Fortinet, Inc. (NASDAQ:FTNT) Shares Acquired by Motley Fool Asset Management LLC

Motley Fool Asset Management LLC lifted its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 6.7% during the third quarter, Holdings Channel reports. The fund owned 36,164 shares of the software maker’s stock after buying an additional 2,261 shares during the quarter. Motley Fool Asset Management LLC’s holdings in Fortinet were worth $2,766,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Eagle Capital Management LLC lifted its holdings in Fortinet by 0.6% in the third quarter. Eagle Capital Management LLC now owns 25,772 shares of the software maker’s stock valued at $1,999,000 after acquiring an additional 141 shares during the period. OneDigital Investment Advisors LLC boosted its holdings in Fortinet by 3.9% during the third quarter. OneDigital Investment Advisors LLC now owns 3,782 shares of the software maker’s stock worth $293,000 after buying an additional 141 shares in the last quarter. Parallel Advisors LLC grew its position in Fortinet by 2.0% during the second quarter. Parallel Advisors LLC now owns 7,504 shares of the software maker’s stock valued at $452,000 after buying an additional 148 shares during the period. Crewe Advisors LLC increased its holdings in Fortinet by 8.8% in the third quarter. Crewe Advisors LLC now owns 1,958 shares of the software maker’s stock valued at $152,000 after buying an additional 158 shares in the last quarter. Finally, Private Wealth Management Group LLC raised its position 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 acquiring an additional 173 shares during the period. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of analysts have recently commented on the company. Cantor Fitzgerald boosted their price objective on Fortinet from $88.00 to $95.00 and gave the company a “neutral” rating in a research report on Tuesday, November 19th. DZ Bank raised shares of Fortinet from a “sell” rating to a “hold” rating and set a $65.00 price objective on the stock in a report on Thursday, August 8th. Hsbc Global Res raised shares of Fortinet from a “hold” rating to a “strong-buy” rating in a research note on Monday, November 11th. BMO Capital Markets raised their price target on shares of Fortinet from $88.00 to $100.00 and gave the company a “market perform” rating in a research note on Tuesday, November 19th. Finally, TD Cowen boosted their price objective on Fortinet from $90.00 to $105.00 and gave the stock a “buy” rating in a research note on Tuesday, November 19th. One analyst has rated the stock with a sell rating, nineteen have given a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $88.93.

Insider Buying and Selling at Fortinet

In other Fortinet news, CEO Ken Xie sold 23,307 shares of Fortinet stock in a transaction on Wednesday, October 16th. The shares were sold at an average price of $81.89, for a total value of $1,908,610.23. Following the transaction, the chief executive officer now owns 48,915,530 shares in the company, valued at $4,005,692,751.70. This trade represents a 0.05 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Keith Jensen sold 4,250 shares of the company’s stock in a transaction on Tuesday, November 19th. The stock was sold at an average price of $90.83, for a total value of $386,027.50. Following the sale, the chief financial officer now owns 4,689 shares of the company’s stock, valued at approximately $425,901.87. The trade was a 47.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 68,745 shares of company stock worth $5,746,974 in the last 90 days. 18.00% of the stock is owned by company insiders.

Fortinet Price Performance

Shares of NASDAQ:FTNT opened at $95.29 on Wednesday. The business has a fifty day simple moving average of $84.68 and a 200-day simple moving average of $71.93. Fortinet, Inc. has a 52 week low of $50.65 and a 52 week high of $100.59. The company has a market cap of $73.04 billion, a P/E ratio of 48.13, a P/E/G ratio of 2.77 and a beta of 1.00. The company has a quick ratio of 1.25, a current ratio of 1.34 and a debt-to-equity ratio of 1.09.

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.