Versor Investments LP Grows Position in Fortinet, Inc. (NASDAQ:FTNT)

Versor Investments LP lifted its stake in Fortinet, Inc. (NASDAQ:FTNT) by 157.9% during the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 13,106 shares of the software maker’s stock after buying an additional 8,024 shares during the quarter. Versor Investments LP’s holdings in Fortinet were worth $1,016,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of FTNT. Eastern Bank bought a new stake in Fortinet in the third quarter worth $25,000. Ashton Thomas Securities LLC bought a new stake in Fortinet in the third quarter worth $26,000. Private Wealth Management Group LLC increased its position in Fortinet by 73.3% in the third quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker’s stock worth $32,000 after purchasing an additional 173 shares during the last quarter. City State Bank increased its position in Fortinet by 900.0% in the third quarter. City State Bank now owns 500 shares of the software maker’s stock worth $39,000 after purchasing an additional 450 shares during the last quarter. Finally, Oakworth Capital Inc. bought a new stake in Fortinet in the second quarter worth $33,000. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Insider Buying and Selling at Fortinet

In other Fortinet news, CEO Ken Xie sold 23,538 shares of the firm’s stock in a transaction on Wednesday, September 18th. The stock was sold at an average price of $74.94, for a total value of $1,763,937.72. Following the transaction, the chief executive officer now owns 48,878,806 shares in the company, valued at approximately $3,662,977,721.64. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In the last 90 days, insiders have sold 70,538 shares of company stock worth $5,403,559. Corporate insiders own 18.00% of the company’s stock.

Fortinet Trading Up 5.6 %

Shares of NASDAQ:FTNT opened at $97.18 on Tuesday. Fortinet, Inc. has a 1 year low of $49.70 and a 1 year high of $97.35. The firm has a market capitalization of $74.33 billion, a price-to-earnings ratio of 49.08, a price-to-earnings-growth ratio of 3.24 and a beta of 1.00. The company has a debt-to-equity ratio of 3.45, a current ratio of 1.32 and a quick ratio of 1.22. The business’s 50 day moving average price is $79.15 and its 200-day moving average price is $68.40.

Analyst Ratings Changes

Several brokerages recently weighed in on FTNT. UBS Group boosted their price target on shares of Fortinet from $70.00 to $83.00 and gave the stock a “neutral” rating in a research report on Friday. Mizuho cut shares of Fortinet from a “neutral” rating to an “underperform” rating and set a $68.00 price objective on the stock. in a research report on Thursday, October 17th. StockNews.com upgraded shares of Fortinet from a “hold” rating to a “buy” rating in a report on Friday, October 25th. Barclays upped their price target on shares of Fortinet from $85.00 to $95.00 and gave the stock an “equal weight” rating in a report on Friday. Finally, TD Cowen upped their price target on shares of Fortinet from $75.00 to $90.00 and gave the stock a “buy” rating in a report on Wednesday, October 9th. One research analyst has rated the stock with a sell rating, twenty have issued a hold rating and twelve have issued a buy rating to the company. According to MarketBeat.com, Fortinet has a consensus rating of “Hold” and a consensus price target of $79.52.

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.