Chiron Investment Management LLC Invests $394,000 in Fortinet, Inc. (NASDAQ:FTNT)

Chiron Investment Management LLC acquired a new stake in shares of Fortinet, Inc. (NASDAQ:FTNT) during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm acquired 5,076 shares of the software maker’s stock, valued at approximately $394,000.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Eastern Bank bought a new stake in shares of Fortinet during the third quarter worth about $25,000. Ashton Thomas Securities LLC bought a new stake in Fortinet during the 3rd quarter worth approximately $26,000. Private Wealth Management Group LLC increased its position in Fortinet by 73.3% in the 3rd quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker’s stock valued at $32,000 after acquiring an additional 173 shares during the period. Oakworth Capital Inc. acquired a new position in shares of Fortinet during the second quarter worth $33,000. Finally, City State Bank grew its stake in shares of Fortinet by 900.0% in 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 last quarter. Institutional investors own 83.71% of the company’s stock.

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 stock was sold at an average price of $90.83, for a total transaction of $386,027.50. Following the completion of the sale, the chief financial officer now directly owns 4,689 shares of the company’s stock, valued at $425,901.87. This trade represents a 47.54 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Ken Xie sold 23,538 shares of the business’s stock in a transaction dated Wednesday, September 18th. The stock was sold at an average price of $74.94, for a total transaction of $1,763,937.72. Following the completion of the transaction, the chief executive officer now directly owns 48,878,806 shares in the company, valued at $3,662,977,721.64. This trade represents a 0.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 68,745 shares of company stock worth $5,746,974 over the last quarter. Insiders own 18.00% of the company’s stock.

Fortinet Trading Up 0.1 %

NASDAQ FTNT opened at $97.13 on Wednesday. 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 business has a fifty day simple moving average of $87.14 and a 200 day simple moving average of $73.45. Fortinet, Inc. has a 12 month low of $52.20 and a 12 month high of $100.59. The firm has a market capitalization of $74.45 billion, a P/E ratio of 49.06, a PEG ratio of 2.80 and a beta of 1.00.

Analyst Ratings Changes

Several brokerages have commented on FTNT. Scotiabank lifted their target price on Fortinet from $85.00 to $110.00 and gave the stock a “sector outperform” rating in a report on Wednesday, November 20th. Mizuho cut Fortinet from a “neutral” rating to an “underperform” rating and set a $68.00 target price on the stock. in a report on Thursday, October 17th. Robert W. Baird boosted their price target on shares of Fortinet from $95.00 to $100.00 and gave the stock an “outperform” rating in a research report on Tuesday, November 19th. Barclays increased their price objective on shares of Fortinet from $85.00 to $95.00 and gave the stock an “equal weight” rating in a research report on Friday, November 8th. Finally, HSBC upgraded shares of Fortinet from a “hold” rating to a “buy” rating and boosted their target price for the company from $83.00 to $111.00 in a report on Monday, November 11th. One analyst has rated the stock with a sell rating, nineteen have issued a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $88.93.

Fortinet 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.