Intech Investment Management LLC Has $28.75 Million Stake in Fortinet, Inc. (NASDAQ:FTNT)

Intech Investment Management LLC grew its position in shares of Fortinet, Inc. (NASDAQ:FTNT) by 84.5% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 370,773 shares of the software maker’s stock after buying an additional 169,864 shares during the quarter. Intech Investment Management LLC’s holdings in Fortinet were worth $28,753,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also made changes to their positions in FTNT. O Shaughnessy Asset Management LLC boosted its position in Fortinet by 16.8% during the first quarter. O Shaughnessy Asset Management LLC now owns 43,859 shares of the software maker’s stock worth $2,996,000 after purchasing an additional 6,309 shares during the period. Lake Street Advisors Group LLC boosted its position in Fortinet by 20.3% during the first quarter. Lake Street Advisors Group LLC now owns 5,401 shares of the software maker’s stock worth $369,000 after purchasing an additional 912 shares during the period. Delap Wealth Advisory LLC bought a new stake in Fortinet during the first quarter worth approximately $210,000. CreativeOne Wealth LLC bought a new stake in Fortinet during the first quarter worth approximately $732,000. Finally, Advisors Asset Management Inc. boosted its position in Fortinet by 3.8% during the first quarter. Advisors Asset Management Inc. now owns 17,431 shares of the software maker’s stock worth $1,191,000 after purchasing an additional 637 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 brokerages have issued reports on FTNT. Citigroup upped their target price on Fortinet from $66.00 to $76.00 and gave the stock a “neutral” rating in a research report on Friday, September 13th. Piper Sandler increased their price objective on Fortinet from $80.00 to $100.00 and gave the company a “neutral” rating in a research report on Tuesday. HSBC raised Fortinet from a “hold” rating to a “buy” rating and increased their price objective for the company from $83.00 to $111.00 in a research report on Monday, November 11th. Rosenblatt Securities increased their price objective on Fortinet from $90.00 to $100.00 and gave the company a “buy” rating in a research report on Wednesday. Finally, Deutsche Bank Aktiengesellschaft upped their target price on Fortinet from $77.00 to $90.00 and gave the company a “hold” rating in a research note on Tuesday. One analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $88.93.

Fortinet Price Performance

Fortinet stock opened at $92.45 on Thursday. The business’s 50-day simple moving average is $81.71 and its 200 day simple moving average is $69.89. The stock has a market cap of $70.86 billion, a price-to-earnings ratio of 46.69, a P/E/G ratio of 2.71 and a beta of 1.00. Fortinet, Inc. has a 12-month low of $50.65 and a 12-month high of $100.59. The company has a quick ratio of 1.25, a current ratio of 1.34 and a debt-to-equity ratio of 1.09.

Insider Activity at Fortinet

In other Fortinet news, CFO Keith Jensen sold 4,250 shares of the firm’s stock in a transaction dated Tuesday, November 19th. The stock was 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 trade represents a 47.54 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Ken Xie sold 23,538 shares of the firm’s stock in a transaction dated 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 transaction, the chief executive officer now owns 48,878,806 shares in the company, valued at approximately $3,662,977,721.64. This trade represents 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. Insiders own 18.00% of the company’s stock.

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.