Sheaff Brock Investment Advisors LLC decreased its position in Fortinet, Inc. (NASDAQ:FTNT – Free Report) by 79.0% in the 3rd quarter, HoldingsChannel reports. The fund owned 8,232 shares of the software maker’s stock after selling 30,876 shares during the period. Sheaff Brock Investment Advisors LLC’s holdings in Fortinet were worth $638,000 as of its most recent filing with the Securities & Exchange Commission.
Several other large investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its holdings in Fortinet by 1.2% in the 1st quarter. Vanguard Group Inc. now owns 68,052,487 shares of the software maker’s stock valued at $4,648,665,000 after acquiring an additional 779,271 shares in the last quarter. Price T Rowe Associates Inc. MD raised its holdings in Fortinet by 664.8% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 35,137,089 shares of the software maker’s stock valued at $2,400,215,000 after acquiring an additional 30,542,551 shares in the last quarter. Swedbank AB raised its holdings in Fortinet by 1.7% in the 2nd quarter. Swedbank AB now owns 8,156,797 shares of the software maker’s stock valued at $491,610,000 after acquiring an additional 134,366 shares in the last quarter. Marshall Wace LLP grew its stake in shares of Fortinet by 198.5% in the 2nd quarter. Marshall Wace LLP now owns 6,238,856 shares of the software maker’s stock valued at $376,016,000 after purchasing an additional 4,148,520 shares during the period. Finally, Van ECK Associates Corp grew its stake in shares of Fortinet by 94.9% in the 2nd quarter. Van ECK Associates Corp now owns 5,755,599 shares of the software maker’s stock valued at $346,890,000 after purchasing an additional 2,802,446 shares during the period. Institutional investors and hedge funds own 83.71% of the company’s stock.
Analysts Set New Price Targets
Several research firms have recently weighed in on FTNT. Scotiabank upped their price objective on Fortinet from $75.00 to $85.00 and gave the company a “sector outperform” rating in a research note on Friday, November 8th. Robert W. Baird upped their price objective on Fortinet from $80.00 to $88.00 and gave the company an “outperform” rating in a research note on Friday, November 8th. Raymond James upped their price objective on Fortinet from $85.00 to $95.00 and gave the company an “outperform” rating in a research note on Friday, November 8th. Piper Sandler upped their price objective on Fortinet from $70.00 to $80.00 and gave the company a “neutral” rating in a research note on Friday, November 8th. Finally, HSBC upgraded Fortinet from a “hold” rating to a “buy” rating and upped their price objective for the company from $83.00 to $111.00 in a research note on Monday, November 11th. One equities research analyst has rated the stock with a sell rating, nineteen have given a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, Fortinet has an average rating of “Hold” and a consensus target price of $79.52.
Fortinet Stock Performance
Shares of Fortinet stock opened at $94.20 on Friday. The company has a market capitalization of $72.20 billion, a PE ratio of 47.58, a PEG ratio of 2.93 and a beta of 1.00. Fortinet, Inc. has a 12 month low of $49.97 and a 12 month high of $100.59. The company has a current ratio of 1.34, a quick ratio of 1.25 and a debt-to-equity ratio of 1.09. The stock’s fifty day simple moving average is $80.76 and its 200 day simple moving average is $69.24.
Insider Buying and Selling
In other Fortinet news, CEO Ken Xie sold 23,307 shares of the stock in a transaction dated 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 transaction, the chief executive officer now owns 48,915,530 shares in the company, valued at approximately $4,005,692,751.70. This represents a 0.05 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 18.00% of the stock is currently owned by company insiders.
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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