Fortinet, Inc. (NASDAQ:FTNT) Shares Purchased by Brooklyn Investment Group

Brooklyn Investment Group raised its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 8.0% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 3,855 shares of the software maker’s stock after acquiring an additional 286 shares during the quarter. Brooklyn Investment Group’s holdings in Fortinet were worth $299,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Eastern Bank bought a new stake in Fortinet in the third quarter valued at about $25,000. Ashton Thomas Securities LLC acquired a new stake in shares of Fortinet during the 3rd quarter valued at approximately $26,000. Private Wealth Management Group LLC lifted its stake in Fortinet by 73.3% during the third quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker’s stock worth $32,000 after purchasing an additional 173 shares during the last quarter. City State Bank raised its holdings in shares of Fortinet by 900.0% during the third quarter. City State Bank now owns 500 shares of the software maker’s stock worth $39,000 after purchasing an additional 450 shares during the period. Finally, Oakworth Capital Inc. bought a new position in shares of Fortinet in the 2nd quarter worth about $33,000. Institutional investors own 83.71% of the company’s stock.

Insider Activity

In other news, CFO Keith Jensen sold 4,250 shares of the stock in a transaction on Tuesday, November 19th. The shares were sold at an average price of $90.83, for a total transaction of $386,027.50. Following the transaction, the chief financial officer now owns 4,689 shares in the company, valued at $425,901.87. This represents a 47.54 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Ken Xie sold 23,538 shares of Fortinet stock in a transaction on Wednesday, September 18th. The shares were sold at an average price of $74.94, for a total transaction of $1,763,937.72. Following the completion of the sale, the chief executive officer now directly owns 48,878,806 shares of the company’s stock, valued at approximately $3,662,977,721.64. The trade was a 0.05 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 51,095 shares of company stock worth $4,058,575 in the last 90 days. Company insiders own 18.00% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have issued reports on FTNT. Wells Fargo & Company raised their target price on shares of Fortinet from $80.00 to $85.00 and gave the stock an “equal weight” rating in a report on Tuesday, November 19th. Mizuho lowered Fortinet from a “neutral” rating to an “underperform” rating and set a $68.00 price objective for the company. in a research report on Thursday, October 17th. DZ Bank raised Fortinet from a “sell” rating to a “hold” rating and set a $65.00 target price on the stock in a research report on Thursday, August 8th. UBS Group upped their price target on shares of Fortinet from $70.00 to $83.00 and gave the stock a “neutral” rating in a research report on Friday, November 8th. Finally, StockNews.com upgraded shares of Fortinet from a “hold” rating to a “buy” rating in a research report on Friday, October 25th. One equities research analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Fortinet currently has a consensus rating of “Hold” and a consensus target price of $88.93.

Fortinet Stock Up 3.6 %

NASDAQ:FTNT opened at $96.44 on Wednesday. The business’s fifty day moving average price is $82.79 and its 200 day moving average price is $70.69. The firm has a market capitalization of $73.92 billion, a price-to-earnings ratio of 48.71, a PEG ratio of 2.70 and a beta of 1.00. The company has a current ratio of 1.34, a quick ratio of 1.25 and a debt-to-equity ratio of 1.09. Fortinet, Inc. has a 1-year low of $50.65 and a 1-year high of $100.59.

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.