Pathstone Holdings LLC Has $4.53 Million Position in Fortinet, Inc. (NASDAQ:FTNT)

Pathstone Holdings LLC raised its position in Fortinet, Inc. (NASDAQ:FTNT) by 3.9% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 58,352 shares of the software maker’s stock after buying an additional 2,196 shares during the quarter. Pathstone Holdings LLC’s holdings in Fortinet were worth $4,525,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in the company. Eagle Capital Management LLC grew its stake in shares of Fortinet by 0.6% in the third quarter. Eagle Capital Management LLC now owns 25,772 shares of the software maker’s stock valued at $1,999,000 after acquiring an additional 141 shares in the last quarter. OneDigital Investment Advisors LLC grew its position in shares of Fortinet by 3.9% during the 3rd quarter. OneDigital Investment Advisors LLC now owns 3,782 shares of the software maker’s stock worth $293,000 after purchasing an additional 141 shares in the last quarter. Parallel Advisors LLC grew its position in shares of Fortinet by 2.0% during the 2nd quarter. Parallel Advisors LLC now owns 7,504 shares of the software maker’s stock worth $452,000 after purchasing an additional 148 shares in the last quarter. Private Wealth Management Group LLC increased its holdings in shares of Fortinet by 73.3% during the third quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker’s stock worth $32,000 after purchasing an additional 173 shares during the period. Finally, Simplicity Wealth LLC raised its position in shares of Fortinet by 2.2% in the second quarter. Simplicity Wealth LLC now owns 8,260 shares of the software maker’s stock valued at $498,000 after buying an additional 174 shares in the last quarter. Institutional investors own 83.71% of the company’s stock.

Fortinet Stock Performance

Shares of FTNT stock opened at $92.77 on Friday. The company has a debt-to-equity ratio of 1.09, a current ratio of 1.34 and a quick ratio of 1.25. Fortinet, Inc. has a one year low of $50.65 and a one year high of $100.59. The business’s 50 day simple moving average is $82.45 and its 200 day simple moving average is $70.37. The stock has a market capitalization of $71.10 billion, a PE ratio of 46.85, a PEG ratio of 2.73 and a beta of 1.00.

Insider Activity

In other news, CEO Ken Xie sold 23,538 shares of the business’s stock in a transaction dated Wednesday, September 18th. The stock was sold at an average price of $74.94, for a total value of $1,763,937.72. Following the transaction, the chief executive officer now directly owns 48,878,806 shares of the company’s stock, valued at $3,662,977,721.64. The trade was a 0.05 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Keith Jensen sold 4,250 shares of the firm’s stock in a transaction that occurred on Tuesday, November 19th. The stock was sold at an average price of $90.83, for a total value of $386,027.50. Following the sale, the chief financial officer now directly owns 4,689 shares of the company’s stock, valued at $425,901.87. This represents a 47.54 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 51,095 shares of company stock valued at $4,058,575. 18.00% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of research firms have commented on FTNT. Hsbc Global Res upgraded Fortinet from a “hold” rating to a “strong-buy” rating in a research note on Monday, November 11th. Piper Sandler raised their price target on Fortinet from $80.00 to $100.00 and gave the stock a “neutral” rating in a research report on Tuesday, November 19th. DZ Bank raised shares of Fortinet from a “sell” rating to a “hold” rating and set a $65.00 price objective for the company in a research report on Thursday, August 8th. Needham & Company LLC reissued a “hold” rating on shares of Fortinet in a report on Friday. Finally, 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 report on Wednesday. One equities research analyst has rated the stock with a sell rating, nineteen have given a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, Fortinet has a consensus rating of “Hold” and a consensus price target of $88.93.

About Fortinet

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.