Strategy Asset Managers LLC Has $1.34 Million Position in Fortinet, Inc. (NASDAQ:FTNT)

Strategy Asset Managers LLC increased its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 68.7% during the third quarter, HoldingsChannel.com reports. The institutional investor owned 17,240 shares of the software maker’s stock after purchasing an additional 7,019 shares during the quarter. Strategy Asset Managers LLC’s holdings in Fortinet were worth $1,337,000 as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of FTNT. Eagle Capital Management LLC grew its stake in Fortinet by 0.6% during the 3rd quarter. Eagle Capital Management LLC now owns 25,772 shares of the software maker’s stock valued at $1,999,000 after acquiring an additional 141 shares in the last quarter. OneDigital Investment Advisors LLC boosted its holdings in shares of Fortinet by 3.9% during the third quarter. OneDigital Investment Advisors LLC now owns 3,782 shares of the software maker’s stock worth $293,000 after purchasing an additional 141 shares during the period. Parallel Advisors LLC grew its position in Fortinet by 2.0% during the second quarter. Parallel Advisors LLC now owns 7,504 shares of the software maker’s stock valued at $452,000 after purchasing an additional 148 shares in the last quarter. Private Wealth Management Group LLC increased its stake in Fortinet by 73.3% in the 3rd quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker’s stock valued at $32,000 after buying an additional 173 shares during the period. Finally, Simplicity Wealth LLC lifted its position in Fortinet by 2.2% in the 2nd quarter. Simplicity Wealth LLC now owns 8,260 shares of the software maker’s stock worth $498,000 after buying an additional 174 shares in the last quarter. 83.71% of the stock is owned by institutional investors and hedge funds.

Fortinet Trading Down 1.2 %

Shares of FTNT opened at $90.79 on Wednesday. The stock’s fifty day simple moving average is $81.39 and its 200-day simple moving average is $69.73. 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 market capitalization of $69.59 billion, a PE ratio of 45.85, a price-to-earnings-growth ratio of 2.82 and a beta of 1.00. Fortinet, Inc. has a 12-month low of $50.65 and a 12-month high of $100.59.

Insider Buying and Selling at Fortinet

In other news, CEO Ken Xie sold 23,307 shares of Fortinet stock in a transaction that occurred on Wednesday, October 16th. The shares were sold at an average price of $81.89, for a total transaction 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 $4,005,692,751.70. The trade was a 0.05 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 18.00% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on the stock. Susquehanna boosted their price target on shares of Fortinet from $65.00 to $70.00 and gave the company a “neutral” rating in a report on Thursday, August 8th. Needham & Company LLC restated a “hold” rating on shares of Fortinet in a research note on Monday, November 11th. Hsbc Global Res raised Fortinet from a “hold” rating to a “strong-buy” rating in a research report on Monday, November 11th. Guggenheim cut Fortinet from a “buy” rating to a “neutral” rating in a report on Monday, July 29th. Finally, Mizuho lowered Fortinet from a “neutral” rating to an “underperform” rating and set a $68.00 price objective on the stock. in a report on Thursday, October 17th. One research analyst has rated the stock with a sell rating, nineteen have given 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 currently has a consensus rating of “Hold” and an average price target of $87.10.

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.