National Bank of Canada FI Grows Stock Holdings in Fortinet, Inc. (NASDAQ:FTNT)

National Bank of Canada FI boosted its stake in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 103.8% in the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 590,732 shares of the software maker's stock after acquiring an additional 300,804 shares during the period. National Bank of Canada FI owned 0.08% of Fortinet worth $45,811,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Eastern Bank purchased a new position in Fortinet during the third quarter valued at $25,000. Ashton Thomas Securities LLC purchased a new position in shares of Fortinet in the 3rd quarter worth $26,000. Private Wealth Management Group LLC grew its stake in shares of Fortinet by 73.3% in the 3rd quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker's stock worth $32,000 after buying an additional 173 shares in the last quarter. Oakworth Capital Inc. purchased a new position in shares of Fortinet in the 2nd quarter worth $33,000. Finally, City State Bank grew its stake in shares of 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 buying an additional 450 shares in the last quarter. 83.71% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities analysts have commented on FTNT shares. Mizuho cut shares of Fortinet from a "neutral" rating to an "underperform" rating and set a $68.00 price objective for the company. in a research note on Thursday, October 17th. Scotiabank lifted their price target on shares of Fortinet from $85.00 to $110.00 and gave the stock a "sector outperform" rating in a research note on Wednesday, November 20th. Barclays lifted their price target on shares of Fortinet from $85.00 to $95.00 and gave the stock an "equal weight" rating in a research note on Friday, November 8th. Royal Bank of Canada lifted their price objective on shares of Fortinet from $82.00 to $97.00 and gave the company a "sector perform" rating in a report on Tuesday, November 19th. Finally, TD Cowen lifted their price objective on shares of Fortinet from $90.00 to $105.00 and gave the company a "buy" rating in a report on Tuesday, November 19th. One research analyst has rated the stock with a sell rating, nineteen have issued a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Fortinet currently has an average rating of "Hold" and a consensus price target of $88.93.

Insider Transactions at Fortinet

In other Fortinet news, Director William H. Neukom bought 355 shares of the firm'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 purchase, the director now owns 150,245 shares of the company's stock, valued at approximately $14,799,132.50. This trade represents a 0.24 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Keith Jensen sold 4,250 shares of the firm's stock in a transaction that occurred 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 of the company's stock, valued at $425,901.87. This trade represents a 47.54 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 68,745 shares of company stock valued at $5,746,974 over the last three months. Company insiders own 18.00% of the company's stock.

Fortinet Stock Performance

FTNT traded down $2.17 during midday trading on Monday, reaching $97.04. The company's stock had a trading volume of 4,260,203 shares, compared to its average volume of 5,453,146. The company has a fifty day simple moving average of $86.33 and a 200 day simple moving average of $72.94. 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 $52.20 and a twelve month high of $100.59. The stock has a market cap of $74.38 billion, a P/E ratio of 49.01, a PEG ratio of 2.80 and a beta of 1.00.

Fortinet Company 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.