Empirical Finance LLC Has $1.68 Million Stake in Fortinet, Inc. (NASDAQ:FTNT)

Empirical Finance LLC increased its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 2.1% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 21,657 shares of the software maker’s stock after buying an additional 450 shares during the quarter. Empirical Finance LLC’s holdings in Fortinet were worth $1,680,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in FTNT. Apollon Wealth Management LLC grew its holdings in shares of Fortinet by 7.6% during the 3rd quarter. Apollon Wealth Management LLC now owns 15,296 shares of the software maker’s stock worth $1,186,000 after purchasing an additional 1,081 shares in the last quarter. Forsta AP Fonden lifted its position 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 purchasing an additional 14,300 shares during the period. Sarasin & Partners LLP grew its stake 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 buying an additional 395,477 shares in the last quarter. Cetera Investment Advisers increased its holdings in Fortinet by 543.5% in the 1st quarter. Cetera Investment Advisers now owns 157,319 shares of the software maker’s stock valued at $10,765,000 after buying an additional 132,871 shares during the period. Finally, Sei Investments Co. raised its position in shares of Fortinet by 10.5% in the 1st quarter. Sei Investments Co. now owns 138,893 shares of the software maker’s stock valued at $9,488,000 after buying an additional 13,178 shares in the last quarter. Institutional investors and hedge funds own 83.71% of the company’s stock.

Fortinet Trading Down 0.3 %

FTNT opened at $94.20 on Friday. Fortinet, Inc. has a twelve month low of $49.97 and a twelve month high of $100.59. The company has a fifty day moving average of $80.76 and a 200-day moving average of $69.24. The stock has a market cap of $72.20 billion, a PE ratio of 47.58, a price-to-earnings-growth ratio of 2.93 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.

Insider Buying and Selling at Fortinet

In other Fortinet news, CEO Ken Xie sold 23,307 shares of Fortinet stock in a transaction that occurred on Wednesday, October 16th. The stock was sold at an average price of $81.89, for a total value 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 approximately $4,005,692,751.70. The trade was a 0.05 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 18.00% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts recently issued reports on the stock. TD Cowen increased their price target on shares of Fortinet from $75.00 to $90.00 and gave the stock a “buy” rating in a research report on Wednesday, October 9th. Royal Bank of Canada lifted their price target on Fortinet from $68.00 to $72.00 and gave the company a “sector perform” rating in a research note on Wednesday, August 7th. Wedbush upped their price objective on Fortinet from $78.00 to $90.00 and gave the stock an “outperform” rating in a research report on Friday, November 8th. Mizuho cut Fortinet from a “neutral” rating to an “underperform” rating and set a $68.00 target price on the stock. in a research report on Thursday, October 17th. Finally, Cantor Fitzgerald increased their target price on shares of Fortinet from $65.00 to $88.00 and gave the stock a “neutral” rating in a report on Tuesday, October 29th. One investment analyst has rated the stock with a sell rating, nineteen have issued a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $79.52.

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.