Fortinet, Inc. (NASDAQ:FTNT) Shares Purchased by Charles Schwab Investment Management Inc.

Charles Schwab Investment Management Inc. lifted its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 1.8% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 3,817,859 shares of the software maker’s stock after purchasing an additional 68,852 shares during the period. Charles Schwab Investment Management Inc.’s holdings in Fortinet were worth $296,075,000 as of its most recent filing with the SEC.

Other hedge funds also recently made changes to their positions in the company. Eastern Bank acquired a new position in shares of Fortinet in the 3rd quarter worth approximately $25,000. Ashton Thomas Securities LLC purchased a new stake in shares of Fortinet during the third quarter valued at $26,000. Private Wealth Management Group LLC boosted its position in shares of Fortinet by 73.3% in the 3rd quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker’s stock valued at $32,000 after purchasing an additional 173 shares during the period. Oakworth Capital Inc. purchased a new stake in Fortinet during the second quarter valued at about $33,000. Finally, Versant Capital Management Inc raised its holdings in shares of Fortinet by 61.2% during the second quarter. Versant Capital Management Inc now owns 627 shares of the software maker’s stock valued at $38,000 after acquiring an additional 238 shares during the period. Institutional investors and hedge funds own 83.71% of the company’s stock.

Insider Transactions at Fortinet

In other news, CEO Ken Xie sold 23,307 shares of Fortinet stock in a transaction dated 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 sale, the chief executive officer now directly owns 48,915,530 shares of the company’s stock, 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. Also, CFO Keith Jensen sold 4,250 shares of Fortinet stock in a transaction dated Tuesday, November 19th. The stock was sold at an average price of $90.83, for a total value of $386,027.50. Following the completion of the transaction, the chief financial officer now owns 4,689 shares of the company’s stock, valued at approximately $425,901.87. This represents a 47.54 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 51,095 shares of company stock worth $4,058,575 over the last quarter. 18.00% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on FTNT. Raymond James increased their price objective on Fortinet from $85.00 to $95.00 and gave the stock an “outperform” rating in a research note on Friday, November 8th. TD Cowen upped their price target on shares of Fortinet from $90.00 to $105.00 and gave the stock a “buy” rating in a research note on Tuesday. Guggenheim downgraded Fortinet from a “buy” rating to a “neutral” rating in a research note on Monday, July 29th. DZ Bank upgraded shares of Fortinet from a “sell” rating to a “hold” rating and set a $65.00 target price for the company in a research note on Thursday, August 8th. Finally, Wedbush boosted their price objective on shares of Fortinet from $90.00 to $105.00 and gave the stock an “outperform” rating in a research note on Tuesday. One investment analyst has rated the stock with a sell rating, nineteen have issued a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $88.93.

Fortinet Trading Down 1.3 %

Shares of NASDAQ FTNT opened at $92.77 on Friday. The company has a debt-to-equity ratio of 1.09, a current ratio of 1.34 and a quick ratio of 1.25. The stock has a market cap of $71.10 billion, a P/E ratio of 46.85, a price-to-earnings-growth ratio of 2.71 and a beta of 1.00. The firm has a 50-day moving average of $82.45 and a 200 day moving average of $70.30. Fortinet, Inc. has a 1 year low of $50.65 and a 1 year high of $100.59.

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.