Quantbot Technologies LP Acquires 27,685 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Quantbot Technologies LP grew its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 22.9% during the third quarter, Holdings Channel reports. The institutional investor owned 148,525 shares of the software maker’s stock after purchasing an additional 27,685 shares during the quarter. Fortinet comprises 0.5% of Quantbot Technologies LP’s portfolio, making the stock its 22nd biggest holding. Quantbot Technologies LP’s holdings in Fortinet were worth $11,518,000 at the end of the most recent reporting period.

Other large investors have also recently modified their holdings of the company. Eastern Bank bought a new position in Fortinet during the 3rd quarter worth approximately $25,000. Ashton Thomas Securities LLC bought a new position in shares of Fortinet in the third quarter worth approximately $26,000. Private Wealth Management Group LLC grew its holdings in shares of Fortinet by 73.3% in the third quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker’s stock worth $32,000 after purchasing an additional 173 shares during the last quarter. Oakworth Capital Inc. bought a new stake in Fortinet during the 2nd quarter valued at $33,000. Finally, Versant Capital Management Inc raised its holdings in Fortinet by 61.2% during the 2nd quarter. Versant Capital Management Inc now owns 627 shares of the software maker’s stock valued at $38,000 after buying an additional 238 shares during the last quarter. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on the stock. Guggenheim cut shares of Fortinet from a “buy” rating to a “neutral” rating in a research report on Monday, July 29th. Wedbush boosted their price target on Fortinet from $90.00 to $105.00 and gave the company an “outperform” rating in a report on Tuesday, November 19th. Bank of America increased their price objective on Fortinet from $87.00 to $104.00 and gave the stock a “buy” rating in a report on Tuesday, November 19th. Deutsche Bank Aktiengesellschaft boosted their target price on Fortinet from $77.00 to $90.00 and gave the company a “hold” rating in a research note on Tuesday, November 19th. Finally, StockNews.com raised Fortinet from a “hold” rating to a “buy” rating in a research note on Friday, October 25th. One research analyst has rated the stock with a sell rating, nineteen have issued a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $88.93.

Insider Activity

In other Fortinet news, CFO Keith Jensen sold 4,250 shares of the company’s stock in a transaction dated Tuesday, November 19th. The shares were sold at an average price of $90.83, for a total transaction of $386,027.50. Following the transaction, the chief financial officer now owns 4,689 shares in the company, valued at approximately $425,901.87. This represents a 47.54 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Ken Xie sold 23,307 shares of the firm’s stock in a transaction dated Wednesday, October 16th. The shares were sold at an average price of $81.89, for a total transaction of $1,908,610.23. Following 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 position. The disclosure for this sale can be found here. Insiders have sold a total of 51,095 shares of company stock worth $4,058,575 over the last 90 days. 18.00% of the stock is currently owned by insiders.

Fortinet Stock Performance

Shares of FTNT stock opened at $93.12 on Tuesday. 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 company 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. Fortinet, Inc. has a one year low of $50.65 and a one year high of $100.59. The company’s 50-day moving average is $82.79 and its 200 day moving average is $70.69.

Fortinet Profile

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.