Platform Technology Partners Takes $202,000 Position in Fortinet, Inc. (NASDAQ:FTNT)

Platform Technology Partners purchased a new stake in Fortinet, Inc. (NASDAQ:FTNT) during the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 2,600 shares of the software maker’s stock, valued at approximately $202,000.

A number of other institutional investors also recently modified their holdings of the company. Forsta AP Fonden raised its holdings in Fortinet by 11.8% during the third quarter. Forsta AP Fonden now owns 135,500 shares of the software maker’s stock worth $10,508,000 after acquiring an additional 14,300 shares in the last quarter. Sarasin & Partners LLP raised its holdings in Fortinet by 22.4% during the second quarter. Sarasin & Partners LLP now owns 2,163,093 shares of the software maker’s stock worth $130,370,000 after acquiring an additional 395,477 shares in the last quarter. Cetera Investment Advisers raised its holdings in Fortinet by 543.5% during the first quarter. Cetera Investment Advisers now owns 157,319 shares of the software maker’s stock worth $10,765,000 after acquiring an additional 132,871 shares in the last quarter. Sei Investments Co. raised its holdings in Fortinet by 10.5% during the first quarter. Sei Investments Co. now owns 138,893 shares of the software maker’s stock worth $9,488,000 after acquiring an additional 13,178 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC raised its holdings in Fortinet by 29.5% during the third quarter. Allspring Global Investments Holdings LLC now owns 152,532 shares of the software maker’s stock worth $11,829,000 after acquiring an additional 34,727 shares in the last quarter. 83.71% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other Fortinet news, CEO Ken Xie sold 23,307 shares of the company’s stock in a transaction on Wednesday, October 16th. The stock was sold at an average price of $81.89, for a total transaction of $1,908,610.23. Following the completion of the sale, the chief executive officer now directly owns 48,915,530 shares in the company, valued at $4,005,692,751.70. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 18.00% of the company’s stock.

Fortinet Stock Up 2.0 %

NASDAQ FTNT opened at $99.15 on Wednesday. The business has a fifty day moving average price of $79.59 and a two-hundred day moving average price of $68.65. The company has a debt-to-equity ratio of 1.09, a current ratio of 1.34 and a quick ratio of 1.25. Fortinet, Inc. has a fifty-two week low of $49.70 and a fifty-two week high of $99.51. The stock has a market capitalization of $75.99 billion, a PE ratio of 50.08, a PEG ratio of 2.99 and a beta of 1.00.

Wall Street Analyst Weigh In

FTNT has been the topic of several analyst reports. Robert W. Baird upped their target price on Fortinet from $80.00 to $88.00 and gave the stock an “outperform” rating in a report on Friday, November 8th. Hsbc Global Res raised Fortinet from a “hold” rating to a “strong-buy” rating in a research report on Monday. BMO Capital Markets boosted their price target on Fortinet from $70.00 to $76.00 and gave the stock a “market perform” rating in a research report on Wednesday, August 7th. Mizuho downgraded Fortinet from a “neutral” rating to an “underperform” rating and set a $68.00 price target on the stock. in a research report on Thursday, October 17th. Finally, Susquehanna boosted their price target on Fortinet from $65.00 to $70.00 and gave the stock a “neutral” rating in a research report on Thursday, August 8th. One analyst has rated the stock with a sell rating, nineteen have issued a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, Fortinet currently has an average rating of “Hold” and an average price target of $79.52.

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.