Zurcher Kantonalbank Zurich Cantonalbank Purchases 69,190 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 9.6% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 788,482 shares of the software maker's stock after buying an additional 69,190 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank owned about 0.10% of Fortinet worth $61,147,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently bought and sold shares of FTNT. Swedbank AB increased its stake in Fortinet by 1.7% in the second quarter. Swedbank AB now owns 8,156,797 shares of the software maker's stock valued at $491,610,000 after acquiring an additional 134,366 shares during the period. Marshall Wace LLP lifted its position in shares of Fortinet by 198.5% during the 2nd quarter. Marshall Wace LLP now owns 6,238,856 shares of the software maker's stock worth $376,016,000 after buying an additional 4,148,520 shares during the period. Van ECK Associates Corp boosted its stake 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 buying an additional 2,802,446 shares in the last quarter. Renaissance Technologies LLC grew its position in Fortinet by 15.0% in the second quarter. Renaissance Technologies LLC now owns 5,026,394 shares of the software maker's stock valued at $302,941,000 after acquiring an additional 657,400 shares during the period. Finally, Charles Schwab Investment Management Inc. raised its stake in Fortinet by 1.8% during the third quarter. Charles Schwab Investment Management Inc. now owns 3,817,859 shares of the software maker's stock worth $296,075,000 after acquiring an additional 68,852 shares in the last quarter. Institutional investors own 83.71% of the company's stock.

Analysts Set New Price Targets

A number of brokerages recently issued reports on FTNT. Cantor Fitzgerald increased their target price on shares of Fortinet from $88.00 to $95.00 and gave the stock a "neutral" rating in a research report on Tuesday, November 19th. Royal Bank of Canada raised their price objective 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. BMO Capital Markets lifted their target price 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. Raymond James increased 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. Finally, Stifel Nicolaus lifted their price objective on Fortinet from $84.00 to $90.00 and gave the company a "hold" rating in a research report on Tuesday, November 19th. One investment analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $88.93.

Fortinet Stock Down 2.5 %

Shares of FTNT traded down $2.38 during midday trading on Thursday, hitting $94.06. The stock had a trading volume of 3,834,313 shares, compared to its average volume of 5,503,371. The company has a debt-to-equity ratio of 1.09, a current ratio of 1.34 and a quick ratio of 1.25. The firm has a market cap of $72.09 billion, a price-to-earnings ratio of 47.51, a price-to-earnings-growth ratio of 2.70 and a beta of 1.00. The company has a 50 day simple moving average of $83.59 and a two-hundred day simple moving average of $71.12. Fortinet, Inc. has a twelve month low of $50.65 and a twelve month high of $100.59.

Insider Activity at Fortinet

In related news, CFO Keith Jensen sold 17,650 shares of Fortinet stock in a transaction dated Tuesday, November 26th. The stock was sold at an average price of $95.66, for a total value of $1,688,399.00. Following the sale, the chief financial officer now owns 4,689 shares of the company's stock, valued at approximately $448,549.74. The trade was a 79.01 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Ken Xie sold 23,538 shares of the stock in a transaction that occurred on Wednesday, September 18th. The shares were sold at an average price of $74.94, for a total value of $1,763,937.72. Following the transaction, the chief executive officer now directly owns 48,878,806 shares of the company's stock, valued at $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. In the last quarter, insiders have sold 68,745 shares of company stock valued at $5,746,974. 18.00% of the stock is owned by insiders.

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.