Independent Advisor Alliance Boosts Stake in Fortinet, Inc. (NASDAQ:FTNT)

Independent Advisor Alliance raised its position in shares of Fortinet, Inc. (NASDAQ:FTNT) by 5.9% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 19,480 shares of the software maker’s stock after buying an additional 1,087 shares during the quarter. Independent Advisor Alliance’s holdings in Fortinet were worth $1,511,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. Silvercrest Asset Management Group LLC increased its position in Fortinet by 37.1% during the first quarter. Silvercrest Asset Management Group LLC now owns 43,856 shares of the software maker’s stock valued at $2,996,000 after acquiring an additional 11,879 shares during the last quarter. B. Riley Wealth Advisors Inc. raised its holdings in shares of Fortinet by 423.3% in the first quarter. B. Riley Wealth Advisors Inc. now owns 48,201 shares of the software maker’s stock worth $3,293,000 after buying an additional 38,990 shares during the period. Tidal Investments LLC lifted its stake in shares of Fortinet by 13.5% during the 1st quarter. Tidal Investments LLC now owns 35,039 shares of the software maker’s stock worth $2,392,000 after acquiring an additional 4,164 shares during the last quarter. Hancock Whitney Corp boosted its holdings in Fortinet by 0.6% during the 1st quarter. Hancock Whitney Corp now owns 41,297 shares of the software maker’s stock valued at $2,821,000 after acquiring an additional 235 shares during the period. Finally, Jaffetilchin Investment Partners LLC bought a new position in Fortinet in the 1st quarter valued at $397,000. 83.71% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on FTNT. Robert W. Baird boosted their target price on shares of Fortinet from $95.00 to $100.00 and gave the company an “outperform” rating in a research note on Tuesday, November 19th. Bank of America boosted their price objective on shares of Fortinet from $87.00 to $104.00 and gave the company a “buy” rating in a research report on Tuesday, November 19th. Piper Sandler upped 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. Citigroup lifted their price target on shares of Fortinet from $66.00 to $76.00 and gave the company a “neutral” rating in a research note on Friday, September 13th. Finally, HSBC raised Fortinet from a “hold” rating to a “buy” rating and increased their price objective for the stock from $83.00 to $111.00 in a research note on Monday, November 11th. One 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 issued a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $88.93.

Fortinet Stock Up 3.6 %

FTNT stock opened at $96.44 on Wednesday. The stock has a market capitalization of $73.92 billion, a PE ratio of 48.71, a price-to-earnings-growth ratio of 2.69 and a beta of 1.00. Fortinet, Inc. has a 52 week low of $50.65 and a 52 week high of $100.59. The company has a quick ratio of 1.25, a current ratio of 1.34 and a debt-to-equity ratio of 1.09. The firm has a 50 day moving average of $82.79 and a 200 day moving average of $70.69.

Insiders Place Their Bets

In other news, CFO Keith Jensen sold 4,250 shares of the firm’s stock in a transaction dated Tuesday, November 19th. The stock was sold at an average price of $90.83, for a total value of $386,027.50. Following the completion of the transaction, the chief financial officer now directly owns 4,689 shares in the company, valued at $425,901.87. This trade represents a 47.54 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Ken Xie sold 23,307 shares of the company’s stock in a transaction that occurred on Wednesday, October 16th. The shares were sold at an average price of $81.89, for a total value of $1,908,610.23. Following the completion of the sale, 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 position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 51,095 shares of company stock valued at $4,058,575. Insiders own 18.00% of the company’s stock.

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.