RPG Investment Advisory LLC Acquires 3,112 Shares of Fortinet, Inc. (NASDAQ:FTNT)

RPG Investment Advisory LLC increased its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 1.5% during the 3rd quarter, HoldingsChannel reports. The fund owned 212,695 shares of the software maker’s stock after buying an additional 3,112 shares during the period. Fortinet accounts for approximately 2.4% of RPG Investment Advisory LLC’s portfolio, making the stock its 11th biggest holding. RPG Investment Advisory LLC’s holdings in Fortinet were worth $16,494,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also bought and sold shares of the company. Eastern Bank purchased a new position in shares of Fortinet in the 3rd quarter worth about $25,000. Ashton Thomas Securities LLC bought a new position in Fortinet in the 3rd quarter worth about $26,000. Private Wealth Management Group LLC boosted its stake in Fortinet by 73.3% in the 3rd 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 in the last quarter. Oakworth Capital Inc. bought a new position in Fortinet in the 2nd quarter worth about $33,000. Finally, Versant Capital Management Inc boosted its stake in Fortinet by 61.2% in the 2nd quarter. Versant Capital Management Inc now owns 627 shares of the software maker’s stock worth $38,000 after purchasing an additional 238 shares in the last quarter. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on FTNT shares. Raymond James upped their price target 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. HSBC raised Fortinet from a “hold” rating to a “buy” rating and boosted their target price for the stock from $83.00 to $111.00 in a research report on Monday. Mizuho lowered Fortinet from a “neutral” rating to an “underperform” rating and set a $68.00 target price for the company. in a research report on Thursday, October 17th. Hsbc Global Res raised Fortinet from a “hold” rating to a “strong-buy” rating in a research report on Monday. Finally, Rosenblatt Securities boosted their target price on Fortinet from $85.00 to $90.00 and gave the stock a “buy” rating in a research report on Friday, November 8th. One equities research analyst has rated the stock with a sell rating, nineteen have issued a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $79.52.

Fortinet Stock Performance

NASDAQ FTNT opened at $99.15 on Wednesday. The business has a 50-day moving average price of $79.59 and a 200-day moving average price of $68.65. The firm has a market cap of $75.99 billion, a price-to-earnings ratio of 50.08, a price-to-earnings-growth ratio of 2.99 and a beta of 1.00. Fortinet, Inc. has a twelve month low of $49.70 and a twelve month high of $99.51. The company has a quick ratio of 1.25, a current ratio of 1.34 and a debt-to-equity ratio of 1.09.

Insiders Place Their Bets

In other news, CEO Ken Xie sold 23,307 shares of the business’s 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 of the company’s stock, valued at approximately $4,005,692,751.70. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 18.00% of the stock is currently owned by corporate insiders.

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.