Parallel Advisors LLC lifted its holdings in Fortinet, Inc. (NASDAQ:FTNT – Free Report) by 2.0% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 7,504 shares of the software maker’s stock after buying an additional 148 shares during the quarter. Parallel Advisors LLC’s holdings in Fortinet were worth $452,000 at the end of the most recent quarter.
Other institutional investors have also made changes to their positions in the company. Vima LLC acquired a new stake in Fortinet in the fourth quarter worth about $25,000. Winthrop Capital Management LLC acquired a new stake in Fortinet in the first quarter worth about $25,000. Rise Advisors LLC increased its position in Fortinet by 135.6% in the first quarter. Rise Advisors LLC now owns 377 shares of the software maker’s stock worth $26,000 after purchasing an additional 217 shares during the period. Creekmur Asset Management LLC acquired a new stake in Fortinet in the fourth quarter worth about $32,000. Finally, Oakworth Capital Inc. acquired a new stake in Fortinet in the second quarter worth about $33,000. 83.71% of the stock is owned by institutional investors.
Fortinet Stock Down 1.0 %
FTNT stock opened at $75.61 on Wednesday. Fortinet, Inc. has a fifty-two week low of $44.12 and a fifty-two week high of $78.08. The business’s 50 day moving average price is $67.59 and its two-hundred day moving average price is $65.03. The company has a debt-to-equity ratio of 3.45, a quick ratio of 1.22 and a current ratio of 1.32. The company has a market capitalization of $57.76 billion, a price-to-earnings ratio of 49.42, a price-to-earnings-growth ratio of 2.77 and a beta of 1.00.
Wall Street Analysts Forecast Growth
Several equities analysts have recently issued reports on FTNT shares. 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 report on Thursday, August 8th. Needham & Company LLC restated a “hold” rating on shares of Fortinet in a research report on Wednesday, August 7th. Citigroup boosted their target price on Fortinet from $66.00 to $76.00 and gave the stock a “neutral” rating in a research report on Friday, September 13th. Morgan Stanley decreased their target price on Fortinet from $73.00 to $69.00 and set an “overweight” rating for the company in a research report on Wednesday, July 17th. Finally, Scotiabank boosted their target price on Fortinet from $61.00 to $75.00 and gave the stock a “sector outperform” rating in a research report on Wednesday, August 7th. Twenty-three equities research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $71.57.
Get Our Latest Research Report on FTNT
Insider Buying and Selling
In other Fortinet news, VP Michael Xie sold 24,712 shares of the stock in a transaction on Friday, August 2nd. The stock was sold at an average price of $56.11, for a total transaction of $1,386,590.32. Following the sale, the vice president now directly owns 10,847,018 shares in the company, valued at approximately $608,626,179.98. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, CEO Ken Xie sold 23,693 shares of the stock in a transaction on Wednesday, August 14th. The stock was sold at an average price of $73.06, for a total transaction of $1,731,010.58. Following the transaction, the chief executive officer now directly owns 48,842,522 shares of the company’s stock, valued at approximately $3,568,434,657.32. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, VP Michael Xie sold 24,712 shares of the firm’s stock in a transaction on Friday, August 2nd. The stock was sold at an average price of $56.11, for a total value of $1,386,590.32. Following the completion of the transaction, the vice president now directly owns 10,847,018 shares in the company, valued at $608,626,179.98. The disclosure for this sale can be found here. Insiders have sold 72,672 shares of company stock worth $4,573,864 in the last 90 days. Insiders own 18.00% of the company’s stock.
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.
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