D Orazio & Associates Inc. Invests $228,000 in Fortinet, Inc. (NASDAQ:FTNT)

D Orazio & Associates Inc. purchased a new position in shares of Fortinet, Inc. (NASDAQ:FTNT) during the 3rd quarter, according to its most recent 13F filing with the SEC. The firm purchased 2,934 shares of the software maker’s stock, valued at approximately $228,000.

A number of other institutional investors have also recently made changes to their positions in FTNT. Eagle Capital Management LLC grew its stake in Fortinet by 0.6% in the third quarter. Eagle Capital Management LLC now owns 25,772 shares of the software maker’s stock worth $1,999,000 after purchasing an additional 141 shares during the period. Parallel Advisors LLC increased its position in Fortinet by 2.0% during the 2nd quarter. Parallel Advisors LLC now owns 7,504 shares of the software maker’s stock valued at $452,000 after buying an additional 148 shares in the last quarter. Private Wealth Management Group LLC raised its stake in Fortinet by 73.3% during the third 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 last quarter. Simplicity Wealth LLC grew its stake in shares of Fortinet by 2.2% in the second quarter. Simplicity Wealth LLC now owns 8,260 shares of the software maker’s stock worth $498,000 after acquiring an additional 174 shares during the last quarter. Finally, Werlinich Asset Management LLC raised its position in shares of Fortinet by 1.7% in the 2nd quarter. Werlinich Asset Management LLC now owns 10,650 shares of the software maker’s stock worth $639,000 after purchasing an additional 180 shares during the last quarter. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on FTNT shares. Raymond James upped their price objective on Fortinet from $85.00 to $95.00 and gave the company an “outperform” rating in a research report on Friday, November 8th. Royal Bank of Canada raised their price target on shares of Fortinet from $68.00 to $72.00 and gave the company a “sector perform” rating in a report on Wednesday, August 7th. Susquehanna increased their price objective on shares of Fortinet from $65.00 to $70.00 and gave the company a “neutral” rating in a research report on Thursday, August 8th. UBS Group upped their price objective on Fortinet from $70.00 to $83.00 and gave the company a “neutral” rating in a research report on Friday, November 8th. Finally, Scotiabank increased their price objective on shares of Fortinet from $75.00 to $85.00 and gave the stock a “sector outperform” rating in a research note on Friday, November 8th. One investment analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, twelve have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Fortinet currently has an average rating of “Hold” and an average price target of $79.52.

Insider Buying and Selling

In other Fortinet news, CEO Ken Xie sold 23,307 shares of the firm’s stock in a transaction on Wednesday, October 16th. The stock was 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 directly owns 48,915,530 shares of the company’s stock, valued at $4,005,692,751.70. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 18.00% of the stock is currently owned by company insiders.

Fortinet Price Performance

Shares of Fortinet stock traded up $0.61 on Wednesday, hitting $99.76. 1,204,515 shares of the company were exchanged, compared to its average volume of 5,463,509. The company has a quick ratio of 1.25, a current ratio of 1.34 and a debt-to-equity ratio of 1.09. The company has a 50-day moving average price of $79.59 and a 200 day moving average price of $68.65. The stock has a market capitalization of $76.46 billion, a price-to-earnings ratio of 50.29, a price-to-earnings-growth ratio of 2.99 and a beta of 1.00. Fortinet, Inc. has a 1-year low of $49.97 and a 1-year high of $99.79.

Fortinet Company 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.