Pine Valley Investments Ltd Liability Co Purchases Shares of 126,597 Fortinet, Inc. (NASDAQ:FTNT)

Pine Valley Investments Ltd Liability Co bought a new stake in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 126,597 shares of the software maker's stock, valued at approximately $9,818,000.

Other large investors have also added to or reduced their stakes in the company. Marshall Wace LLP lifted its holdings in shares of Fortinet by 198.5% in the 2nd quarter. Marshall Wace LLP now owns 6,238,856 shares of the software maker's stock worth $376,016,000 after purchasing an additional 4,148,520 shares in the last quarter. Van ECK Associates Corp lifted its position in Fortinet by 94.9% in the 2nd quarter. Van ECK Associates Corp now owns 5,755,599 shares of the software maker's stock valued at $346,890,000 after acquiring an additional 2,802,446 shares in the last quarter. FMR LLC increased its holdings in Fortinet by 276.3% during the 3rd quarter. FMR LLC now owns 3,685,230 shares of the software maker's stock worth $285,790,000 after purchasing an additional 2,705,767 shares in the last quarter. AQR Capital Management LLC raised its stake in shares of Fortinet by 89.7% in the second quarter. AQR Capital Management LLC now owns 2,675,644 shares of the software maker's stock worth $161,261,000 after purchasing an additional 1,265,162 shares during the last quarter. Finally, Los Angeles Capital Management LLC lifted its holdings in shares of Fortinet by 3,155.6% in the third quarter. Los Angeles Capital Management LLC now owns 1,237,244 shares of the software maker's stock valued at $95,948,000 after purchasing an additional 1,199,241 shares in the last quarter. Institutional investors and hedge funds own 83.71% of the company's stock.

Insider Buying and Selling

In other Fortinet news, CEO Ken Xie sold 23,538 shares of the company'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 value of $1,763,937.72. Following the completion of the transaction, the chief executive officer now directly owns 48,878,806 shares in the company, valued at $3,662,977,721.64. This represents a 0.05 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Keith Jensen sold 17,650 shares of Fortinet stock in a transaction that occurred on Tuesday, November 26th. The shares were sold at an average price of $95.66, for a total transaction of $1,688,399.00. Following the sale, the chief financial officer now owns 4,689 shares in the company, valued at approximately $448,549.74. The trade was a 79.01 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 68,745 shares of company stock valued at $5,746,974. Company insiders own 18.00% of the company's stock.

Wall Street Analyst Weigh In

FTNT has been the subject of several analyst reports. Raymond James increased their target price on shares of Fortinet from $85.00 to $95.00 and gave the company an "outperform" rating in a report on Friday, November 8th. Robert W. Baird boosted their price objective on Fortinet from $95.00 to $100.00 and gave the stock an "outperform" rating in a research report on Tuesday, November 19th. TD Cowen raised their target price on Fortinet from $90.00 to $105.00 and gave the company a "buy" rating in a research report on Tuesday, November 19th. Royal Bank of Canada boosted their price target on shares of Fortinet from $82.00 to $97.00 and gave the stock a "sector perform" rating in a report on Tuesday, November 19th. Finally, Bank of America lifted their price objective on shares of Fortinet from $87.00 to $104.00 and gave the stock a "buy" rating in a research report on Tuesday, November 19th. One equities research analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Fortinet presently has an average rating of "Hold" and an average price target of $88.93.

Fortinet Price Performance

Shares of FTNT traded up $0.56 during mid-day trading on Thursday, reaching $98.60. The stock had a trading volume of 2,854,227 shares, compared to its average volume of 5,427,432. The business has a fifty day moving average of $87.54 and a 200 day moving average of $73.62. The company has a debt-to-equity ratio of 1.09, a quick ratio of 1.25 and a current ratio of 1.34. The firm has a market cap of $75.57 billion, a price-to-earnings ratio of 49.52, a PEG ratio of 2.80 and a beta of 1.00. Fortinet, Inc. has a 12 month low of $54.57 and a 12 month high of $100.59.

Fortinet 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.