Patron Partners LLC Increases Stock Holdings in Fortinet, Inc. (NASDAQ:FTNT)

Patron Partners LLC boosted its stake in Fortinet, Inc. (NASDAQ:FTNT) by 4.5% in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 10,613 shares of the software maker’s stock after buying an additional 455 shares during the quarter. Patron Partners LLC’s holdings in Fortinet were worth $823,000 as of its most recent SEC filing.

Several other large investors have also bought and sold shares of the stock. GSA Capital Partners LLP boosted its stake in shares of Fortinet by 85.5% in the 3rd quarter. GSA Capital Partners LLP now owns 15,270 shares of the software maker’s stock worth $1,184,000 after buying an additional 7,040 shares during the last quarter. Entropy Technologies LP bought a new stake in Fortinet during the third quarter worth $3,550,000. Apollon Wealth Management LLC boosted its position in Fortinet by 7.6% in the third 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 during the last quarter. Versor Investments LP grew its stake in Fortinet by 157.9% in the 3rd quarter. Versor Investments LP now owns 13,106 shares of the software maker’s stock valued at $1,016,000 after purchasing an additional 8,024 shares during the period. Finally, GDS Wealth Management purchased a new stake in shares of Fortinet during the 3rd quarter valued at $444,000. 83.71% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on FTNT. DZ Bank upgraded shares of Fortinet from a “sell” rating to a “hold” rating and set a $65.00 price target for the company in a research report on Thursday, August 8th. Cantor Fitzgerald upped their price target on Fortinet from $65.00 to $88.00 and gave the company a “neutral” rating in a research report on Tuesday, October 29th. Needham & Company LLC reissued a “hold” rating on shares of Fortinet in a report on Monday. Robert W. Baird boosted their price objective on Fortinet from $80.00 to $88.00 and gave the company an “outperform” rating in a research note on Friday. Finally, Wells Fargo & Company raised their price target on Fortinet from $62.00 to $64.00 and gave the stock an “equal weight” rating in a report on Wednesday, August 7th. One investment analyst has rated the stock with a sell rating, nineteen have given a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Fortinet presently has an average rating of “Hold” and an average target price of $79.52.

Fortinet Stock Performance

NASDAQ FTNT opened at $97.18 on Tuesday. The firm has a market cap of $74.33 billion, a price-to-earnings ratio of 49.08, a PEG ratio of 3.24 and a beta of 1.00. The company has a 50-day simple moving average of $79.15 and a two-hundred day simple moving average of $68.40. The company has a quick ratio of 1.22, a current ratio of 1.32 and a debt-to-equity ratio of 3.45. Fortinet, Inc. has a 12-month low of $49.70 and a 12-month high of $97.35.

Insider Activity at Fortinet

In other Fortinet news, CEO Ken Xie sold 23,693 shares of the business’s stock in a transaction that occurred on Wednesday, August 14th. The stock was sold at an average price of $73.06, for a total value of $1,731,010.58. Following the completion of the sale, the chief executive officer now owns 48,842,522 shares in the company, valued at approximately $3,568,434,657.32. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders sold 70,538 shares of company stock worth $5,403,559 in the last ninety days. 18.00% of the stock is 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.