Diversified Trust Co Increases Stock Position in Fortinet, Inc. (NASDAQ:FTNT)

Diversified Trust Co grew its stake in Fortinet, Inc. (NASDAQ:FTNT) by 0.6% during the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 23,852 shares of the software maker’s stock after acquiring an additional 135 shares during the period. Diversified Trust Co’s holdings in Fortinet were worth $2,254,000 as of its most recent filing with the SEC.

Several other large investors have also recently made changes to their positions in the stock. Eastern Bank purchased a new stake in Fortinet in the third quarter valued at approximately $25,000. Ashton Thomas Securities LLC purchased a new stake in shares of Fortinet in the 3rd quarter valued at $26,000. Private Wealth Management Group LLC lifted its stake in Fortinet by 73.3% during the 3rd quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker’s stock worth $32,000 after acquiring an additional 173 shares in the last quarter. City State Bank boosted its holdings in 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 during the period. Finally, Paladin Wealth LLC acquired a new position in Fortinet in the 3rd quarter valued at about $46,000. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research analysts have recently commented on FTNT shares. TD Cowen raised their price objective on shares of Fortinet from $90.00 to $105.00 and gave the company a “buy” rating in a research note on Tuesday, November 19th. Bank of America boosted their price target on shares of Fortinet from $87.00 to $104.00 and gave the stock a “buy” rating in a research note on Tuesday, November 19th. Truist Financial reiterated a “buy” rating and issued a $105.00 target price (up from $85.00) on shares of Fortinet in a report on Wednesday, November 20th. HSBC raised Fortinet from a “hold” rating to a “buy” rating and increased their price target for the company from $83.00 to $111.00 in a research report on Monday, November 11th. Finally, Wedbush upped their target price on shares of Fortinet from $90.00 to $105.00 and gave the stock an “outperform” rating in a research note on Tuesday, November 19th. One equities research analyst has rated the stock with a sell rating, eighteen have assigned a hold rating, fifteen have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $94.35.

Insider Activity at Fortinet

In related news, CEO Ken Xie sold 23,307 shares of the stock in a transaction dated 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 transaction, the chief executive officer now directly owns 48,915,530 shares in the company, valued at approximately $4,005,692,751.70. This represents a 0.05 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CFO Keith Jensen sold 17,650 shares of the firm’s stock in a transaction dated Tuesday, November 26th. The stock was sold at an average price of $95.66, for a total value of $1,688,399.00. Following the completion of the sale, the chief financial officer now directly owns 4,689 shares in the company, valued at approximately $448,549.74. The trade was a 79.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 68,123 shares of company stock valued at $6,227,201. Company insiders own 18.00% of the company’s stock.

Fortinet Price Performance

Fortinet stock opened at $95.93 on Wednesday. The stock has a market capitalization of $73.53 billion, a P/E ratio of 48.45, a P/E/G ratio of 2.76 and a beta of 1.00. Fortinet, Inc. has a 12-month low of $54.57 and a 12-month high of $101.00. The company has a debt-to-equity ratio of 1.09, a current ratio of 1.34 and a quick ratio of 1.25. The firm’s 50-day moving average is $93.58 and its two-hundred day moving average is $78.66.

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.