Weiss Asset Management LP Makes New Investment in Fortinet, Inc. (NASDAQ:FTNT)

Weiss Asset Management LP acquired a new stake in shares of Fortinet, Inc. (NASDAQ:FTNT) in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 127,834 shares of the software maker’s stock, valued at approximately $9,914,000.

Other hedge funds also recently made changes to their positions in the company. State Street Corp boosted its holdings in Fortinet by 2.9% during the third quarter. State Street Corp now owns 27,281,279 shares of the software maker’s stock worth $2,115,663,000 after buying an additional 766,135 shares in the last quarter. SYM FINANCIAL Corp boosted its stake in shares of Fortinet by 20.1% during the 3rd quarter. SYM FINANCIAL Corp now owns 4,214 shares of the software maker’s stock worth $327,000 after acquiring an additional 706 shares in the last quarter. Quadrature Capital Ltd acquired a new position in shares of Fortinet in the 3rd quarter worth $10,343,000. Quantinno Capital Management LP raised its position in shares of Fortinet by 73.3% during the third quarter. Quantinno Capital Management LP now owns 47,992 shares of the software maker’s stock worth $3,722,000 after purchasing an additional 20,292 shares during the period. Finally, Royal London Asset Management Ltd. lifted its holdings in shares of Fortinet by 1.5% during the third quarter. Royal London Asset Management Ltd. now owns 382,668 shares of the software maker’s stock valued at $29,676,000 after purchasing an additional 5,623 shares during the last quarter. Institutional investors and hedge funds own 83.71% of the company’s stock.

Analysts Set New Price Targets

Several research firms have issued reports on FTNT. Piper Sandler boosted their price objective on Fortinet from $80.00 to $100.00 and gave the stock a “neutral” rating in a report on Tuesday, November 19th. DZ Bank upgraded shares of Fortinet from a “sell” rating to a “hold” rating and set a $65.00 price target on the stock in a report on Thursday, August 8th. Raymond James raised their price objective on shares of Fortinet from $85.00 to $95.00 and gave the stock an “outperform” rating in a research note on Friday, November 8th. Bank of America boosted their target price on shares of Fortinet from $87.00 to $104.00 and gave the company a “buy” rating in a research note on Tuesday, November 19th. Finally, TD Cowen raised their target price on Fortinet from $90.00 to $105.00 and gave the stock a “buy” rating in a research report on Tuesday, November 19th. One investment analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $88.93.

Insider Activity at Fortinet

In related news, CEO Ken Xie sold 23,538 shares of the firm’s stock in a transaction on Wednesday, September 18th. The stock was sold at an average price of $74.94, for a total value 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 ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Keith Jensen sold 17,650 shares of the business’s stock in a transaction on Tuesday, November 26th. The shares were sold at an average price of $95.66, for a total transaction of $1,688,399.00. Following the completion of the sale, the chief financial officer now directly owns 4,689 shares in the company, valued at $448,549.74. This trade represents a 79.01 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 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 Stock Performance

Shares of FTNT opened at $98.46 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 company’s fifty day moving average price is $85.90 and its 200 day moving average price is $72.53. The company has a market capitalization of $75.46 billion, a PE ratio of 49.73, a price-to-earnings-growth ratio of 2.74 and a beta of 1.00. Fortinet, Inc. has a one year low of $50.65 and a one year high of $100.59.

Fortinet Company 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.