Tidal Investments LLC Raises Position in Fortinet, Inc. (NASDAQ:FTNT)

Tidal Investments LLC grew its stake in Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 311.3% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 133,226 shares of the software maker's stock after buying an additional 100,832 shares during the period. Tidal Investments LLC's holdings in Fortinet were worth $10,332,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently made changes to their positions in FTNT. Wealth Enhancement Advisory Services LLC increased its position in shares of Fortinet by 17.3% during the second quarter. Wealth Enhancement Advisory Services LLC now owns 54,955 shares of the software maker's stock worth $3,312,000 after buying an additional 8,103 shares during the period. Envestnet Portfolio Solutions Inc. lifted its stake in shares of Fortinet by 3.6% in the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 26,643 shares of the software maker's stock valued at $1,606,000 after purchasing an additional 923 shares during the period. Eagle Capital Management LLC boosted its position in shares of Fortinet by 2.2% during the 2nd quarter. Eagle Capital Management LLC now owns 25,631 shares of the software maker's stock valued at $1,545,000 after purchasing an additional 544 shares in the last quarter. Blue Trust Inc. increased its holdings in Fortinet by 74.3% in the second quarter. Blue Trust Inc. now owns 8,672 shares of the software maker's stock worth $523,000 after purchasing an additional 3,697 shares in the last quarter. Finally, Gradient Investments LLC lifted its stake in Fortinet by 7.0% in the second quarter. Gradient Investments LLC now owns 71,298 shares of the software maker's stock valued at $4,297,000 after buying an additional 4,674 shares during the period. 83.71% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on the stock. Piper Sandler lifted their price objective on shares of Fortinet from $80.00 to $100.00 and gave the company a "neutral" rating in a research note on Tuesday, November 19th. HSBC raised Fortinet from a "hold" rating to a "buy" rating and upped their target price for the stock from $83.00 to $111.00 in a research report on Monday, November 11th. Wedbush upped their target price on shares of Fortinet from $90.00 to $105.00 and gave the stock an "outperform" rating in a research note on Tuesday, November 19th. Scotiabank lifted their target price on Fortinet from $85.00 to $110.00 and gave the stock a "sector outperform" rating in a research note on Wednesday, November 20th. Finally, Stifel Nicolaus increased their price objective on Fortinet from $84.00 to $90.00 and gave the company a "hold" rating in a 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 issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average price target of $89.27.

Insider Activity

In related 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 cost of $98.50 per share, for a total transaction of $34,967.50. Following the purchase, the director now owns 150,245 shares in the company, valued at approximately $14,799,132.50. This represents a 0.24 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Ken Xie sold 23,538 shares of Fortinet stock in a transaction 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 sale, the chief executive officer now directly owns 48,878,806 shares of the company's stock, valued at $3,662,977,721.64. The trade was a 0.05 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 68,745 shares of company stock valued at $5,746,974 over the last ninety days. 18.00% of the stock is currently owned by corporate insiders.

Fortinet Stock Down 0.9 %

FTNT traded down $0.87 during trading on Friday, hitting $97.73. 1,833,071 shares of the company's stock traded hands, compared to its average volume of 5,411,913. The stock has a market capitalization of $74.91 billion, a price-to-earnings ratio of 49.80, a PEG ratio of 2.77 and a beta of 1.00. The company's 50 day simple moving average is $87.98 and its two-hundred day simple moving average is $73.80. Fortinet, Inc. has a 12-month low of $54.57 and a 12-month high of $100.59. 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 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.