Intech Investment Management LLC Increases 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 third quarter, according to the company in its most recent 13F filing with the 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 SEC.

Other large investors also recently bought and sold shares of the company. Eagle Capital Management LLC lifted its holdings in shares of Fortinet by 0.6% during the 3rd quarter. Eagle Capital Management LLC now owns 25,772 shares of the software maker’s stock worth $1,999,000 after acquiring an additional 141 shares during the period. OneDigital Investment Advisors LLC raised its holdings in Fortinet by 3.9% in the third quarter. OneDigital Investment Advisors LLC now owns 3,782 shares of the software maker’s stock valued at $293,000 after buying an additional 141 shares during the period. Parallel Advisors LLC raised its holdings in Fortinet by 2.0% in the second quarter. Parallel Advisors LLC now owns 7,504 shares of the software maker’s stock valued at $452,000 after buying an additional 148 shares during the period. Private Wealth Management Group LLC raised its holdings in Fortinet by 73.3% in the third quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker’s stock valued at $32,000 after buying an additional 173 shares during the period. Finally, Simplicity Wealth LLC raised its holdings in Fortinet by 2.2% in the second quarter. Simplicity Wealth LLC now owns 8,260 shares of the software maker’s stock valued at $498,000 after buying an additional 174 shares during the period. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Fortinet Trading Up 1.8 %

Shares of FTNT opened at $92.45 on Thursday. The business’s 50-day moving average price is $81.71 and its 200 day moving average price is $69.89. The stock has a market capitalization of $70.86 billion, a P/E ratio of 46.69, a P/E/G ratio of 2.71 and a beta of 1.00. Fortinet, Inc. has a 1-year low of $50.65 and a 1-year 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.

Insider Buying and Selling

In other Fortinet news, CFO Keith Jensen sold 4,250 shares of Fortinet 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 of the company’s stock, valued at $425,901.87. The trade was a 47.54 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Ken Xie sold 23,538 shares of Fortinet stock in a transaction dated Wednesday, September 18th. The shares were 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 directly 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. In the last quarter, insiders have sold 51,095 shares of company stock valued at $4,058,575. 18.00% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on FTNT. StockNews.com raised shares of Fortinet from a “hold” rating to a “buy” rating in a research report on Friday, October 25th. JPMorgan Chase & Co. raised their price target 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. BMO Capital Markets raised their price target on shares of Fortinet from $88.00 to $100.00 and gave the stock a “market perform” rating in a research report on Tuesday. Susquehanna raised their price target on shares of Fortinet from $65.00 to $70.00 and gave the stock a “neutral” rating in a research report on Thursday, August 8th. Finally, Morgan Stanley raised their price target on shares of Fortinet from $105.00 to $106.00 and gave the stock an “overweight” rating in a research report on Tuesday. One equities research analyst has rated the stock with a sell rating, nineteen have given a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $88.93.

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.