Fifth Third Wealth Advisors LLC Grows Holdings in Fortinet, Inc. (NASDAQ:FTNT)

Fifth Third Wealth Advisors LLC increased its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 8.1% during the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 6,726 shares of the software maker’s stock after purchasing an additional 503 shares during the period. Fifth Third Wealth Advisors LLC’s holdings in Fortinet were worth $522,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in FTNT. Eastern Bank purchased a new stake in Fortinet during the 3rd quarter worth approximately $25,000. Ashton Thomas Securities LLC purchased a new stake in Fortinet during the 3rd quarter worth approximately $26,000. Private Wealth Management Group LLC increased its stake in Fortinet by 73.3% during the 3rd quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker’s stock worth $32,000 after buying an additional 173 shares during the period. Oakworth Capital Inc. purchased a new stake in Fortinet during the 2nd quarter worth approximately $33,000. Finally, Versant Capital Management Inc increased its stake in Fortinet by 61.2% during the 2nd quarter. Versant Capital Management Inc now owns 627 shares of the software maker’s stock worth $38,000 after buying an additional 238 shares during the period. 83.71% of the stock is owned by hedge funds and other institutional investors.

Fortinet Price Performance

Fortinet stock opened at $92.45 on Thursday. Fortinet, Inc. has a 12-month low of $50.65 and a 12-month high of $100.59. The stock has a market capitalization of $70.86 billion, a P/E ratio of 46.69, a P/E/G ratio of 2.82 and a beta of 1.00. The firm’s 50-day moving average is $81.71 and its two-hundred day moving average is $69.89. The company has a debt-to-equity ratio of 1.09, a current ratio of 1.34 and a quick ratio of 1.25.

Insiders Place Their Bets

In other Fortinet news, 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 of the company’s stock, valued at $4,005,692,751.70. This trade represents a 0.05 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Keith Jensen sold 4,250 shares of the firm’s stock in a transaction that occurred 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 sale, the chief financial officer now directly owns 4,689 shares in the company, valued at $425,901.87. This represents a 47.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 51,095 shares of company stock valued at $4,058,575 in the last ninety days. Insiders own 18.00% of the company’s stock.

Analyst Ratings Changes

Several research analysts have commented on the stock. Cantor Fitzgerald boosted their price target on shares of Fortinet from $88.00 to $95.00 and gave the stock a “neutral” rating in a report on Tuesday. Guggenheim cut shares of Fortinet from a “buy” rating to a “neutral” rating in a report on Monday, July 29th. Morgan Stanley boosted their price target on shares of Fortinet from $105.00 to $106.00 and gave the stock an “overweight” rating in a report on Tuesday. Raymond James boosted their price target on shares of Fortinet from $85.00 to $95.00 and gave the stock an “outperform” rating in a report on Friday, November 8th. Finally, StockNews.com upgraded shares of Fortinet from a “hold” rating to a “buy” rating in a report on Friday, October 25th. One equities 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 stock. According to MarketBeat.com, Fortinet presently has a consensus rating of “Hold” and an average target price of $88.93.

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.