Algert Global LLC Acquires 49,907 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Algert Global LLC grew its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 598.7% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 58,243 shares of the software maker’s stock after purchasing an additional 49,907 shares during the period. Algert Global LLC’s holdings in Fortinet were worth $4,517,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of FTNT. Swedbank AB increased its holdings in Fortinet by 1.7% in the 2nd quarter. Swedbank AB now owns 8,156,797 shares of the software maker’s stock worth $491,610,000 after buying an additional 134,366 shares in the last quarter. Marshall Wace LLP grew its stake in shares of Fortinet by 198.5% in the second quarter. Marshall Wace LLP now owns 6,238,856 shares of the software maker’s stock worth $376,016,000 after acquiring an additional 4,148,520 shares during the period. Van ECK Associates Corp grew its stake in shares of Fortinet by 94.9% in the second quarter. Van ECK Associates Corp now owns 5,755,599 shares of the software maker’s stock worth $346,890,000 after acquiring an additional 2,802,446 shares during the period. Renaissance Technologies LLC raised its holdings in shares of Fortinet by 15.0% during the second quarter. Renaissance Technologies LLC now owns 5,026,394 shares of the software maker’s stock valued at $302,941,000 after purchasing an additional 657,400 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its holdings in Fortinet by 1.8% in the third quarter. Charles Schwab Investment Management Inc. now owns 3,817,859 shares of the software maker’s stock worth $296,075,000 after purchasing an additional 68,852 shares during the last quarter. Institutional investors own 83.71% of the company’s stock.

Fortinet Stock Down 1.3 %

Shares of FTNT opened at $92.77 on Monday. The business’s 50 day simple moving average is $82.45 and its 200-day simple moving average is $70.45. Fortinet, Inc. has a 1 year low of $50.65 and a 1 year high of $100.59. The stock has a market capitalization of $71.10 billion, a price-to-earnings ratio of 46.85, a price-to-earnings-growth ratio of 2.73 and a beta of 1.00. The company has a debt-to-equity ratio of 1.09, a current ratio of 1.34 and a quick ratio of 1.25.

Insider Buying and Selling at Fortinet

In related news, CEO Ken Xie sold 23,538 shares of the company’s stock in a transaction dated Wednesday, September 18th. The shares were sold at an average price of $74.94, for a total transaction of $1,763,937.72. Following the transaction, the chief executive officer now directly owns 48,878,806 shares in the company, valued at approximately $3,662,977,721.64. This represents a 0.05 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Keith Jensen sold 4,250 shares of the stock in a transaction dated Tuesday, November 19th. The stock was sold at an average price of $90.83, for a total transaction of $386,027.50. Following the completion of the sale, 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 disclosure for this sale can be found here. Insiders sold 51,095 shares of company stock worth $4,058,575 over the last 90 days. 18.00% of the stock is owned by insiders.

Analysts Set New Price Targets

FTNT has been the subject of a number of research reports. Cantor Fitzgerald boosted their target price on shares of Fortinet from $88.00 to $95.00 and gave the company a “neutral” rating in a research note on Tuesday, November 19th. Truist Financial reissued a “buy” rating and issued a $105.00 target price (up from $85.00) on shares of Fortinet in a research report on Wednesday, November 20th. Rosenblatt Securities upped their price target on shares of Fortinet from $90.00 to $100.00 and gave the company a “buy” rating in a research report on Wednesday, November 20th. DZ Bank raised shares of Fortinet from a “sell” rating to a “hold” rating and set a $65.00 price objective on the stock in a report on Thursday, August 8th. Finally, Piper Sandler upped their target price on shares of Fortinet from $80.00 to $100.00 and gave the company a “neutral” rating in a report on Tuesday, November 19th. One 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 given a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently 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.