Fmr LLC Has $285.79 Million Holdings in Fortinet, Inc. (NASDAQ:FTNT)

Fmr LLC increased its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 276.3% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 3,685,230 shares of the software maker’s stock after purchasing an additional 2,705,767 shares during the quarter. Fmr LLC owned approximately 0.48% of Fortinet worth $285,790,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. Apollon Wealth Management LLC raised its stake in shares of Fortinet by 7.6% during the 3rd quarter. Apollon Wealth Management LLC now owns 15,296 shares of the software maker’s stock worth $1,186,000 after purchasing an additional 1,081 shares in the last quarter. Forsta AP Fonden raised its position in Fortinet by 11.8% during the third quarter. Forsta AP Fonden now owns 135,500 shares of the software maker’s stock worth $10,508,000 after acquiring an additional 14,300 shares in the last quarter. Sarasin & Partners LLP lifted its stake in Fortinet by 22.4% in the second quarter. Sarasin & Partners LLP now owns 2,163,093 shares of the software maker’s stock valued at $130,370,000 after acquiring an additional 395,477 shares during the last quarter. Cetera Investment Advisers grew its position in shares of Fortinet by 543.5% in the 1st quarter. Cetera Investment Advisers now owns 157,319 shares of the software maker’s stock valued at $10,765,000 after acquiring an additional 132,871 shares during the period. Finally, Empower Advisory Group LLC increased its stake in shares of Fortinet by 4.2% during the 3rd quarter. Empower Advisory Group LLC now owns 1,008,224 shares of the software maker’s stock worth $78,188,000 after purchasing an additional 40,277 shares during the last quarter. Institutional investors own 83.71% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts recently commented on the company. TD Cowen lifted their price target on Fortinet from $90.00 to $105.00 and gave the stock a “buy” rating in a report on Tuesday, November 19th. Morgan Stanley boosted their target price on Fortinet from $105.00 to $106.00 and gave the stock an “overweight” rating in a report on Tuesday, November 19th. JPMorgan Chase & Co. raised their price target on Fortinet from $63.00 to $70.00 and gave the company a “neutral” rating in a report on Wednesday, August 7th. Susquehanna upped their price objective on shares of Fortinet from $65.00 to $70.00 and gave the company a “neutral” rating in a report on Thursday, August 8th. Finally, Raymond James raised their target price on shares of Fortinet from $85.00 to $95.00 and gave the stock an “outperform” rating in a research note on Friday, November 8th. One investment analyst has rated the stock with a sell rating, nineteen have issued a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Fortinet currently has an average rating of “Hold” and a consensus price target of $88.93.

Insider Transactions at Fortinet

In other Fortinet news, CEO Ken Xie sold 23,307 shares of the firm’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 sale, the chief executive officer now owns 48,915,530 shares in the company, valued at $4,005,692,751.70. This trade represents a 0.05 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CFO Keith Jensen sold 17,650 shares of the company’s stock in a transaction on Tuesday, November 26th. The stock was sold at an average price of $95.66, for a total transaction of $1,688,399.00. Following 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 ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 68,745 shares of company stock valued at $5,746,974. Corporate insiders own 18.00% of the company’s stock.

Fortinet Stock Up 1.1 %

Shares of FTNT opened at $95.05 on Monday. The firm has a 50 day simple moving average of $84.33 and a two-hundred day simple moving average of $71.61. 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 one year low of $50.65 and a one year high of $100.59. The company has a market cap of $72.85 billion, a P/E ratio of 48.01, a P/E/G ratio of 2.76 and a beta of 1.00.

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.