Sigma Planning Corp Boosts Stock Holdings in Fortinet, Inc. (NASDAQ:FTNT)

Sigma Planning Corp boosted its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 19.4% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 8,034 shares of the software maker’s stock after purchasing an additional 1,306 shares during the period. Sigma Planning Corp’s holdings in Fortinet were worth $623,000 at the end of the most recent reporting period.

A number of other large investors also recently bought and sold shares of the stock. Eastern Bank acquired a new position in shares of Fortinet during the 3rd quarter valued at $25,000. Private Wealth Management Group LLC lifted its holdings in shares of Fortinet by 73.3% during the 3rd quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker’s stock valued at $32,000 after acquiring an additional 173 shares in the last quarter. Oakworth Capital Inc. acquired a new position in shares of Fortinet during the 2nd quarter valued at $33,000. Versant Capital Management Inc lifted its holdings in shares of Fortinet by 61.2% during the 2nd quarter. Versant Capital Management Inc now owns 627 shares of the software maker’s stock valued at $38,000 after acquiring an additional 238 shares in the last quarter. Finally, City State Bank lifted its holdings in shares of Fortinet by 900.0% during the 3rd quarter. City State Bank now owns 500 shares of the software maker’s stock valued at $39,000 after acquiring an additional 450 shares in the last quarter. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Insider Activity at Fortinet

In other Fortinet news, CEO Ken Xie sold 23,307 shares of the company’s stock in a transaction dated Wednesday, October 16th. The shares were sold at an average price of $81.89, for a total value of $1,908,610.23. Following the completion of the transaction, the chief executive officer now owns 48,915,530 shares in the company, valued at approximately $4,005,692,751.70. This represents a 0.05 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders own 18.00% of the company’s stock.

Fortinet Price Performance

Shares of NASDAQ:FTNT opened at $94.46 on Friday. The company has a quick ratio of 1.25, a current ratio of 1.34 and a debt-to-equity ratio of 1.09. Fortinet, Inc. has a fifty-two week low of $49.97 and a fifty-two week high of $100.59. The firm has a 50-day simple moving average of $80.38 and a 200 day simple moving average of $69.03. The company has a market cap of $72.40 billion, a PE ratio of 47.71, a P/E/G ratio of 2.96 and a beta of 1.00.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on FTNT shares. Rosenblatt Securities lifted their target price on shares of Fortinet from $85.00 to $90.00 and gave the company a “buy” rating in a report on Friday, November 8th. Scotiabank lifted their target price on shares of Fortinet from $75.00 to $85.00 and gave the company a “sector outperform” rating in a report on Friday, November 8th. Piper Sandler boosted their price objective on shares of Fortinet from $70.00 to $80.00 and gave the stock a “neutral” rating in a report on Friday, November 8th. Royal Bank of Canada boosted their price objective on shares of Fortinet from $68.00 to $72.00 and gave the stock a “sector perform” rating in a report on Wednesday, August 7th. Finally, Raymond James boosted their price objective on shares of Fortinet from $85.00 to $95.00 and gave the stock an “outperform” rating in a report on Friday, November 8th. One analyst has rated the stock with a sell rating, nineteen have issued a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Fortinet has an average rating of “Hold” and an average price target of $79.52.

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.