Assetmark Inc. Purchases 448 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Assetmark Inc. lifted its position in shares of Fortinet, Inc. (NASDAQ:FTNT) by 3.8% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 12,232 shares of the software maker’s stock after buying an additional 448 shares during the quarter. Assetmark Inc.’s holdings in Fortinet were worth $949,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in FTNT. Vanguard Group Inc. lifted its stake in shares of Fortinet by 1.2% during the 1st quarter. Vanguard Group Inc. now owns 68,052,487 shares of the software maker’s stock worth $4,648,665,000 after purchasing an additional 779,271 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its stake in shares of Fortinet by 664.8% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 35,137,089 shares of the software maker’s stock worth $2,400,215,000 after purchasing an additional 30,542,551 shares during the last quarter. Swedbank AB raised its stake in Fortinet by 1.7% in the second quarter. Swedbank AB now owns 8,156,797 shares of the software maker’s stock valued at $491,610,000 after buying an additional 134,366 shares during the last quarter. Marshall Wace LLP raised its stake in Fortinet by 198.5% in the second quarter. Marshall Wace LLP now owns 6,238,856 shares of the software maker’s stock valued at $376,016,000 after buying an additional 4,148,520 shares during the last quarter. Finally, Van ECK Associates Corp raised its stake in Fortinet by 94.9% in the second quarter. Van ECK Associates Corp now owns 5,755,599 shares of the software maker’s stock valued at $346,890,000 after buying an additional 2,802,446 shares during the last quarter. Institutional investors own 83.71% of the company’s stock.

Analyst Upgrades and Downgrades

FTNT has been the subject of a number of research analyst reports. JPMorgan Chase & Co. increased their price target on Fortinet from $63.00 to $70.00 and gave the company a “neutral” rating in a research note on Wednesday, August 7th. Barclays increased their price target on Fortinet from $85.00 to $95.00 and gave the company an “equal weight” rating in a research note on Friday, November 8th. Deutsche Bank Aktiengesellschaft increased their price target on Fortinet from $71.00 to $75.00 and gave the company a “hold” rating in a research note on Wednesday, August 7th. Scotiabank increased their price target on Fortinet from $75.00 to $85.00 and gave the company a “sector outperform” rating in a research note on Friday, November 8th. Finally, Piper Sandler increased their price objective on Fortinet from $70.00 to $80.00 and gave the company a “neutral” rating in a report on Friday, November 8th. One investment analyst has rated the stock with a sell rating, nineteen have given a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $79.52.

Fortinet Price Performance

NASDAQ:FTNT opened at $94.20 on Friday. Fortinet, Inc. has a 52 week low of $49.97 and a 52 week high of $100.59. The company has a quick ratio of 1.25, a current ratio of 1.34 and a debt-to-equity ratio of 1.09. The company has a market capitalization of $72.20 billion, a P/E ratio of 47.58, a P/E/G ratio of 2.93 and a beta of 1.00. The stock’s fifty day moving average is $80.76 and its two-hundred day moving average is $69.24.

Insider Activity

In related news, CEO Ken Xie sold 23,307 shares of the business’s stock in a transaction on Wednesday, October 16th. The stock was 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 0.05 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 18.00% of the company’s stock.

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.