Fairscale Capital LLC purchased a new position in Fortinet, Inc. (NASDAQ:FTNT – Free Report) during the 2nd quarter, according to its most recent 13F filing with the SEC. The firm purchased 1,749 shares of the software maker’s stock, valued at approximately $104,000.
Other institutional investors and hedge funds also recently made changes to their positions in the company. Vima LLC acquired a new stake in Fortinet during the fourth quarter worth about $25,000. Winthrop Capital Management LLC acquired a new stake in shares of Fortinet during the 1st quarter worth approximately $25,000. Rise Advisors LLC increased its position in shares of Fortinet by 135.6% during the first quarter. Rise Advisors LLC now owns 377 shares of the software maker’s stock valued at $26,000 after purchasing an additional 217 shares during the period. Creekmur Asset Management LLC acquired a new position in shares of Fortinet in the fourth quarter valued at $32,000. Finally, Oakworth Capital Inc. bought a new position in Fortinet in the second quarter worth $33,000. Institutional investors own 83.71% of the company’s stock.
Fortinet Price Performance
Shares of FTNT stock opened at $76.78 on Monday. The firm has a market cap of $58.66 billion, a price-to-earnings ratio of 50.18, a PEG ratio of 2.77 and a beta of 1.00. Fortinet, Inc. has a 12 month low of $44.12 and a 12 month high of $78.08. The company has a quick ratio of 1.22, a current ratio of 1.32 and a debt-to-equity ratio of 3.45. The stock has a 50-day moving average price of $68.88 and a 200 day moving average price of $65.18.
Wall Street Analyst Weigh In
Several brokerages have issued reports on FTNT. Guggenheim lowered shares of Fortinet from a “buy” rating to a “neutral” rating in a report on Monday, July 29th. Deutsche Bank Aktiengesellschaft upped their target price on shares of Fortinet from $71.00 to $75.00 and gave the company a “hold” rating in a research note on Wednesday, August 7th. StockNews.com upgraded shares of Fortinet from a “hold” rating to a “buy” rating in a research note on Tuesday, September 10th. Barclays lowered their price objective on Fortinet from $75.00 to $70.00 and set an “equal weight” rating on the stock in a research note on Thursday, July 11th. Finally, Hsbc Global Res upgraded Fortinet from a “moderate sell” rating to a “hold” rating in a research report on Wednesday, August 7th. Twenty-three equities research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $71.57.
Check Out Our Latest Stock Analysis on Fortinet
Insider Buying and Selling at Fortinet
In other news, CEO Ken Xie sold 24,267 shares of the firm’s stock in a transaction on Monday, July 15th. The stock was sold at an average price of $60.01, for a total value of $1,456,262.67. Following the transaction, the chief executive officer now directly owns 48,777,294 shares in the company, valued at approximately $2,927,125,412.94. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Fortinet news, VP Michael Xie sold 24,712 shares of the stock in a transaction on Friday, August 2nd. The shares were sold at an average price of $56.11, for a total value of $1,386,590.32. Following the sale, the vice president now directly owns 10,847,018 shares in the company, valued at $608,626,179.98. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Ken Xie sold 24,267 shares of the business’s stock in a transaction on Monday, July 15th. The shares were sold at an average price of $60.01, for a total transaction of $1,456,262.67. Following the completion of the transaction, the chief executive officer now directly owns 48,777,294 shares of the company’s stock, valued at approximately $2,927,125,412.94. The disclosure for this sale can be found here. In the last 90 days, insiders sold 96,210 shares of company stock worth $6,337,801. Insiders own 18.00% of the company’s stock.
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.
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