Fortinet, Inc. (NASDAQ:FTNT) Position Increased by Swiss National Bank

Swiss National Bank raised its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 0.4% in the third quarter, HoldingsChannel reports. The institutional investor owned 1,927,400 shares of the software maker’s stock after purchasing an additional 7,200 shares during the quarter. Swiss National Bank’s holdings in Fortinet were worth $149,470,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in FTNT. TIAA Trust National Association bought a new stake in Fortinet during the first quarter worth approximately $427,000. Ontario Teachers Pension Plan Board boosted its stake in Fortinet by 15.0% in the 1st quarter. Ontario Teachers Pension Plan Board now owns 18,242 shares of the software maker’s stock worth $1,246,000 after purchasing an additional 2,385 shares during the period. Covestor Ltd boosted its stake in Fortinet by 33.0% in the 1st quarter. Covestor Ltd now owns 2,342 shares of the software maker’s stock worth $160,000 after purchasing an additional 581 shares during the period. O Shaughnessy Asset Management LLC boosted its stake in Fortinet by 16.8% in the 1st quarter. O Shaughnessy Asset Management LLC now owns 43,859 shares of the software maker’s stock worth $2,996,000 after purchasing an additional 6,309 shares during the period. Finally, UniSuper Management Pty Ltd boosted its stake in Fortinet by 22.1% in the 1st quarter. UniSuper Management Pty Ltd now owns 95,579 shares of the software maker’s stock worth $6,529,000 after purchasing an additional 17,285 shares during the period. 83.71% of the stock is currently owned by institutional investors.

Insider Activity

In related news, CEO Ken Xie sold 23,538 shares of Fortinet stock in a transaction dated Wednesday, September 18th. The shares were sold at an average price of $74.94, for a total transaction of $1,763,937.72. Following the completion of the transaction, the chief executive officer now directly owns 48,878,806 shares of the company’s stock, valued at $3,662,977,721.64. This trade represents a 0.05 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 18.00% of the stock is owned by company insiders.

Analysts Set New Price Targets

FTNT has been the subject of a number of recent analyst reports. Truist Financial raised their price objective on shares of Fortinet from $70.00 to $85.00 and gave the stock a “buy” rating in a research note on Wednesday, October 23rd. Guggenheim downgraded shares of Fortinet from a “buy” rating to a “neutral” rating in a research report on Monday, July 29th. Royal Bank of Canada increased their target price on shares of Fortinet from $68.00 to $72.00 and gave the stock a “sector perform” rating in a research report on Wednesday, August 7th. Scotiabank increased their target price on shares of Fortinet from $75.00 to $85.00 and gave the stock a “sector outperform” rating in a research report on Friday, November 8th. Finally, Barclays raised their price target on shares of Fortinet from $85.00 to $95.00 and gave the company an “equal weight” rating in a report on Friday, November 8th. One equities research analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $79.52.

Fortinet Price Performance

Shares of Fortinet stock opened at $94.20 on Monday. The company has a debt-to-equity ratio of 1.09, a quick ratio of 1.25 and a current ratio of 1.34. The firm’s 50-day simple moving average is $80.76 and its 200-day simple moving average is $69.32. Fortinet, Inc. has a twelve month low of $49.97 and a twelve month high of $100.59. The firm has a market cap of $72.20 billion, a P/E ratio of 47.58, a price-to-earnings-growth ratio of 2.82 and a beta of 1.00.

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.