Fortinet, Inc. (NASDAQ:FTNT) Shares Purchased by Truvestments Capital LLC

Truvestments Capital LLC boosted its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 12.0% in the third quarter, according to its most recent disclosure with the SEC. The firm owned 4,183 shares of the software maker’s stock after acquiring an additional 449 shares during the period. Truvestments Capital LLC’s holdings in Fortinet were worth $324,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Swedbank AB raised its position in shares of Fortinet by 1.7% during the 2nd quarter. Swedbank AB now owns 8,156,797 shares of the software maker’s stock worth $491,610,000 after purchasing an additional 134,366 shares during the last quarter. Marshall Wace LLP raised its holdings in shares of Fortinet by 198.5% during the second quarter. Marshall Wace LLP now owns 6,238,856 shares of the software maker’s stock valued at $376,016,000 after acquiring an additional 4,148,520 shares during the last quarter. Van ECK Associates Corp lifted its position in shares of Fortinet by 94.9% in the second quarter. Van ECK Associates Corp now owns 5,755,599 shares of the software maker’s stock valued at $346,890,000 after acquiring an additional 2,802,446 shares in the last quarter. Renaissance Technologies LLC boosted its stake in shares of Fortinet by 15.0% in the second quarter. Renaissance Technologies LLC now owns 5,026,394 shares of the software maker’s stock worth $302,941,000 after acquiring an additional 657,400 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. increased its position in shares of Fortinet by 1.8% during the third quarter. Charles Schwab Investment Management Inc. now owns 3,817,859 shares of the software maker’s stock worth $296,075,000 after purchasing an additional 68,852 shares in the last quarter. 83.71% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research analysts have weighed in on the company. Stifel Nicolaus raised their price objective on Fortinet from $84.00 to $90.00 and gave the company a “hold” rating in a report on Tuesday, November 19th. HSBC upgraded shares of Fortinet from a “hold” rating to a “buy” rating and boosted their price target for the stock from $83.00 to $111.00 in a research report on Monday, November 11th. Susquehanna increased their price objective on shares of Fortinet from $65.00 to $70.00 and gave the company a “neutral” rating in a report on Thursday, August 8th. Rosenblatt Securities raised their target price on shares of Fortinet from $90.00 to $100.00 and gave the stock a “buy” rating in a research note on Wednesday, November 20th. Finally, Citigroup upped their price target on Fortinet from $66.00 to $76.00 and gave the company a “neutral” rating in a research report on Friday, September 13th. One research analyst has rated the stock with a sell rating, nineteen have given a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, Fortinet has an average rating of “Hold” and an average target price of $88.93.

Insider Activity

In related news, CFO Keith Jensen sold 4,250 shares of the business’s stock in a transaction on Tuesday, November 19th. The stock was sold at an average price of $90.83, for a total transaction of $386,027.50. Following the completion of the transaction, the chief financial officer now directly owns 4,689 shares of the company’s stock, valued at $425,901.87. The trade was a 47.54 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Ken Xie sold 23,538 shares of the stock in a transaction dated Wednesday, September 18th. The shares were sold at an average price of $74.94, for a total value of $1,763,937.72. Following the completion of the sale, the chief executive officer now directly owns 48,878,806 shares in the company, valued at $3,662,977,721.64. This represents a 0.05 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 51,095 shares of company stock valued at $4,058,575. 18.00% of the stock is currently owned by company insiders.

Fortinet Stock Performance

Shares of Fortinet stock opened at $93.12 on Tuesday. 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 capitalization of $71.37 billion, a price-to-earnings ratio of 47.03, a price-to-earnings-growth ratio of 2.69 and a beta of 1.00. The business has a 50-day moving average of $82.79 and a 200 day moving average of $70.69. Fortinet, Inc. has a 12 month low of $50.65 and a 12 month 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.