Avanza Fonder AB Makes New $4.41 Million Investment in Fortinet, Inc. (NASDAQ:FTNT)

Avanza Fonder AB bought a new stake in shares of Fortinet, Inc. (NASDAQ:FTNT) during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 46,661 shares of the software maker’s stock, valued at approximately $4,409,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Decker Retirement Planning Inc. purchased a new position in shares of Fortinet during the fourth quarter valued at about $4,817,000. Occidental Asset Management LLC boosted its position in Fortinet by 30.2% during the 4th quarter. Occidental Asset Management LLC now owns 3,725 shares of the software maker’s stock valued at $352,000 after acquiring an additional 865 shares in the last quarter. Empirical Asset Management LLC purchased a new position in shares of Fortinet during the 4th quarter worth approximately $1,864,000. Retireful LLC raised its position in shares of Fortinet by 216.3% in the 4th quarter. Retireful LLC now owns 25,279 shares of the software maker’s stock worth $2,388,000 after acquiring an additional 17,288 shares in the last quarter. Finally, Ritholtz Wealth Management raised its position in shares of Fortinet by 42.5% in the 4th quarter. Ritholtz Wealth Management now owns 4,909 shares of the software maker’s stock worth $464,000 after acquiring an additional 1,465 shares in the last quarter. Institutional investors own 83.71% of the company’s stock.

Fortinet Stock Up 0.2 %

Fortinet stock opened at $94.23 on Friday. Fortinet, Inc. has a one year low of $54.57 and a one year high of $101.00. The stock has a fifty day moving average of $95.68 and a 200 day moving average of $80.34. The company has a debt-to-equity ratio of 1.09, a quick ratio of 1.25 and a current ratio of 1.34. The stock has a market cap of $72.22 billion, a PE ratio of 47.59, a price-to-earnings-growth ratio of 2.51 and a beta of 1.00.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on FTNT shares. Scotiabank upped their price target on Fortinet from $85.00 to $110.00 and gave the stock a “sector outperform” rating in a research note on Wednesday, November 20th. Truist Financial reaffirmed 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. StockNews.com raised shares of Fortinet from a “hold” rating to a “buy” rating in a research report on Friday, October 25th. UBS Group boosted 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. Finally, Cantor Fitzgerald lifted their target price on shares of Fortinet from $88.00 to $95.00 and gave the company a “neutral” rating in a report on Tuesday, November 19th. One analyst has rated the stock with a sell rating, eighteen have assigned a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $95.16.

Insider Activity

In other Fortinet news, Director William H. Neukom bought 355 shares of the business’s stock in a transaction that occurred on Friday, December 6th. The stock was bought at an average cost of $98.50 per share, for a total transaction of $34,967.50. Following the completion of the transaction, the director now owns 150,245 shares of the company’s stock, valued at $14,799,132.50. This represents a 0.24 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Keith Jensen sold 4,250 shares of the company’s stock in a transaction that occurred on Tuesday, November 19th. The shares were sold at an average price of $90.83, for a total transaction of $386,027.50. Following the sale, the chief financial officer now directly owns 4,689 shares of the company’s stock, valued at approximately $425,901.87. This represents a 47.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 67,860 shares of company stock valued at $6,469,056 in the last quarter. 18.00% of the stock is currently owned by insiders.

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.