Advisors Asset Management Inc. Has $1.52 Million Holdings in Fortinet, Inc. (NASDAQ:FTNT)

Advisors Asset Management Inc. boosted its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 11.1% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 19,580 shares of the software maker’s stock after purchasing an additional 1,955 shares during the quarter. Advisors Asset Management Inc.’s holdings in Fortinet were worth $1,518,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently bought and sold shares of the business. Eastern Bank acquired a new stake in shares of Fortinet in the third quarter valued at approximately $25,000. Ashton Thomas Securities LLC bought a new stake in shares of Fortinet during the 3rd quarter valued at $26,000. Private Wealth Management Group LLC grew its holdings in shares of 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 purchasing an additional 173 shares in the last quarter. Oakworth Capital Inc. bought a new position in shares of Fortinet in the second quarter worth $33,000. Finally, Versant Capital Management Inc raised its stake in Fortinet by 61.2% in the second quarter. Versant Capital Management Inc now owns 627 shares of the software maker’s stock valued at $38,000 after purchasing an additional 238 shares in the last quarter. Institutional investors own 83.71% of the company’s stock.

Analyst Ratings Changes

Several research firms have commented on FTNT. Piper Sandler raised their target price on shares of Fortinet from $80.00 to $100.00 and gave the company a “neutral” rating in a report on Tuesday, November 19th. Barclays lifted their price objective on shares of Fortinet from $85.00 to $95.00 and gave the company an “equal weight” rating in a research note on Friday, November 8th. Mizuho cut Fortinet from a “neutral” rating to an “underperform” rating and set a $68.00 target price for the company. in a research note on Thursday, October 17th. TD Cowen lifted their price target on Fortinet from $90.00 to $105.00 and gave the company a “buy” rating in a research note on Tuesday, November 19th. Finally, Morgan Stanley upped their price objective on Fortinet from $105.00 to $106.00 and gave the stock an “overweight” rating in a research report on Tuesday, November 19th. One research analyst has rated the stock with a sell rating, nineteen have issued a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $88.93.

Fortinet Trading Up 0.4 %

FTNT opened at $93.12 on Tuesday. Fortinet, Inc. has a twelve month low of $50.65 and a twelve month high of $100.59. The company has a fifty day moving average of $82.79 and a 200-day moving average of $70.69. The stock has a market cap of $71.37 billion, a PE ratio of 47.03, a price-to-earnings-growth ratio of 2.69 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.

Insider Buying and Selling at Fortinet

In other news, CEO Ken Xie sold 23,307 shares of Fortinet stock in a transaction on Wednesday, October 16th. The shares were sold at an average price of $81.89, for a total value of $1,908,610.23. Following the completion of the sale, the chief executive officer now owns 48,915,530 shares in the company, valued at $4,005,692,751.70. The trade was a 0.05 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Keith Jensen sold 4,250 shares of the company’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 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 have sold 51,095 shares of company stock valued at $4,058,575. 18.00% of the stock is currently owned by insiders.

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.