Park Avenue Securities LLC Buys 8,092 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Park Avenue Securities LLC grew its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 75.0% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The fund owned 18,886 shares of the software maker’s stock after buying an additional 8,092 shares during the quarter. Park Avenue Securities LLC’s holdings in Fortinet were worth $1,784,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. Fifth Third Wealth Advisors LLC grew its stake in Fortinet by 1.6% in the fourth quarter. Fifth Third Wealth Advisors LLC now owns 6,833 shares of the software maker’s stock worth $646,000 after purchasing an additional 107 shares in the last quarter. Versant Capital Management Inc lifted its holdings in shares of Fortinet by 13.1% during the 4th quarter. Versant Capital Management Inc now owns 1,106 shares of the software maker’s stock valued at $104,000 after purchasing an additional 128 shares during the last quarter. Diversified Trust Co lifted its holdings in shares of Fortinet by 0.6% during the 4th quarter. Diversified Trust Co now owns 23,852 shares of the software maker’s stock valued at $2,254,000 after purchasing an additional 135 shares during the last quarter. Eagle Capital Management LLC lifted its holdings in shares of Fortinet by 0.6% during the 3rd quarter. Eagle Capital Management LLC now owns 25,772 shares of the software maker’s stock valued at $1,999,000 after purchasing an additional 141 shares during the last quarter. Finally, OneDigital Investment Advisors LLC raised its stake in Fortinet by 3.9% in the 3rd quarter. OneDigital Investment Advisors LLC now owns 3,782 shares of the software maker’s stock worth $293,000 after acquiring an additional 141 shares during the last quarter. Institutional investors own 83.71% of the company’s stock.

Insiders Place Their Bets

In other Fortinet news, Director William H. Neukom bought 355 shares of the firm’s stock in a transaction dated Friday, December 6th. The stock was purchased at an average cost of $98.50 per share, with a total value 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 position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Ken Xie sold 23,044 shares of the firm’s stock in a transaction on Wednesday, January 15th. The shares were sold at an average price of $93.32, for a total value of $2,150,466.08. Following the sale, the chief executive officer now directly owns 49,039,698 shares of the company’s stock, valued at approximately $4,576,384,617.36. This represents a 0.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 67,860 shares of company stock worth $6,469,056. Corporate insiders own 18.00% of the company’s stock.

Fortinet Stock Performance

Fortinet stock opened at $94.23 on Friday. The business has a 50 day moving average of $95.68 and a 200-day moving average of $80.47. Fortinet, Inc. has a 1 year low of $54.57 and a 1 year high of $101.00. The company has a market capitalization of $72.22 billion, a P/E ratio of 47.59, a P/E/G ratio of 2.51 and a beta of 1.00. The company has a debt-to-equity ratio of 1.09, a current ratio of 1.34 and a quick ratio of 1.25.

Analyst Ratings Changes

FTNT has been the topic of several analyst reports. Stifel Nicolaus increased their price target on Fortinet from $90.00 to $103.00 and gave the stock a “hold” rating in a research report on Wednesday, December 18th. Piper Sandler raised shares of Fortinet from a “neutral” rating to an “overweight” rating and raised their price target for the company from $100.00 to $120.00 in a research note on Monday, January 6th. Jefferies Financial Group raised their target price on shares of Fortinet from $95.00 to $105.00 and gave the stock a “hold” rating in a research note on Thursday, December 19th. Royal Bank of Canada lifted their price target on shares of Fortinet from $82.00 to $97.00 and gave the company a “sector perform” rating in a research report on Tuesday, November 19th. Finally, Wells Fargo & Company lifted their price target on shares of Fortinet from $80.00 to $85.00 and gave the company an “equal weight” rating in a research report on Tuesday, November 19th. One analyst has rated the stock with a sell rating, seventeen have assigned a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $96.17.

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.