185,355 Shares in Fortinet, Inc. (NASDAQ:FTNT) Acquired by Zacks Investment Management

Zacks Investment Management purchased a new stake in shares of Fortinet, Inc. (NASDAQ:FTNT) in the third quarter, HoldingsChannel reports. The institutional investor purchased 185,355 shares of the software maker’s stock, valued at approximately $14,374,000.

Several other hedge funds also recently modified their holdings of the company. Apollon Wealth Management LLC boosted its stake in Fortinet by 7.6% during the third quarter. Apollon Wealth Management LLC now owns 15,296 shares of the software maker’s stock valued at $1,186,000 after buying an additional 1,081 shares in the last quarter. Forsta AP Fonden grew its stake in shares of Fortinet by 11.8% in the 3rd quarter. Forsta AP Fonden now owns 135,500 shares of the software maker’s stock worth $10,508,000 after purchasing an additional 14,300 shares during the last quarter. Sarasin & Partners LLP raised its holdings in shares of Fortinet by 22.4% in the 2nd quarter. Sarasin & Partners LLP now owns 2,163,093 shares of the software maker’s stock worth $130,370,000 after purchasing an additional 395,477 shares in the last quarter. Quadrature Capital Ltd acquired a new stake in Fortinet during the third quarter valued at approximately $10,343,000. Finally, Empower Advisory Group LLC boosted its holdings in Fortinet by 4.2% during the third quarter. Empower Advisory Group LLC now owns 1,008,224 shares of the software maker’s stock worth $78,188,000 after buying an additional 40,277 shares in the last quarter. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, CFO Keith Jensen sold 4,250 shares of the firm’s stock in a transaction on Tuesday, November 19th. The shares were sold at an average price of $90.83, for a total value of $386,027.50. Following the sale, the chief financial officer now owns 4,689 shares in the company, valued at approximately $425,901.87. This trade represents a 47.54 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Ken Xie sold 23,307 shares of the business’s stock in a transaction on 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 transaction, the chief executive officer now directly owns 48,915,530 shares in the company, valued at $4,005,692,751.70. This trade represents a 0.05 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 68,745 shares of company stock valued at $5,746,974. 18.00% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on the company. Wells Fargo & Company upped their price target on Fortinet from $80.00 to $85.00 and gave the company an “equal weight” rating in a report on Tuesday, November 19th. Raymond James upped their target price on Fortinet from $85.00 to $95.00 and gave the company an “outperform” rating in a report on Friday, November 8th. Scotiabank lifted their price target on Fortinet from $85.00 to $110.00 and gave the stock a “sector outperform” rating in a research note on Wednesday, November 20th. Wedbush upped their price objective on shares of Fortinet from $90.00 to $105.00 and gave the company an “outperform” rating in a research note on Tuesday, November 19th. Finally, Royal Bank of Canada lifted their target price on shares of Fortinet from $82.00 to $97.00 and gave the stock a “sector perform” rating in a research report on Tuesday, November 19th. One equities research 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. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $88.93.

Fortinet Stock Performance

NASDAQ:FTNT opened at $99.21 on Friday. The firm has a market capitalization of $76.04 billion, a PE ratio of 50.11, a PEG ratio of 2.83 and a beta of 1.00. Fortinet, Inc. has a 1 year low of $50.65 and a 1 year high of $100.59. The company has a current ratio of 1.34, a quick ratio of 1.25 and a debt-to-equity ratio of 1.09. The firm’s fifty day simple moving average is $86.33 and its 200 day simple moving average is $72.86.

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.