Cerity Partners LLC Purchases 57,888 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Cerity Partners LLC lifted its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 26.8% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 274,158 shares of the software maker’s stock after buying an additional 57,888 shares during the period. Cerity Partners LLC’s holdings in Fortinet were worth $21,261,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of the business. Eastern Bank bought a new stake in shares of Fortinet in the third quarter worth approximately $25,000. Ashton Thomas Securities LLC bought a new stake in shares of Fortinet during the third quarter valued at approximately $26,000. Private Wealth Management Group LLC lifted its holdings in shares of 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 buying an additional 173 shares in the last quarter. Oakworth Capital Inc. bought a new position in shares of Fortinet during the 2nd quarter valued at about $33,000. Finally, Versant Capital Management Inc boosted its stake in Fortinet by 61.2% during the second quarter. Versant Capital Management Inc now owns 627 shares of the software maker’s stock valued at $38,000 after buying an additional 238 shares during the last quarter. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Insider Transactions at Fortinet

In other news, CFO Keith Jensen sold 4,250 shares of Fortinet stock in a transaction dated Tuesday, November 19th. The shares were sold at an average price of $90.83, for a total value of $386,027.50. Following the sale, the chief financial officer now 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 Securities & Exchange Commission, which is available through this link. Also, CEO Ken Xie sold 23,538 shares of the firm’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 completion of the transaction, the chief executive officer now directly owns 48,878,806 shares in the company, valued at $3,662,977,721.64. This represents a 0.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 51,095 shares of company stock worth $4,058,575 over the last quarter. 18.00% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of brokerages have commented on FTNT. UBS Group lifted their price objective on shares of Fortinet from $70.00 to $83.00 and gave the stock a “neutral” rating in a research note on Friday, November 8th. Truist Financial reaffirmed a “buy” rating and set a $105.00 target price (up previously from $85.00) on shares of Fortinet in a research note on Wednesday, November 20th. Scotiabank boosted their target price on shares of Fortinet from $85.00 to $110.00 and gave the company a “sector outperform” rating in a research note on Wednesday, November 20th. Needham & Company LLC reissued a “hold” rating on shares of Fortinet in a research note on Friday. Finally, StockNews.com raised shares of Fortinet from a “hold” rating to a “buy” rating in a research report on Friday, October 25th. One equities research analyst has rated the stock with a sell rating, nineteen have issued a hold rating, thirteen have given 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 an average target price of $88.93.

Fortinet Price Performance

NASDAQ:FTNT opened at $92.77 on Monday. The firm’s fifty day moving average is $82.45 and its two-hundred day moving average is $70.45. The firm has a market cap of $71.10 billion, a price-to-earnings ratio of 46.85, a PEG ratio of 2.73 and a beta of 1.00. Fortinet, Inc. has a one year low of $50.65 and a one year high of $100.59. The company has a debt-to-equity ratio of 1.09, a quick ratio of 1.25 and a current ratio of 1.34.

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.