Harvest Fund Management Co. Ltd Has $3.59 Million Stock Holdings in Fortinet, Inc. (NASDAQ:FTNT)

Harvest Fund Management Co. Ltd boosted its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 98.9% during the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 46,353 shares of the software maker’s stock after buying an additional 23,054 shares during the period. Harvest Fund Management Co. Ltd’s holdings in Fortinet were worth $3,594,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of FTNT. Eastern Bank acquired a new stake in shares of Fortinet during the third quarter worth $25,000. Ashton Thomas Securities LLC acquired a new stake in shares of Fortinet in the 3rd quarter valued at about $26,000. Private Wealth Management Group LLC lifted its holdings in shares of 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 purchasing an additional 173 shares in the last quarter. Oakworth Capital Inc. bought a new stake in shares of Fortinet in the second quarter valued at about $33,000. Finally, Versant Capital Management Inc lifted its holdings in shares of Fortinet by 61.2% in the second quarter. Versant Capital Management Inc now owns 627 shares of the software maker’s stock valued at $38,000 after purchasing an additional 238 shares in the last quarter. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on FTNT shares. Bank of America boosted their target price on Fortinet from $87.00 to $104.00 and gave the company a “buy” rating in a research note on Tuesday, November 19th. Scotiabank boosted their price objective on shares of Fortinet from $85.00 to $110.00 and gave the stock a “sector outperform” rating in a research report on Wednesday, November 20th. UBS Group increased their target price on shares of Fortinet from $70.00 to $83.00 and gave the stock a “neutral” rating in a report on Friday, November 8th. Wedbush raised their target price on shares of Fortinet from $90.00 to $105.00 and gave the company an “outperform” rating in a research report on Tuesday, November 19th. Finally, StockNews.com upgraded shares of Fortinet from a “hold” rating to a “buy” rating in a research note on Friday, October 25th. One 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 company. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $88.93.

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 transaction of $1,908,610.23. Following the transaction, the chief executive officer now 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 sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Keith Jensen sold 4,250 shares of the firm’s stock in a transaction that occurred 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 transaction, the chief financial officer now directly 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 disclosure for this sale can be found here. Insiders have sold 51,095 shares of company stock worth $4,058,575 in the last 90 days. Company insiders own 18.00% of the company’s stock.

Fortinet Price Performance

Shares of NASDAQ FTNT opened at $92.77 on Monday. The business’s 50 day moving average is $82.45 and its 200-day moving average is $70.45. The firm has a market cap of $71.10 billion, a P/E ratio of 46.85, a price-to-earnings-growth ratio of 2.69 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.

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.