Park Avenue Securities LLC Boosts Holdings in Fortinet, Inc. (NASDAQ:FTNT)

Park Avenue Securities LLC boosted its position in shares of Fortinet, Inc. (NASDAQ:FTNT) by 75.0% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 18,886 shares of the software maker’s stock after acquiring an additional 8,092 shares during the period. Park Avenue Securities LLC’s holdings in Fortinet were worth $1,784,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. Marshall Wace LLP increased its stake 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 acquiring an additional 4,148,520 shares during the period. FMR LLC grew its position in shares of Fortinet by 276.3% in the third quarter. FMR LLC now owns 3,685,230 shares of the software maker’s stock valued at $285,790,000 after purchasing an additional 2,705,767 shares during the period. AQR Capital Management LLC lifted its stake in shares of Fortinet by 89.7% in the second quarter. AQR Capital Management LLC now owns 2,675,644 shares of the software maker’s stock worth $161,261,000 after buying an additional 1,265,162 shares in the last quarter. Los Angeles Capital Management LLC lifted its stake in shares of Fortinet by 3,155.6% in the third quarter. Los Angeles Capital Management LLC now owns 1,237,244 shares of the software maker’s stock worth $95,948,000 after buying an additional 1,199,241 shares in the last quarter. Finally, State Street Corp raised its stake in Fortinet by 2.9% during the third quarter. State Street Corp now owns 27,281,279 shares of the software maker’s stock worth $2,115,663,000 after purchasing an additional 766,135 shares during the period. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Insider Activity

In other Fortinet news, CFO Keith Jensen sold 4,250 shares of Fortinet 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 transaction, the chief financial officer now owns 4,689 shares in the company, valued at approximately $425,901.87. The trade was a 47.54 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Ken Xie sold 22,916 shares of Fortinet stock in a transaction on Tuesday, December 17th. The stock was sold at an average price of $97.93, for a total value of $2,244,163.88. Following the completion of the sale, the chief executive officer now directly owns 48,983,683 shares of the company’s stock, valued at approximately $4,796,972,076.19. The trade was a 0.05 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 67,860 shares of company stock worth $6,469,056. 18.00% of the stock is currently owned by insiders.

Fortinet Stock Performance

NASDAQ:FTNT opened at $94.23 on Friday. The business’s 50-day moving average price is $95.68 and its two-hundred day moving average price is $80.47. Fortinet, Inc. has a twelve month low of $54.57 and a twelve month high of $101.00. The stock has a market cap of $72.22 billion, a P/E ratio of 47.59, a PEG 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.

Analysts Set New Price Targets

FTNT has been the topic of a number of analyst reports. Mizuho lifted their target price on shares of Fortinet from $68.00 to $78.00 and gave the stock an “underperform” rating in a research note on Friday, December 13th. Citigroup lifted their price objective on shares of Fortinet from $100.00 to $101.00 and gave the company a “neutral” rating in a report on Friday. Robert W. Baird boosted their price objective 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. Cantor Fitzgerald boosted their price objective on shares of Fortinet from $88.00 to $95.00 and gave the stock a “neutral” rating in a research report on Tuesday, November 19th. Finally, Needham & Company LLC reiterated a “hold” rating on shares of Fortinet in a research report on Friday, November 22nd. One investment analyst has rated the stock with a sell rating, seventeen have issued a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $96.17.

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.