Frazier Financial Advisors LLC Has $77,000 Stock Position in Fortinet, Inc. (NASDAQ:FTNT)

Frazier Financial Advisors LLC lowered its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 53.2% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 995 shares of the software maker’s stock after selling 1,130 shares during the period. Frazier Financial Advisors LLC’s holdings in Fortinet were worth $77,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also recently made changes to their positions in FTNT. Price T Rowe Associates Inc. MD raised its holdings in shares of Fortinet by 664.8% during the first quarter. Price T Rowe Associates Inc. MD now owns 35,137,089 shares of the software maker’s stock valued at $2,400,215,000 after purchasing an additional 30,542,551 shares during the period. Swedbank AB bought a new stake in shares of Fortinet during the first quarter worth about $548,013,000. Marshall Wace LLP increased its position in shares of Fortinet by 198.5% during the second quarter. Marshall Wace LLP now owns 6,238,856 shares of the software maker’s stock worth $376,016,000 after acquiring an additional 4,148,520 shares in the last quarter. Van ECK Associates Corp increased its position in shares of Fortinet by 94.9% during the second quarter. Van ECK Associates Corp now owns 5,755,599 shares of the software maker’s stock worth $346,890,000 after acquiring an additional 2,802,446 shares in the last quarter. Finally, Bessemer Group Inc. increased its position in shares of Fortinet by 102.5% during the first quarter. Bessemer Group Inc. now owns 3,284,203 shares of the software maker’s stock worth $224,344,000 after acquiring an additional 1,662,156 shares in the last quarter. Institutional investors and hedge funds own 83.71% of the company’s stock.

Insiders Place Their Bets

In other Fortinet news, CEO Ken Xie sold 23,307 shares of the stock in a transaction that occurred 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 sale, the chief executive officer now directly owns 48,915,530 shares in the company, valued at $4,005,692,751.70. This represents a 0.05 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 18.00% of the company’s stock.

Fortinet Stock Performance

Shares of FTNT stock opened at $94.20 on Friday. Fortinet, Inc. has a 12 month low of $49.97 and a 12 month high of $100.59. The company has a current ratio of 1.34, a quick ratio of 1.25 and a debt-to-equity ratio of 1.09. The stock has a market capitalization of $72.20 billion, a P/E ratio of 47.58, a PEG ratio of 2.82 and a beta of 1.00. The firm’s 50 day moving average is $80.76 and its 200 day moving average is $69.28.

Wall Street Analyst Weigh In

Several research firms have recently commented on FTNT. Truist Financial boosted their target price on shares of Fortinet from $70.00 to $85.00 and gave the stock a “buy” rating in a research report on Wednesday, October 23rd. Cantor Fitzgerald boosted their target price on shares of Fortinet from $65.00 to $88.00 and gave the stock a “neutral” rating in a research report on Tuesday, October 29th. JPMorgan Chase & Co. boosted their target price on shares of Fortinet from $63.00 to $70.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 7th. Wells Fargo & Company upped their price objective on shares of Fortinet from $62.00 to $64.00 and gave the stock an “equal weight” rating in a research report on Wednesday, August 7th. Finally, Hsbc Global Res raised shares of Fortinet from a “hold” rating to a “strong-buy” rating in a research report on Monday, November 11th. One investment analyst has rated the stock with a sell rating, nineteen have given a hold rating, twelve have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $79.52.

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.