Quantbot Technologies LP Buys 27,685 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Quantbot Technologies LP raised its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 22.9% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 148,525 shares of the software maker’s stock after acquiring an additional 27,685 shares during the period. Fortinet comprises approximately 0.5% of Quantbot Technologies LP’s investment portfolio, making the stock its 22nd largest holding. Quantbot Technologies LP’s holdings in Fortinet were worth $11,518,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently made changes to their positions in the company. Eastern Bank bought a new position in shares of Fortinet during the third quarter valued at about $25,000. Ashton Thomas Securities LLC bought a new position in shares of Fortinet during the 3rd quarter worth approximately $26,000. Private Wealth Management Group LLC grew 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 acquiring an additional 173 shares in the last quarter. City State Bank increased its position in shares of Fortinet by 900.0% during the third quarter. City State Bank now owns 500 shares of the software maker’s stock valued at $39,000 after acquiring an additional 450 shares during the last quarter. Finally, Oakworth Capital Inc. purchased a new position in Fortinet in the second quarter worth $33,000. Institutional investors own 83.71% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on FTNT shares. TD Cowen raised their target price on Fortinet from $90.00 to $105.00 and gave the company a “buy” rating in a research report on Tuesday, November 19th. Raymond James lifted their price objective on shares of Fortinet from $85.00 to $95.00 and gave the stock an “outperform” rating in a research report on Friday, November 8th. HSBC raised Fortinet from a “hold” rating to a “buy” rating and increased their price objective for the company from $83.00 to $111.00 in a report on Monday, November 11th. Hsbc Global Res upgraded Fortinet from a “hold” rating to a “strong-buy” rating in a research note on Monday, November 11th. Finally, Barclays boosted their price objective on Fortinet from $85.00 to $95.00 and gave the company an “equal weight” rating in a research note on Friday, November 8th. 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 given a strong buy rating to the stock. Based on data from MarketBeat, Fortinet has a consensus rating of “Hold” and an average price target of $88.93.

Insiders Place Their Bets

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 completion of the sale, 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 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 company’s stock in a transaction dated Wednesday, October 16th. The stock was sold at an average price of $81.89, for a total value of $1,908,610.23. Following the completion of the transaction, the chief executive officer now owns 48,915,530 shares of the company’s stock, valued at $4,005,692,751.70. The trade was a 0.05 % decrease in their ownership of the stock. 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 quarter. Corporate insiders own 18.00% of the company’s stock.

Fortinet Stock Up 0.4 %

FTNT stock opened at $93.12 on Tuesday. The company’s 50 day moving average is $82.79 and its 200 day moving average is $70.69. The stock has a market cap of $71.37 billion, a price-to-earnings ratio of 47.03, a price-to-earnings-growth ratio of 2.69 and a beta of 1.00. 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, Inc. has a 1-year low of $50.65 and a 1-year high of $100.59.

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.