Fiduciary Trust Co Buys 268 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Fiduciary Trust Co boosted its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 2.6% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 10,586 shares of the software maker’s stock after acquiring an additional 268 shares during the period. Fiduciary Trust Co’s holdings in Fortinet were worth $821,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Cetera Investment Advisers lifted its holdings in shares of Fortinet by 543.5% during the 1st quarter. Cetera Investment Advisers now owns 157,319 shares of the software maker’s stock worth $10,765,000 after acquiring an additional 132,871 shares during the period. Cetera Advisors LLC boosted its holdings in shares of Fortinet by 91.6% in the 1st quarter. Cetera Advisors LLC now owns 33,223 shares of the software maker’s stock valued at $2,269,000 after purchasing an additional 15,880 shares in the last quarter. Versant Capital Management Inc boosted its holdings in shares of Fortinet by 61.2% in the 2nd 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. Insight Wealth Strategies LLC raised its holdings in shares of Fortinet by 3.6% during the 2nd quarter. Insight Wealth Strategies LLC now owns 22,661 shares of the software maker’s stock worth $1,366,000 after buying an additional 781 shares in the last quarter. Finally, Mather Group LLC. lifted its position in shares of Fortinet by 57.0% during the 2nd quarter. Mather Group LLC. now owns 6,035 shares of the software maker’s stock worth $364,000 after buying an additional 2,190 shares during the last quarter. 83.71% of the stock is owned by institutional investors and hedge funds.

Fortinet Stock Performance

Shares of FTNT stock opened at $95.05 on Friday. The firm has a 50 day moving average of $84.33 and a 200-day moving average of $71.53. The company has a market cap of $72.85 billion, a price-to-earnings ratio of 48.01, a price-to-earnings-growth ratio of 2.73 and a beta of 1.00. The company has a quick ratio of 1.25, a current ratio of 1.34 and a debt-to-equity ratio of 1.09. Fortinet, Inc. has a 52 week low of $50.65 and a 52 week high of $100.59.

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 stock was sold at an average price of $81.89, for a total value of $1,908,610.23. Following the transaction, the chief executive officer now owns 48,915,530 shares in the company, valued at approximately $4,005,692,751.70. This represents a 0.05 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Keith Jensen sold 17,650 shares of the firm’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 completion of the sale, the chief financial officer now directly owns 4,689 shares of the company’s stock, valued at $448,549.74. This trade represents a 79.01 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 68,745 shares of company stock worth $5,746,974. 18.00% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on FTNT. StockNews.com upgraded Fortinet from a “hold” rating to a “buy” rating in a research report on Friday, October 25th. Wells Fargo & Company increased their price objective on shares of Fortinet from $80.00 to $85.00 and gave the company an “equal weight” rating in a research note on Tuesday, November 19th. Piper Sandler boosted their target price on shares of Fortinet from $80.00 to $100.00 and gave the stock a “neutral” rating in a research note on Tuesday, November 19th. JPMorgan Chase & Co. increased their price target on Fortinet from $63.00 to $70.00 and gave the company a “neutral” rating in a research note on Wednesday, August 7th. Finally, Rosenblatt Securities boosted their price objective on Fortinet from $90.00 to $100.00 and gave the stock a “buy” rating in a research report on Wednesday, November 20th. One equities research analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and an average target price of $88.93.

Fortinet Company 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.