Versant Capital Management Inc Raises Stock Position in Fortinet, Inc. (NASDAQ:FTNT)

Versant Capital Management Inc grew its position in Fortinet, Inc. (NASDAQ:FTNT) by 13.1% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,106 shares of the software maker’s stock after buying an additional 128 shares during the period. Versant Capital Management Inc’s holdings in Fortinet were worth $104,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Eagle Capital Management LLC increased its stake in Fortinet by 0.6% during the third quarter. Eagle Capital Management LLC now owns 25,772 shares of the software maker’s stock worth $1,999,000 after acquiring an additional 141 shares during the last quarter. OneDigital Investment Advisors LLC grew its holdings 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 during the period. Parallel Advisors LLC increased 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 during the last quarter. Crewe Advisors LLC raised its holdings in Fortinet by 8.8% in the 3rd quarter. Crewe Advisors LLC now owns 1,958 shares of the software maker’s stock valued at $152,000 after buying an additional 158 shares during the period. Finally, Private Wealth Management Group LLC raised its holdings in Fortinet by 73.3% in the 3rd quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker’s stock valued at $32,000 after buying an additional 173 shares during the period. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Insider Buying and Selling at Fortinet

In other Fortinet news, Director William H. Neukom purchased 355 shares of Fortinet stock in a transaction that occurred on Friday, December 6th. The stock was purchased at an average price of $98.50 per share, for a total transaction of $34,967.50. Following the transaction, the director now directly owns 150,245 shares in the company, valued at $14,799,132.50. This trade represents a 0.24 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO Keith Jensen sold 4,250 shares of the firm’s stock in a transaction on Tuesday, November 19th. The stock was sold at an average price of $90.83, for a total transaction of $386,027.50. Following the transaction, the chief financial officer now directly owns 4,689 shares in the company, valued at $425,901.87. The trade was a 47.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 68,123 shares of company stock worth $6,227,201. 18.00% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on FTNT. Hsbc Global Res upgraded shares of Fortinet from a “hold” rating to a “strong-buy” rating in a research report on Monday, November 11th. Cantor Fitzgerald lifted their target price on shares of Fortinet from $88.00 to $95.00 and gave the company a “neutral” rating in a report on Tuesday, November 19th. Deutsche Bank Aktiengesellschaft upped their price target on Fortinet from $77.00 to $90.00 and gave the stock a “hold” rating in a research note on Tuesday, November 19th. Raymond James lifted their price objective on Fortinet from $85.00 to $95.00 and gave the company an “outperform” rating in a research note on Friday, November 8th. Finally, Barclays increased their target price on Fortinet from $85.00 to $95.00 and gave the stock an “equal weight” rating in a research note on Friday, November 8th. One equities research analyst has rated the stock with a sell rating, nineteen have given a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Fortinet presently has a consensus rating of “Hold” and an average target price of $93.71.

Fortinet Stock Up 2.9 %

Shares of NASDAQ FTNT opened at $97.47 on Friday. The business has a 50-day moving average price of $92.91 and a 200 day moving average price of $77.98. The stock has a market cap of $74.71 billion, a PE ratio of 49.23, a price-to-earnings-growth ratio of 2.77 and a beta of 1.00. 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 52-week low of $54.57 and a 52-week high of $100.59.

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.