Charles Schwab Investment Management Inc. Has $296.08 Million Stock Holdings in Fortinet, Inc. (NASDAQ:FTNT)

Charles Schwab Investment Management Inc. increased its position in shares of Fortinet, Inc. (NASDAQ:FTNT) by 1.8% during the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 3,817,859 shares of the software maker’s stock after acquiring an additional 68,852 shares during the quarter. Charles Schwab Investment Management Inc. owned about 0.50% of Fortinet worth $296,075,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of the business. Eastern Bank bought a new position in shares of Fortinet during the third quarter worth about $25,000. Ashton Thomas Securities LLC acquired a new position in shares of Fortinet during the 3rd quarter worth approximately $26,000. Private Wealth Management Group LLC raised its position in Fortinet by 73.3% during the third quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker’s stock worth $32,000 after acquiring an additional 173 shares in the last quarter. City State Bank increased its holdings in shares of Fortinet by 900.0% during the 3rd quarter. City State Bank now owns 500 shares of the software maker’s stock worth $39,000 after acquiring an additional 450 shares during the last quarter. Finally, Oakworth Capital Inc. bought a new stake in shares of Fortinet during the 2nd quarter worth about $33,000. Institutional investors and hedge funds own 83.71% of the company’s stock.

Analyst Ratings Changes

Several analysts recently issued reports on the stock. Cantor Fitzgerald increased their price target on shares of Fortinet from $88.00 to $95.00 and gave the stock a “neutral” rating in a research report on Tuesday. Citigroup lifted their price target on shares of Fortinet from $66.00 to $76.00 and gave the stock a “neutral” rating in a report on Friday, September 13th. Morgan Stanley upped their price objective on shares of Fortinet from $105.00 to $106.00 and gave the company an “overweight” rating in a research note on Tuesday. Guggenheim cut Fortinet from a “buy” rating to a “neutral” rating in a research note on Monday, July 29th. Finally, Mizuho downgraded Fortinet from a “neutral” rating to an “underperform” rating and set a $68.00 price target on the stock. in a research note on Thursday, October 17th. One equities research analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Fortinet has a consensus rating of “Hold” and an average target price of $88.93.

Insider Activity at Fortinet

In related news, CFO Keith Jensen sold 4,250 shares of the stock in a transaction 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 sale, the chief financial officer now owns 4,689 shares of the company’s stock, valued at $425,901.87. This trade represents a 47.54 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Ken Xie sold 23,538 shares of the business’s stock in a transaction that occurred on Wednesday, September 18th. The shares were sold at an average price of $74.94, for a total transaction of $1,763,937.72. Following the completion of the transaction, the chief executive officer now directly owns 48,878,806 shares of the company’s stock, valued at approximately $3,662,977,721.64. This represents a 0.05 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 51,095 shares of company stock valued at $4,058,575 in the last three months. 18.00% of the stock is currently owned by company insiders.

Fortinet Price Performance

Fortinet stock opened at $92.77 on Friday. The company has a fifty day simple moving average of $82.45 and a 200-day simple moving average of $70.30. The stock has a market cap of $71.10 billion, a P/E ratio of 46.85, a price-to-earnings-growth 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 current ratio of 1.34, a quick ratio of 1.25 and a debt-to-equity ratio of 1.09.

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.