Hennion & Walsh Asset Management Inc. Has $5.03 Million Holdings in Fortinet, Inc. (NASDAQ:FTNT)

Hennion & Walsh Asset Management Inc. raised its position in shares of Fortinet, Inc. (NASDAQ:FTNT) by 13.4% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 53,225 shares of the software maker’s stock after purchasing an additional 6,301 shares during the period. Hennion & Walsh Asset Management Inc.’s holdings in Fortinet were worth $5,029,000 as of its most recent SEC filing.

Several other institutional investors have also made changes to their positions in FTNT. State Street Corp grew its position in Fortinet by 2.9% in the third quarter. State Street Corp now owns 27,281,279 shares of the software maker’s stock worth $2,115,663,000 after acquiring an additional 766,135 shares in the last quarter. Geode Capital Management LLC increased its position in Fortinet by 2.4% during the third quarter. Geode Capital Management LLC now owns 14,883,012 shares of the software maker’s stock worth $1,151,097,000 after buying an additional 354,692 shares during the last quarter. Marshall Wace LLP lifted its position in shares of Fortinet by 198.5% in the second quarter. Marshall Wace LLP now owns 6,238,856 shares of the software maker’s stock worth $376,016,000 after buying an additional 4,148,520 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in shares of Fortinet by 10.3% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,787,931 shares of the software maker’s stock worth $448,854,000 after acquiring an additional 542,727 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. increased its holdings in shares of Fortinet by 1.8% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 3,817,859 shares of the software maker’s stock valued at $296,075,000 after acquiring an additional 68,852 shares during the last quarter. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on FTNT shares. StockNews.com upgraded shares of Fortinet from a “hold” rating to a “buy” rating in a research note on Friday, October 25th. JPMorgan Chase & Co. lifted their price objective on Fortinet from $99.00 to $105.00 and gave the stock a “neutral” rating in a research note on Monday, December 16th. TD Cowen increased their target price on Fortinet from $90.00 to $105.00 and gave the company a “buy” rating in a research note on Tuesday, November 19th. Scotiabank lifted their price target on Fortinet from $85.00 to $110.00 and gave the stock a “sector outperform” rating in a research report on Wednesday, November 20th. Finally, UBS Group increased their price objective on Fortinet from $70.00 to $83.00 and gave the company a “neutral” rating in a research report on Friday, November 8th. One analyst has rated the stock with a sell rating, nineteen have issued a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Fortinet presently has a consensus rating of “Hold” and a consensus target price of $94.35.

Insider Buying and Selling

In related news, Director William H. Neukom purchased 355 shares of the business’s stock in a transaction that occurred on Friday, December 6th. The stock was acquired at an average cost of $98.50 per share, for a total transaction of $34,967.50. Following the completion of the purchase, the director now owns 150,245 shares in the company, valued at approximately $14,799,132.50. This represents a 0.24 % increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, 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 value of $386,027.50. Following the transaction, 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 position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 67,860 shares of company stock worth $6,469,056. Insiders own 18.00% of the company’s stock.

Fortinet Stock Up 0.5 %

FTNT stock opened at $93.56 on Thursday. Fortinet, Inc. has a twelve month low of $54.57 and a twelve month high of $101.00. The company has a market cap of $71.71 billion, a price-to-earnings ratio of 47.25, a P/E/G ratio of 2.51 and a beta of 1.00. The company has a quick ratio of 1.25, a current ratio of 1.34 and a debt-to-equity ratio of 1.09. The business has a 50 day moving average price of $95.43 and a two-hundred day moving average price of $80.00.

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.