Fortinet, Inc. (NASDAQ:FTNT) Shares Acquired by Diversified Trust Co

Diversified Trust Co grew its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 0.6% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 23,852 shares of the software maker’s stock after acquiring an additional 135 shares during the quarter. Diversified Trust Co’s holdings in Fortinet were worth $2,254,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of FTNT. State Street Corp increased its stake in Fortinet by 2.9% during the 3rd quarter. State Street Corp now owns 27,281,279 shares of the software maker’s stock valued at $2,115,663,000 after purchasing an additional 766,135 shares in the last quarter. Geode Capital Management LLC grew its holdings in shares of Fortinet by 2.4% during the third quarter. Geode Capital Management LLC now owns 14,883,012 shares of the software maker’s stock valued at $1,151,097,000 after buying an additional 354,692 shares during the last quarter. Marshall Wace LLP increased its position in shares of Fortinet by 198.5% in the 2nd quarter. Marshall Wace LLP now owns 6,238,856 shares of the software maker’s stock valued at $376,016,000 after acquiring an additional 4,148,520 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in Fortinet by 10.3% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,787,931 shares of the software maker’s stock worth $448,854,000 after acquiring an additional 542,727 shares during the last quarter. Finally, Renaissance Technologies LLC lifted its position in Fortinet by 15.0% during 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 hedge funds and other institutional investors.

Insider Activity

In other news, CEO Ken Xie sold 23,307 shares of the stock in a transaction that occurred on Wednesday, October 16th. The shares were 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 owns 48,915,530 shares of the company’s stock, valued at $4,005,692,751.70. This represents a 0.05 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director William H. Neukom purchased 355 shares of Fortinet stock in a transaction dated Friday, December 6th. The shares were purchased at an average cost of $98.50 per share, for a total transaction of $34,967.50. Following the transaction, the director now owns 150,245 shares in the company, valued at approximately $14,799,132.50. This trade represents a 0.24 % increase in their position. The disclosure for this purchase can be found here. Insiders sold 68,123 shares of company stock worth $6,227,201 over the last ninety days. Corporate insiders own 18.00% of the company’s stock.

Fortinet Stock Down 2.1 %

FTNT stock opened at $95.93 on Wednesday. The company has a current ratio of 1.34, a quick ratio of 1.25 and a debt-to-equity ratio of 1.09. The firm has a 50-day moving average of $93.58 and a two-hundred day moving average of $78.66. Fortinet, Inc. has a 12 month low of $54.57 and a 12 month high of $101.00. The company has a market cap of $73.53 billion, a price-to-earnings ratio of 48.45, a PEG ratio of 2.76 and a beta of 1.00.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on FTNT shares. Royal Bank of Canada raised their price objective on Fortinet from $82.00 to $97.00 and gave the stock a “sector perform” rating in a research note on Tuesday, November 19th. Bank of America lifted their price objective on shares of Fortinet from $87.00 to $104.00 and gave the company a “buy” rating in a research note on Tuesday, November 19th. Cantor Fitzgerald increased their price objective on shares of Fortinet from $88.00 to $95.00 and gave the stock a “neutral” rating in a research note on Tuesday, November 19th. Mizuho boosted their target price on shares of Fortinet from $68.00 to $78.00 and gave the company an “underperform” rating in a research report on Friday, December 13th. Finally, JPMorgan Chase & Co. increased their price target on Fortinet from $99.00 to $105.00 and gave the stock a “neutral” rating in a research report on Monday, December 16th. One equities research analyst has rated the stock with a sell rating, eighteen have given a hold rating, fifteen have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $94.35.

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.