Fortinet, Inc. (NASDAQ:FTNT) Shares Purchased by GAMMA Investing LLC

GAMMA Investing LLC raised its position in shares of Fortinet, Inc. (NASDAQ:FTNT) by 45.9% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 16,836 shares of the software maker’s stock after buying an additional 5,293 shares during the period. GAMMA Investing LLC’s holdings in Fortinet were worth $1,591,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also modified their holdings of the company. Eagle Capital Management LLC lifted its holdings in Fortinet by 2.2% during the 2nd quarter. Eagle Capital Management LLC now owns 25,631 shares of the software maker’s stock worth $1,545,000 after buying an additional 544 shares in the last quarter. Commonwealth Equity Services LLC raised its position in Fortinet by 2.1% in the 2nd quarter. Commonwealth Equity Services LLC now owns 132,374 shares of the software maker’s stock valued at $7,978,000 after purchasing an additional 2,665 shares in the last quarter. Farther Finance Advisors LLC boosted its stake in shares of Fortinet by 33.2% in the 2nd quarter. Farther Finance Advisors LLC now owns 4,256 shares of the software maker’s stock valued at $255,000 after buying an additional 1,060 shares during the period. Natixis Advisors LLC grew its position in shares of Fortinet by 1.7% during the second quarter. Natixis Advisors LLC now owns 171,237 shares of the software maker’s stock worth $10,320,000 after buying an additional 2,873 shares in the last quarter. Finally, TD Asset Management Inc raised its holdings in Fortinet by 2.6% in the second quarter. TD Asset Management Inc now owns 1,073,372 shares of the software maker’s stock valued at $64,692,000 after acquiring an additional 27,160 shares in the last quarter. 83.71% of the stock is owned by institutional investors and hedge funds.

Fortinet Stock Up 2.9 %

FTNT opened at $97.47 on Friday. 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 company has a market cap of $74.71 billion, a price-to-earnings ratio of 49.23, a PEG ratio of 2.77 and a beta of 1.00. The business’s fifty day moving average is $92.91 and its two-hundred day moving average is $77.85. Fortinet, Inc. has a one year low of $54.57 and a one year high of $100.59.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on FTNT shares. Piper Sandler lifted their price objective on shares of Fortinet from $80.00 to $100.00 and gave the stock a “neutral” rating in a research report on Tuesday, November 19th. TD Cowen raised their price objective on Fortinet from $90.00 to $105.00 and gave the stock a “buy” rating in a report on Tuesday, November 19th. Scotiabank upped their target price on Fortinet from $85.00 to $110.00 and gave the company a “sector outperform” rating in a research report on Wednesday, November 20th. Raymond James lifted their price target on Fortinet from $85.00 to $95.00 and gave the stock an “outperform” rating in a research report on Friday, November 8th. Finally, UBS Group increased their price objective on Fortinet from $70.00 to $83.00 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 issued a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Fortinet presently has a consensus rating of “Hold” and a consensus target price of $93.71.

Insider Activity

In related news, Director William H. Neukom bought 355 shares of the stock in a transaction on Friday, December 6th. The shares were purchased at an average price of $98.50 per share, for a total transaction of $34,967.50. Following the acquisition, the director now owns 150,245 shares in the company, valued at $14,799,132.50. This represents a 0.24 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Ken Xie sold 23,307 shares of the business’s stock in a transaction dated 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 0.05 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 68,123 shares of company stock worth $6,227,201 over the last ninety days. 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.