Fisher Asset Management LLC Has $2.87 Million Position in Fortinet, Inc. (NASDAQ:FTNT)

Fisher Asset Management LLC increased its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 29.3% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 37,010 shares of the software maker’s stock after acquiring an additional 8,392 shares during the period. Fisher Asset Management LLC’s holdings in Fortinet were worth $2,870,000 at the end of the most recent reporting period.

Several other institutional investors have also made changes to their positions in FTNT. Marshall Wace LLP boosted its position in shares of Fortinet by 198.5% during 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 in the last quarter. Van ECK Associates Corp lifted its holdings in Fortinet by 94.9% during the 2nd quarter. Van ECK Associates Corp now owns 5,755,599 shares of the software maker’s stock valued at $346,890,000 after purchasing an additional 2,802,446 shares during the last quarter. AQR Capital Management LLC lifted its holdings in Fortinet by 89.7% during the 2nd quarter. AQR Capital Management LLC now owns 2,675,644 shares of the software maker’s stock valued at $161,261,000 after purchasing an additional 1,265,162 shares during the last quarter. Los Angeles Capital Management LLC lifted its holdings in Fortinet by 3,155.6% during the 3rd quarter. Los Angeles Capital Management LLC now owns 1,237,244 shares of the software maker’s stock valued at $95,948,000 after purchasing an additional 1,199,241 shares during the last quarter. Finally, Renaissance Technologies LLC lifted its holdings in Fortinet by 15.0% during the 2nd quarter. Renaissance Technologies LLC now owns 5,026,394 shares of the software maker’s stock valued at $302,941,000 after purchasing an additional 657,400 shares during the last quarter. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Fortinet Stock Down 2.5 %

Fortinet stock opened at $94.06 on Friday. The stock has a market capitalization of $72.09 billion, a PE ratio of 47.51, a price-to-earnings-growth ratio of 2.70 and a beta of 1.00. Fortinet, Inc. has a twelve month low of $50.65 and a twelve month high of $100.59. 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 company has a 50 day moving average of $83.59 and a 200-day moving average of $71.12.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on FTNT shares. Bank of America lifted their price target on shares of Fortinet from $87.00 to $104.00 and gave the company a “buy” rating in a report on Tuesday, November 19th. DZ Bank raised shares of Fortinet from a “sell” rating to a “hold” rating and set a $65.00 price target for the company in a report on Thursday, August 8th. Hsbc Global Res raised shares of Fortinet from a “hold” rating to a “strong-buy” rating in a report on Monday, November 11th. Morgan Stanley lifted their price target on shares of Fortinet from $105.00 to $106.00 and gave the company an “overweight” rating in a report on Tuesday, November 19th. Finally, Wedbush boosted their target price on shares of Fortinet from $90.00 to $105.00 and gave the stock an “outperform” rating in a research note on Tuesday, November 19th. One investment analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $88.93.

Insider Activity

In other news, CEO Ken Xie sold 23,307 shares of the company’s 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 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Keith Jensen sold 17,650 shares of the company’s stock in a transaction that occurred on Tuesday, November 26th. The shares were sold at an average price of $95.66, for a total transaction of $1,688,399.00. Following the completion of the transaction, the chief financial officer now owns 4,689 shares of the company’s stock, valued at $448,549.74. This trade represents a 79.01 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 68,745 shares of company stock worth $5,746,974 over the last quarter. 18.00% of the stock is currently owned by company insiders.

Fortinet Company 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.