Healthcare of Ontario Pension Plan Trust Fund Boosts Stake in Fortinet, Inc. (NASDAQ:FTNT)

Healthcare of Ontario Pension Plan Trust Fund lifted its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 107.3% during the third quarter, Holdings Channel reports. The institutional investor owned 145,409 shares of the software maker’s stock after purchasing an additional 75,276 shares during the quarter. Healthcare of Ontario Pension Plan Trust Fund’s holdings in Fortinet were worth $11,276,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently modified their holdings of FTNT. Tidal Investments LLC boosted its stake in shares of Fortinet by 13.5% in the first quarter. Tidal Investments LLC now owns 35,039 shares of the software maker’s stock valued at $2,392,000 after buying an additional 4,164 shares in the last quarter. Plato Investment Management Ltd boosted its stake in shares of Fortinet by 35.2% in the first quarter. Plato Investment Management Ltd now owns 3,138 shares of the software maker’s stock valued at $214,000 after buying an additional 817 shares in the last quarter. Cetera Investment Advisers boosted its stake in shares of Fortinet by 543.5% in the first quarter. Cetera Investment Advisers now owns 157,319 shares of the software maker’s stock valued at $10,765,000 after buying an additional 132,871 shares in the last quarter. Cetera Advisors LLC boosted its stake in shares of Fortinet by 91.6% in the first quarter. Cetera Advisors LLC now owns 33,223 shares of the software maker’s stock valued at $2,269,000 after buying an additional 15,880 shares in the last quarter. Finally, Versant Capital Management Inc raised its holdings in Fortinet by 61.2% during the second quarter. Versant Capital Management Inc now owns 627 shares of the software maker’s stock worth $38,000 after purchasing an additional 238 shares during the last quarter. 83.71% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Fortinet news, CEO Ken Xie sold 23,538 shares of the company’s stock in a transaction that occurred on Wednesday, September 18th. The stock was sold at an average price of $74.94, for a total transaction of $1,763,937.72. Following the sale, the chief executive officer now owns 48,878,806 shares in the company, valued at $3,662,977,721.64. This represents a 0.05 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CFO Keith Jensen sold 17,650 shares of the company’s stock in a transaction that occurred on Tuesday, November 26th. The shares were sold at an average price of $95.66, for a total value of $1,688,399.00. Following the sale, the chief financial officer now owns 4,689 shares in the company, valued at $448,549.74. The trade was a 79.01 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 68,745 shares of company stock worth $5,746,974. 18.00% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on the company. Scotiabank lifted their price objective on Fortinet from $85.00 to $110.00 and gave the stock a “sector outperform” rating in a report on Wednesday, November 20th. Citigroup lifted their price objective on Fortinet from $66.00 to $76.00 and gave the stock a “neutral” rating in a report on Friday, September 13th. TD Cowen lifted their price objective on Fortinet from $90.00 to $105.00 and gave the stock a “buy” rating in a report on Tuesday, November 19th. Robert W. Baird boosted their price target on Fortinet from $95.00 to $100.00 and gave the stock an “outperform” rating in a report on Tuesday, November 19th. Finally, Mizuho cut Fortinet from a “neutral” rating to an “underperform” rating and set a $68.00 price target for the company. in a report on Thursday, October 17th. One equities research analyst has rated the stock with a sell rating, nineteen have issued a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $88.93.

Fortinet Trading Down 2.5 %

NASDAQ:FTNT opened at $94.06 on Friday. The company has a debt-to-equity ratio of 1.09, a quick ratio of 1.25 and a current ratio of 1.34. Fortinet, Inc. has a one year low of $50.65 and a one year high of $100.59. The business’s 50-day simple moving average is $83.59 and its 200 day simple moving average is $71.12. The stock has a market cap of $72.09 billion, a price-to-earnings ratio of 47.51, a price-to-earnings-growth ratio of 2.70 and a beta of 1.00.

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.