Park Avenue Securities LLC lifted its stake in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 75.0% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 18,886 shares of the software maker's stock after buying an additional 8,092 shares during the quarter. Park Avenue Securities LLC's holdings in Fortinet were worth $1,784,000 at the end of the most recent reporting period.
Other hedge funds have also recently added to or reduced their stakes in the company. Eastern Bank acquired a new position in Fortinet in the third quarter valued at approximately $25,000. Ashton Thomas Securities LLC purchased a new position in Fortinet during the 3rd quarter worth approximately $26,000. Private Wealth Management Group LLC increased its position in Fortinet by 73.3% during the third 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 during the period. City State Bank lifted its stake in Fortinet by 900.0% in the third quarter. City State Bank now owns 500 shares of the software maker's stock valued at $39,000 after buying an additional 450 shares during the last quarter. Finally, Paladin Wealth LLC purchased a new position in shares of Fortinet during the third quarter worth approximately $46,000. Institutional investors and hedge funds own 83.71% of the company's stock.
Fortinet Trading Up 0.2 %
FTNT traded up $0.18 during midday trading on Friday, hitting $94.23. The company's stock had a trading volume of 4,915,554 shares, compared to its average volume of 3,418,023. The firm has a market cap of $72.22 billion, a P/E ratio of 47.59, a PEG ratio of 2.51 and a beta of 1.00. Fortinet, Inc. has a 52-week low of $54.57 and a 52-week high of $101.00. The company has a current ratio of 1.34, a quick ratio of 1.25 and a debt-to-equity ratio of 1.09. The firm has a 50-day moving average price of $95.68 and a two-hundred day moving average price of $80.47.
Insider Buying and Selling
In other news, CFO Keith Jensen sold 4,250 shares of the firm's stock in a transaction dated Tuesday, November 19th. The stock was sold at an average price of $90.83, for a total value of $386,027.50. Following the transaction, 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 transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Ken Xie sold 23,044 shares of the business's stock in a transaction dated Wednesday, January 15th. The stock was sold at an average price of $93.32, for a total value of $2,150,466.08. Following the sale, the chief executive officer now owns 49,039,698 shares of the company's stock, valued at $4,576,384,617.36. The trade was a 0.05 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 67,860 shares of company stock valued at $6,469,056. Insiders own 18.00% of the company's stock.
Wall Street Analyst Weigh In
Several analysts recently commented on the stock. JPMorgan Chase & Co. upped their price target on shares of Fortinet from $99.00 to $105.00 and gave the company a "neutral" rating in a research report on Monday, December 16th. HSBC raised Fortinet from a "hold" rating to a "buy" rating and raised their price target for the stock from $83.00 to $111.00 in a report on Monday, November 11th. Needham & Company LLC reaffirmed a "hold" rating on shares of Fortinet in a research note on Friday, November 22nd. Hsbc Global Res raised Fortinet from a "hold" rating to a "strong-buy" rating in a research report on Monday, November 11th. Finally, Truist Financial reissued a "buy" rating and issued a $105.00 target price (up previously from $85.00) on shares of Fortinet in a report on Wednesday, November 20th. One investment analyst has rated the stock with a sell rating, seventeen have assigned a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Fortinet presently has a consensus rating of "Hold" and a consensus target price of $96.17.
Read Our Latest Research Report on Fortinet
About Fortinet
(
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.
Further Reading
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
Click the link below and we'll send you MarketBeat's list of seven stocks and why their long-term outlooks are very promising.
Get This Free Report
Like this article? Share it with a colleague.
Link copied to clipboard.
