Harbor Capital Advisors Inc. Acquires 180 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Harbor Capital Advisors Inc. grew its holdings in shares of Fortinet, Inc. (NASDAQ:FTNTFree Report) by 2.5% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 7,262 shares of the software maker’s stock after acquiring an additional 180 shares during the period. Harbor Capital Advisors Inc.’s holdings in Fortinet were worth $686,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently modified their holdings of the company. Eastern Bank bought a new stake in shares of Fortinet during the 3rd quarter valued at $25,000. Ashton Thomas Securities LLC bought a new stake in shares of Fortinet during the 3rd quarter valued at $26,000. Private Wealth Management Group LLC grew its position in shares of Fortinet by 73.3% during the 3rd quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker’s stock valued at $32,000 after acquiring an additional 173 shares during the period. City State Bank grew its position in shares of Fortinet by 900.0% during the 3rd quarter. City State Bank now owns 500 shares of the software maker’s stock valued at $39,000 after acquiring an additional 450 shares during the period. Finally, Paladin Wealth LLC bought a new stake in shares of Fortinet during the 3rd quarter valued at $46,000. Institutional investors own 83.71% of the company’s stock.

Fortinet Stock Performance

Fortinet stock opened at $93.83 on Tuesday. The company has a debt-to-equity ratio of 1.09, a current ratio of 1.34 and a quick ratio of 1.25. Fortinet, Inc. has a 1-year low of $54.57 and a 1-year high of $101.00. The firm has a market capitalization of $71.92 billion, a P/E ratio of 47.39, a price-to-earnings-growth ratio of 2.76 and a beta of 1.00. The company’s 50-day moving average is $94.89 and its 200 day moving average is $79.68.

Insiders Place Their Bets

In related news, Director William H. Neukom bought 355 shares of the company’s stock in a transaction on Friday, December 6th. The shares were acquired at an average cost of $98.50 per share, for a total transaction of $34,967.50. Following the purchase, the director now directly owns 150,245 shares of the company’s stock, valued at approximately $14,799,132.50. The trade was a 0.24 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Ken Xie sold 23,307 shares of the company’s stock in a transaction dated Wednesday, October 16th. The stock was 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 owns 48,915,530 shares in the company, valued at $4,005,692,751.70. This represents a 0.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 68,123 shares of company stock worth $6,227,201 in the last three months. Corporate insiders own 18.00% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on the stock. Raymond James upped their target price on shares of Fortinet from $85.00 to $95.00 and gave the stock an “outperform” rating in a report on Friday, November 8th. Jefferies Financial Group upped their target price on shares of Fortinet from $95.00 to $105.00 and gave the stock a “hold” rating in a report on Thursday, December 19th. Piper Sandler raised shares of Fortinet from a “neutral” rating to an “overweight” rating and upped their target price for the stock from $100.00 to $120.00 in a report on Monday, January 6th. HSBC raised shares of Fortinet from a “hold” rating to a “buy” rating and upped their target price for the stock from $83.00 to $111.00 in a report on Monday, November 11th. Finally, Wedbush upped their target price on shares of Fortinet from $90.00 to $105.00 and gave the stock an “outperform” rating in a report on Tuesday, November 19th. One equities research analyst has rated the stock with a sell rating, eighteen have assigned a hold rating, fifteen have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $94.35.

Read Our Latest Research Report on Fortinet

Fortinet Profile

(Free Report)

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.

See Also

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Institutional Ownership by Quarter for Fortinet (NASDAQ:FTNT)

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