Quantinno Capital Management LP Buys 20,292 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Quantinno Capital Management LP increased its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 73.3% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 47,992 shares of the software maker's stock after buying an additional 20,292 shares during the period. Quantinno Capital Management LP's holdings in Fortinet were worth $3,722,000 at the end of the most recent quarter.

Several other large investors have also bought and sold shares of FTNT. Eastern Bank bought a new stake in Fortinet in the third quarter valued at approximately $25,000. Ashton Thomas Securities LLC bought a new stake in shares of Fortinet in the 3rd quarter valued at $26,000. Private Wealth Management Group LLC raised its stake in Fortinet by 73.3% during 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 during the period. Oakworth Capital Inc. bought a new position in Fortinet during the second quarter worth about $33,000. Finally, City State Bank increased its holdings in shares of Fortinet by 900.0% in the third quarter. City State Bank now owns 500 shares of the software maker's stock worth $39,000 after acquiring an additional 450 shares in the last quarter. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Fortinet Price Performance

Shares of NASDAQ:FTNT traded down $2.17 during trading on Monday, reaching $97.04. 4,259,716 shares of the company traded hands, compared to its average volume of 5,453,135. 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 capitalization of $74.38 billion, a PE ratio of 49.01, a PEG ratio of 2.80 and a beta of 1.00. The company's 50 day moving average is $86.33 and its two-hundred day moving average is $72.94.

Insiders Place Their Bets

In other news, CFO Keith Jensen sold 4,250 shares of Fortinet stock in a transaction dated Tuesday, November 19th. The stock was 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 approximately $425,901.87. This trade represents a 47.54 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Ken Xie sold 23,538 shares of the business's stock in a transaction dated 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 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 disclosure for this sale can be found here. Over the last 90 days, insiders sold 68,745 shares of company stock valued at $5,746,974. 18.00% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of equities analysts have weighed in on FTNT shares. Raymond James upped their price target on Fortinet from $85.00 to $95.00 and gave the stock an "outperform" rating in a research report on Friday, November 8th. Needham & Company LLC restated a "hold" rating on shares of Fortinet in a report on Friday, November 22nd. BMO Capital Markets lifted their price target on shares of Fortinet from $88.00 to $100.00 and gave the company a "market perform" rating in a research note on Tuesday, November 19th. Royal Bank of Canada increased their price objective on shares of Fortinet from $82.00 to $97.00 and gave the stock a "sector perform" rating in a research note on Tuesday, November 19th. Finally, Morgan Stanley raised their price objective on Fortinet from $105.00 to $106.00 and gave the company an "overweight" rating in a report on Tuesday, November 19th. One investment analyst has rated the stock with a sell rating, nineteen have given a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus target price of $88.93.

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.