Everence Capital Management Inc. Increases Position in Fortinet, Inc. (NASDAQ:FTNT)

Everence Capital Management Inc. lifted its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 8.3% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 14,070 shares of the software maker’s stock after buying an additional 1,080 shares during the quarter. Everence Capital Management Inc.’s holdings in Fortinet were worth $1,329,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. Versant Capital Management Inc increased its stake in Fortinet by 13.1% in the fourth quarter. Versant Capital Management Inc now owns 1,106 shares of the software maker’s stock worth $104,000 after purchasing an additional 128 shares during the period. Eagle Capital Management LLC lifted its holdings in Fortinet by 0.6% during the 3rd quarter. Eagle Capital Management LLC now owns 25,772 shares of the software maker’s stock valued at $1,999,000 after buying an additional 141 shares in the last quarter. OneDigital Investment Advisors LLC boosted its position in Fortinet by 3.9% in the 3rd quarter. OneDigital Investment Advisors LLC now owns 3,782 shares of the software maker’s stock valued at $293,000 after buying an additional 141 shares during the period. Parallel Advisors LLC grew its stake in Fortinet by 2.0% in the 2nd quarter. Parallel Advisors LLC now owns 7,504 shares of the software maker’s stock worth $452,000 after acquiring an additional 148 shares in the last quarter. Finally, Crewe Advisors LLC increased its position in shares of Fortinet by 8.8% during the third quarter. Crewe Advisors LLC now owns 1,958 shares of the software maker’s stock worth $152,000 after acquiring an additional 158 shares during the period. 83.71% of the stock is owned by institutional investors.

Fortinet Trading Up 2.9 %

Shares of Fortinet stock opened at $97.47 on Friday. Fortinet, Inc. has a 1 year low of $54.57 and a 1 year high of $100.59. 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 stock has a market cap of $74.71 billion, a PE ratio of 49.23, a price-to-earnings-growth ratio of 2.77 and a beta of 1.00. The firm has a fifty day moving average price of $92.91 and a 200 day moving average price of $77.85.

Insider Buying and Selling at Fortinet

In other news, CEO Ken Xie sold 23,307 shares of Fortinet stock in a transaction that occurred on Wednesday, October 16th. The shares were sold at an average price of $81.89, for a total transaction of $1,908,610.23. Following the completion of the transaction, the chief executive officer now directly owns 48,915,530 shares of the company’s stock, valued at $4,005,692,751.70. The trade was a 0.05 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director William H. Neukom purchased 355 shares of the company’s stock in a transaction that occurred on Friday, December 6th. The shares were purchased at an average price of $98.50 per share, for a total transaction of $34,967.50. Following the transaction, the director now owns 150,245 shares of the company’s stock, valued at $14,799,132.50. This trade represents a 0.24 % increase in their position. The disclosure for this purchase can be found here. In the last quarter, insiders sold 68,123 shares of company stock worth $6,227,201. Insiders own 18.00% of the company’s stock.

Analyst Ratings Changes

Several brokerages recently issued reports on FTNT. Jefferies Financial Group increased their price objective on Fortinet from $95.00 to $105.00 and gave the stock a “hold” rating in a research note on Thursday, December 19th. HSBC raised Fortinet from a “hold” rating to a “buy” rating and increased their price target for the stock from $83.00 to $111.00 in a research report on Monday, November 11th. UBS Group lifted their price objective on Fortinet from $70.00 to $83.00 and gave the company a “neutral” rating in a report on Friday, November 8th. Wedbush raised their target price on shares of Fortinet from $90.00 to $105.00 and gave the company an “outperform” rating in a research report on Tuesday, November 19th. Finally, Truist Financial reaffirmed a “buy” rating and issued a $105.00 price target (up previously from $85.00) on shares of Fortinet in a research report on Wednesday, November 20th. One analyst has rated the stock with a sell rating, nineteen have issued a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Fortinet currently has an average rating of “Hold” and an average price target of $93.71.

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.