Capital Investment Advisors LLC purchased a new position in shares of Fortinet, Inc. (NASDAQ:FTNT – Free Report) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 6,385 shares of the software maker’s stock, valued at approximately $603,000.
Several other institutional investors have also modified their holdings of FTNT. Marshall Wace LLP raised 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 worth $376,016,000 after purchasing an additional 4,148,520 shares during the last quarter. FMR LLC raised its position in shares of Fortinet by 276.3% during the 3rd quarter. FMR LLC now owns 3,685,230 shares of the software maker’s stock worth $285,790,000 after purchasing an additional 2,705,767 shares during the last quarter. AQR Capital Management LLC raised its position in shares of Fortinet by 89.7% during the 2nd quarter. AQR Capital Management LLC now owns 2,675,644 shares of the software maker’s stock worth $161,261,000 after purchasing an additional 1,265,162 shares during the last quarter. Los Angeles Capital Management LLC raised its position in shares of 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 worth $95,948,000 after purchasing an additional 1,199,241 shares during the last quarter. Finally, State Street Corp raised its position in shares of Fortinet by 2.9% during the 3rd quarter. State Street Corp now owns 27,281,279 shares of the software maker’s stock worth $2,115,663,000 after purchasing an additional 766,135 shares during the last quarter. Hedge funds and other institutional investors own 83.71% of the company’s stock.
Fortinet Stock Performance
NASDAQ:FTNT opened at $93.06 on Thursday. 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 firm has a 50-day moving average of $95.18 and a two-hundred day moving average of $79.91. The stock has a market cap of $71.33 billion, a P/E ratio of 47.00, a PEG ratio of 2.76 and a beta of 1.00. Fortinet, Inc. has a 1-year low of $54.57 and a 1-year high of $101.00.
Insider Buying and Selling at Fortinet
Analysts Set New Price Targets
Several brokerages recently issued reports on FTNT. Mizuho lifted their price objective on Fortinet from $68.00 to $78.00 and gave the stock an “underperform” rating in a research report on Friday, December 13th. HSBC upgraded Fortinet from a “hold” rating to a “buy” rating and boosted their price target for the company from $83.00 to $111.00 in a report on Monday, November 11th. Morgan Stanley boosted their price target on Fortinet from $105.00 to $106.00 and gave the company an “overweight” rating in a report on Tuesday, November 19th. Needham & Company LLC reiterated a “hold” rating on shares of Fortinet in a report on Friday, November 22nd. Finally, Truist Financial reiterated a “buy” rating and issued a $105.00 price target (up from $85.00) on shares of Fortinet in a report on Wednesday, November 20th. One research analyst has rated the stock with a sell rating, nineteen have issued a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $94.35.
Check Out Our Latest Report on Fortinet
About Fortinet
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.
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