Fortinet, Inc. (NASDAQ:FTNT) Stock Holdings Increased by Strategy Asset Managers LLC

Strategy Asset Managers LLC grew its position in shares of Fortinet, Inc. (NASDAQ:FTNT) by 68.7% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 17,240 shares of the software maker’s stock after buying an additional 7,019 shares during the period. Strategy Asset Managers LLC’s holdings in Fortinet were worth $1,337,000 as of its most recent SEC filing.

A number of other large investors also recently bought and sold shares of the company. Eastern Bank acquired a new stake in shares of Fortinet during the 3rd quarter valued at approximately $25,000. Ashton Thomas Securities LLC acquired a new stake in shares of Fortinet during the third quarter worth $26,000. Private Wealth Management Group LLC raised its holdings in shares of 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 period. 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.

Fortinet Stock Down 1.2 %

NASDAQ FTNT opened at $90.79 on Wednesday. Fortinet, Inc. has a 12 month low of $50.65 and a 12 month high of $100.59. The company has a market capitalization of $69.59 billion, a P/E ratio of 45.85, a PEG ratio of 2.82 and a beta of 1.00. The company’s 50 day simple moving average is $81.39 and its 200 day simple moving average is $69.73. The company has a debt-to-equity ratio of 1.09, a current ratio of 1.34 and a quick ratio of 1.25.

Insiders Place Their Bets

In related news, CEO Ken Xie sold 23,307 shares of the stock in a transaction on Wednesday, October 16th. The stock was sold at an average price of $81.89, for a total value of $1,908,610.23. Following the completion of the transaction, 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 position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 18.00% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on the stock. Royal Bank of Canada boosted their price objective on shares of Fortinet from $82.00 to $97.00 and gave the company a “sector perform” rating in a research report on Tuesday. Truist Financial increased their price target on Fortinet from $70.00 to $85.00 and gave the stock a “buy” rating in a research report on Wednesday, October 23rd. Rosenblatt Securities boosted their price objective on Fortinet from $85.00 to $90.00 and gave the company a “buy” rating in a research report on Friday, November 8th. JPMorgan Chase & Co. increased their target price on Fortinet from $63.00 to $70.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 7th. Finally, Stifel Nicolaus boosted their price target on shares of Fortinet from $84.00 to $90.00 and gave the company a “hold” rating in a report on Tuesday. One investment analyst has rated the stock with a sell rating, nineteen have given a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $87.10.

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.