns 590,732 shares of the software maker's stock valued at $45,811,000 after buying an additional 300,804 shares during the last quarter. EP Wealth Advisors LLC purchased a new stake in Fortinet in the third quarter valued at $1,454,000. Finally, Kovitz Investment Group Partners LLC boosted its stake in Fortinet by 108.6% in the third quarter. Kovitz Investment Group Partners LLC now owns 31,783 shares of the software maker's stock valued at $2,465,000 after acquiring an additional 16,550 shares in the last quarter. Institutional investors and hedge funds own 83.71% of the company's stock.
Fortinet Price Performance
NASDAQ:FTNT traded down $0.65 during trading hours on Friday, reaching $97.95. 3,165,889 shares of the company traded hands, compared to its average volume of 5,418,071. Fortinet, Inc. has a 1-year low of $54.57 and a 1-year high of $100.59. The stock has a market cap of $75.07 billion, a P/E ratio of 49.47, a P/E/G ratio of 2.77 and a beta of 1.00. The firm's 50-day moving average is $88.38 and its 200-day moving average is $74.25. The company has a debt-to-equity ratio of 1.09, a current ratio of 1.34 and a quick ratio of 1.25.
Analyst Upgrades and Downgrades
A number of analysts have recently commented on FTNT shares. Deutsche Bank Aktiengesellschaft lifted their target price on Fortinet from $77.00 to $90.00 and gave the stock a "hold" rating in a research report on Tuesday, November 19th. UBS Group boosted their price objective on Fortinet from $70.00 to $83.00 and gave the company a "neutral" rating in a research note on Friday, November 8th. HSBC upgraded shares of Fortinet from a "hold" rating to a "buy" rating and raised their target price for the stock from $83.00 to $111.00 in a research report on Monday, November 11th. Needham & Company LLC reiterated a "hold" rating on shares of Fortinet in a research note on Friday, November 22nd. Finally, Stifel Nicolaus lifted their price objective on shares of Fortinet from $84.00 to $90.00 and gave the company a "hold" rating in a research note on Tuesday, November 19th. One equities research analyst has rated the stock with a sell rating, nineteen have given a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of "Hold" and an average price target of $89.27.
View Our Latest Analysis on Fortinet
Insider Activity at Fortinet
In related news, CEO Ken Xie sold 23,538 shares of the firm'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 transaction of $1,763,937.72. Following the sale, the chief executive officer now 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director William H. Neukom purchased 355 shares of the business's stock in a transaction on Friday, December 6th. The stock was acquired at an average price of $98.50 per share, with a total value of $34,967.50. Following the completion of the acquisition, the director now directly owns 150,245 shares in the company, valued at $14,799,132.50. The trade was a 0.24 % increase in their position. The disclosure for this purchase can be found here. Insiders have sold a total of 68,745 shares of company stock valued at $5,746,974 over the last quarter. Insiders own 18.00% of the company's stock.
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.
Featured Stories
Before you consider Fortinet, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Fortinet wasn't on the list.
While Fortinet currently has a "Hold" rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
Looking to avoid the hassle of mudslinging, volatility, and uncertainty? You'd need to be out of the market, which isn’t viable. So where should investors put their money? Find out with this report.
Get This Free Report
Like this article? Share it with a colleague.
Link copied to clipboard.
