Patron Partners LLC Acquires 455 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Patron Partners LLC lifted its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 4.5% in the third quarter, Holdings Channel.com reports. The fund owned 10,613 shares of the software maker’s stock after purchasing an additional 455 shares during the period. Patron Partners LLC’s holdings in Fortinet were worth $823,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in FTNT. GSA Capital Partners LLP lifted its position in shares of Fortinet by 85.5% in the 3rd quarter. GSA Capital Partners LLP now owns 15,270 shares of the software maker’s stock worth $1,184,000 after purchasing an additional 7,040 shares during the period. Entropy Technologies LP purchased a new position in shares of Fortinet during the 3rd quarter worth approximately $3,550,000. Apollon Wealth Management LLC raised its position in shares of Fortinet by 7.6% in the 3rd quarter. Apollon Wealth Management LLC now owns 15,296 shares of the software maker’s stock worth $1,186,000 after acquiring an additional 1,081 shares in the last quarter. Versor Investments LP boosted its position in shares of Fortinet by 157.9% during the third quarter. Versor Investments LP now owns 13,106 shares of the software maker’s stock valued at $1,016,000 after purchasing an additional 8,024 shares in the last quarter. Finally, GDS Wealth Management bought a new position in Fortinet in the third quarter worth $444,000. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Fortinet Stock Performance

Fortinet stock opened at $97.18 on Tuesday. The company has a market cap of $74.33 billion, a PE ratio of 49.08, a price-to-earnings-growth ratio of 3.24 and a beta of 1.00. Fortinet, Inc. has a twelve month low of $49.70 and a twelve month high of $97.35. The company has a quick ratio of 1.22, a current ratio of 1.32 and a debt-to-equity ratio of 3.45. The company’s 50-day moving average price is $79.15 and its 200-day moving average price is $68.40.

Insider Buying and Selling at Fortinet

In other Fortinet news, CEO Ken Xie sold 23,307 shares of Fortinet stock in a transaction 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 transaction, the chief executive officer now directly owns 48,915,530 shares of the company’s stock, valued at $4,005,692,751.70. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders have sold a total of 70,538 shares of company stock worth $5,403,559 over the last ninety days. Company insiders own 18.00% of the company’s stock.

Analyst Ratings Changes

Several research analysts recently issued reports on the stock. JPMorgan Chase & Co. increased their price target on shares of Fortinet from $63.00 to $70.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 7th. Susquehanna lifted their price objective on Fortinet from $65.00 to $70.00 and gave the company a “neutral” rating in a research note on Thursday, August 8th. Raymond James increased their target price on Fortinet from $85.00 to $95.00 and gave the stock an “outperform” rating in a research note on Friday. UBS Group lifted their price target on Fortinet from $70.00 to $83.00 and gave the stock a “neutral” rating in a research report on Friday. Finally, Wells Fargo & Company increased their price objective on shares of Fortinet from $62.00 to $64.00 and gave the company an “equal weight” rating in a research report on Wednesday, August 7th. One investment analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $79.52.

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.