Retireful LLC Buys Shares of 7,991 Fortinet, Inc. (NASDAQ:FTNT)

Retireful LLC acquired a new stake in Fortinet, Inc. (NASDAQ:FTNT - Free Report) in the third quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor acquired 7,991 shares of the software maker's stock, valued at approximately $620,000.

Several other large investors have also recently made changes to their positions in the business. Apollon Wealth Management LLC grew its holdings in Fortinet by 7.6% during the third quarter. Apollon Wealth Management LLC now owns 15,296 shares of the software maker's stock valued at $1,186,000 after purchasing an additional 1,081 shares during the period. Forsta AP Fonden increased its holdings in Fortinet by 11.8% in the 3rd quarter. Forsta AP Fonden now owns 135,500 shares of the software maker's stock worth $10,508,000 after acquiring an additional 14,300 shares during the last quarter. Sarasin & Partners LLP raised its stake in Fortinet by 22.4% in the 2nd quarter. Sarasin & Partners LLP now owns 2,163,093 shares of the software maker's stock valued at $130,370,000 after acquiring an additional 395,477 shares during the period. Cetera Investment Advisers lifted its holdings in Fortinet by 543.5% during the first quarter. Cetera Investment Advisers now owns 157,319 shares of the software maker's stock valued at $10,765,000 after purchasing an additional 132,871 shares during the last quarter. Finally, Empower Advisory Group LLC boosted its position in Fortinet by 4.2% during the third quarter. Empower Advisory Group LLC now owns 1,008,224 shares of the software maker's stock worth $78,188,000 after purchasing an additional 40,277 shares during the period. 83.71% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Fortinet news, CFO Keith Jensen sold 4,250 shares of the firm's stock in a transaction dated Tuesday, November 19th. The shares were sold at an average price of $90.83, for a total transaction of $386,027.50. Following the completion of the sale, the chief financial officer now directly owns 4,689 shares in the company, valued at approximately $425,901.87. This trade represents a 47.54 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, 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 transaction of $1,763,937.72. Following the completion of the transaction, the chief executive officer now owns 48,878,806 shares in the company, valued at approximately $3,662,977,721.64. This represents a 0.05 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 51,095 shares of company stock valued at $4,058,575 over the last quarter. Corporate insiders own 18.00% of the company's stock.

Fortinet Stock Up 1.8 %

Fortinet stock traded up $1.66 on Wednesday, hitting $92.45. 5,023,826 shares of the stock traded hands, compared to its average volume of 5,510,950. Fortinet, Inc. has a 1 year low of $50.65 and a 1 year high of $100.59. The firm has a market cap of $70.86 billion, a P/E ratio of 46.69, a price-to-earnings-growth ratio of 2.82 and a beta of 1.00. 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 business's fifty day simple moving average is $81.71 and its 200 day simple moving average is $69.89.

Analyst Ratings Changes

A number of brokerages recently commented on FTNT. UBS Group upped their price target on shares of Fortinet from $70.00 to $83.00 and gave the company a "neutral" rating in a research note on Friday, November 8th. Morgan Stanley raised their price target on Fortinet from $105.00 to $106.00 and gave the stock an "overweight" rating in a report on Tuesday. Piper Sandler boosted their price objective on Fortinet from $80.00 to $100.00 and gave the company a "neutral" rating in a research note on Tuesday. DZ Bank upgraded Fortinet from a "sell" rating to a "hold" rating and set a $65.00 target price for the company in a research note on Thursday, August 8th. Finally, Citigroup increased their price target on shares of Fortinet from $66.00 to $76.00 and gave the stock a "neutral" rating in a report on Friday, September 13th. One investment analyst has rated the stock with a sell rating, nineteen have given a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Hold" and an average target price of $88.93.

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.