Huntington National Bank Has $186,000 Position in Fortinet, Inc. (NASDAQ:FTNT)

Huntington National Bank lifted its stake in Fortinet, Inc. (NASDAQ:FTNT) by 12.1% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 2,395 shares of the software maker’s stock after acquiring an additional 258 shares during the quarter. Huntington National Bank’s holdings in Fortinet were worth $186,000 as of its most recent filing with the Securities and Exchange Commission.

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

Insider Activity

In other news, CEO Ken Xie sold 23,307 shares of the firm’s stock in a transaction on Wednesday, October 16th. The stock was sold at an average price of $81.89, for a total value of $1,908,610.23. Following the completion of the sale, the chief executive officer now directly owns 48,915,530 shares in the company, valued at approximately $4,005,692,751.70. This trade represents a 0.05 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. 18.00% of the stock is currently owned by corporate insiders.

Fortinet Trading Down 0.3 %

Shares of Fortinet stock opened at $94.20 on Monday. The company has a quick ratio of 1.25, a current ratio of 1.34 and a debt-to-equity ratio of 1.09. The stock has a market capitalization of $72.20 billion, a P/E ratio of 47.58, a price-to-earnings-growth ratio of 2.82 and a beta of 1.00. Fortinet, Inc. has a 12-month low of $49.97 and a 12-month high of $100.59. The company has a 50-day simple moving average of $80.76 and a 200 day simple moving average of $69.32.

Analysts Set New Price Targets

FTNT has been the topic of a number of recent research reports. Needham & Company LLC restated a “hold” rating on shares of Fortinet in a report on Monday, November 11th. Mizuho cut Fortinet from a “neutral” rating to an “underperform” rating and set a $68.00 price target for the company. in a research report on Thursday, October 17th. Barclays upped their price objective on shares of Fortinet from $85.00 to $95.00 and gave the stock an “equal weight” rating in a report on Friday, November 8th. Wedbush raised their price target on Fortinet from $78.00 to $90.00 and gave the company an “outperform” rating in a research report on Friday, November 8th. Finally, Hsbc Global Res raised Fortinet from a “hold” rating to a “strong-buy” rating in a research report on Monday, November 11th. One investment analyst has rated the stock with a sell rating, nineteen have given a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $79.52.

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.