Baltimore Washington Financial Advisors Inc. Has $4.59 Million Position in Fortinet, Inc. (NASDAQ:FTNT)

Baltimore Washington Financial Advisors Inc. lifted its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 2.1% during the 3rd quarter, HoldingsChannel reports. The firm owned 59,130 shares of the software maker’s stock after acquiring an additional 1,190 shares during the period. Baltimore Washington Financial Advisors Inc.’s holdings in Fortinet were worth $4,586,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. Swedbank AB grew its holdings in shares of Fortinet by 1.7% during the 2nd quarter. Swedbank AB now owns 8,156,797 shares of the software maker’s stock valued at $491,610,000 after purchasing an additional 134,366 shares during the last quarter. Marshall Wace LLP grew its holdings in shares of Fortinet by 198.5% during the 2nd quarter. Marshall Wace LLP now owns 6,238,856 shares of the software maker’s stock valued at $376,016,000 after purchasing an additional 4,148,520 shares during the last quarter. Van ECK Associates Corp grew its holdings in shares of Fortinet by 94.9% during the 2nd quarter. Van ECK Associates Corp now owns 5,755,599 shares of the software maker’s stock valued at $346,890,000 after purchasing an additional 2,802,446 shares during the last quarter. Renaissance Technologies LLC grew its holdings in shares of Fortinet by 15.0% during the 2nd quarter. Renaissance Technologies LLC now owns 5,026,394 shares of the software maker’s stock valued at $302,941,000 after purchasing an additional 657,400 shares during the last quarter. Finally, Jacobs Levy Equity Management Inc. grew its holdings in shares of Fortinet by 7.6% during the 1st quarter. Jacobs Levy Equity Management Inc. now owns 3,996,822 shares of the software maker’s stock valued at $273,023,000 after purchasing an additional 283,339 shares during the last quarter. 83.71% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several brokerages recently issued reports on FTNT. Royal Bank of Canada lifted their price target on shares of Fortinet from $82.00 to $97.00 and gave the company a “sector perform” rating in a report on Tuesday, November 19th. Barclays boosted their target price on shares of Fortinet from $85.00 to $95.00 and gave the stock an “equal weight” rating in a report on Friday, November 8th. Stifel Nicolaus boosted their target price on shares of Fortinet from $84.00 to $90.00 and gave the stock a “hold” rating in a report on Tuesday, November 19th. Deutsche Bank Aktiengesellschaft boosted their target price on shares of Fortinet from $77.00 to $90.00 and gave the stock a “hold” rating in a report on Tuesday, November 19th. Finally, Truist Financial reissued a “buy” rating and set a $105.00 target price (up from $85.00) on shares of Fortinet in a report on Wednesday. One research analyst has rated the stock with a sell rating, nineteen have given a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $88.93.

Fortinet Stock Performance

FTNT opened at $92.77 on Friday. 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 company’s fifty day moving average price is $82.45 and its two-hundred day moving average price is $70.37. Fortinet, Inc. has a 1-year low of $50.65 and a 1-year high of $100.59. The company has a market cap of $71.10 billion, a price-to-earnings ratio of 46.85, a PEG ratio of 2.73 and a beta of 1.00.

Insiders Place Their Bets

In other news, CFO Keith Jensen sold 4,250 shares of the stock in a transaction dated Tuesday, November 19th. The shares were sold at an average price of $90.83, for a total value of $386,027.50. Following the completion of the sale, the chief financial officer now owns 4,689 shares in the company, valued at $425,901.87. This represents a 47.54 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Ken Xie sold 23,307 shares of the stock in a transaction dated Wednesday, October 16th. The shares were sold at an average price of $81.89, for a total transaction of $1,908,610.23. Following the completion of the sale, the chief executive officer now owns 48,915,530 shares of the company’s stock, valued at approximately $4,005,692,751.70. This represents a 0.05 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 51,095 shares of company stock worth $4,058,575. Insiders own 18.00% of the company’s stock.

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.