OneDigital Investment Advisors LLC Boosts Stake in Fortinet, Inc. (NASDAQ:FTNT)

OneDigital Investment Advisors LLC grew its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 3.9% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 3,782 shares of the software maker’s stock after buying an additional 141 shares during the period. OneDigital Investment Advisors LLC’s holdings in Fortinet were worth $293,000 at the end of the most recent reporting period.

A number of other institutional investors also recently made changes to their positions in FTNT. Price T Rowe Associates Inc. MD raised its stake in Fortinet by 664.8% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 35,137,089 shares of the software maker’s stock valued at $2,400,215,000 after purchasing an additional 30,542,551 shares during the last quarter. Swedbank AB raised its position in shares of 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 buying an additional 134,366 shares during the last quarter. Marshall Wace LLP lifted its stake in shares of Fortinet by 198.5% during the second quarter. Marshall Wace LLP now owns 6,238,856 shares of the software maker’s stock valued at $376,016,000 after buying an additional 4,148,520 shares during the period. Van ECK Associates Corp boosted its position in Fortinet by 94.9% during the second quarter. Van ECK Associates Corp now owns 5,755,599 shares of the software maker’s stock worth $346,890,000 after acquiring an additional 2,802,446 shares during the last quarter. Finally, Renaissance Technologies LLC grew its stake in Fortinet by 15.0% in the 2nd quarter. Renaissance Technologies LLC now owns 5,026,394 shares of the software maker’s stock worth $302,941,000 after acquiring an additional 657,400 shares during the period. 83.71% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on the company. Needham & Company LLC reiterated a “hold” rating on shares of Fortinet in a research note on Monday, November 11th. Deutsche Bank Aktiengesellschaft upped their price objective on shares of Fortinet from $77.00 to $90.00 and gave the company a “hold” rating in a research note on Tuesday. HSBC raised shares of Fortinet from a “hold” rating to a “buy” rating and raised their target price for the stock from $83.00 to $111.00 in a research report on Monday, November 11th. UBS Group upped their price target on shares of Fortinet from $70.00 to $83.00 and gave the stock a “neutral” rating in a research report on Friday, November 8th. Finally, Citigroup lifted their price target on shares of Fortinet from $66.00 to $76.00 and gave the company a “neutral” rating in a report on Friday, September 13th. One equities research analyst has rated the stock with a sell rating, nineteen have issued a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Fortinet has an average rating of “Hold” and a consensus target price of $88.93.

Fortinet Stock Performance

NASDAQ FTNT opened at $94.13 on Friday. The stock has a market cap of $72.15 billion, a PE ratio of 47.54, a P/E/G ratio of 2.71 and a beta of 1.00. The company has a debt-to-equity ratio of 1.09, a quick ratio of 1.25 and a current ratio of 1.34. The firm has a 50-day moving average of $82.10 and a 200-day moving average of $70.06. Fortinet, Inc. has a 52-week low of $50.65 and a 52-week high of $100.59.

Insider Transactions at Fortinet

In other news, CEO Ken Xie sold 23,538 shares of the firm’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 value of $1,763,937.72. Following the transaction, the chief executive officer now owns 48,878,806 shares in the company, valued at $3,662,977,721.64. This trade represents a 0.05 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Keith Jensen sold 4,250 shares of Fortinet stock in a transaction on Tuesday, November 19th. The stock was sold at an average price of $90.83, for a total transaction of $386,027.50. Following the transaction, the chief financial officer now directly owns 4,689 shares in the company, valued at $425,901.87. This represents a 47.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 51,095 shares of company stock worth $4,058,575. Company 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.