Fortinet, Inc. (NASDAQ:FTNT) Shares Bought by Plato Investment Management Ltd

Plato Investment Management Ltd raised its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 219.1% in the 3rd quarter, HoldingsChannel reports. The fund owned 10,014 shares of the software maker’s stock after acquiring an additional 6,876 shares during the period. Plato Investment Management Ltd’s holdings in Fortinet were worth $776,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of the business. Eagle Capital Management LLC increased 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 worth $1,999,000 after buying an additional 141 shares during the last quarter. Parallel Advisors LLC increased its holdings 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 buying an additional 148 shares during the last quarter. Private Wealth Management Group LLC increased 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 buying an additional 173 shares during the last quarter. Simplicity Wealth LLC increased its holdings in shares of Fortinet by 2.2% during the 2nd quarter. Simplicity Wealth LLC now owns 8,260 shares of the software maker’s stock worth $498,000 after buying an additional 174 shares during the last quarter. Finally, Werlinich Asset Management LLC increased its holdings in shares of Fortinet by 1.7% during the 2nd quarter. Werlinich Asset Management LLC now owns 10,650 shares of the software maker’s stock worth $639,000 after buying an additional 180 shares during the last quarter. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

FTNT has been the subject of several recent research reports. TD Cowen increased their price target on Fortinet from $75.00 to $90.00 and gave the company a “buy” rating in a report on Wednesday, October 9th. Robert W. Baird increased their price target on Fortinet from $80.00 to $88.00 and gave the company an “outperform” rating in a report on Friday, November 8th. UBS Group increased their price target on Fortinet from $70.00 to $83.00 and gave the company a “neutral” rating in a report on Friday, November 8th. Citigroup upped their price objective on shares of Fortinet from $66.00 to $76.00 and gave the company a “neutral” rating in a research report on Friday, September 13th. Finally, Scotiabank upped their price objective on shares of Fortinet from $75.00 to $85.00 and gave the company a “sector outperform” rating in a research report on Friday, November 8th. One investment analyst has rated the stock with a sell rating, nineteen have given a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and an average target price of $79.52.

Insider Activity

In related news, CEO Ken Xie sold 23,307 shares of the business’s stock in a transaction that occurred on 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 sale, the chief executive officer now owns 48,915,530 shares of the company’s stock, valued at $4,005,692,751.70. The trade was a 0.05 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 18.00% of the company’s stock.

Fortinet Stock Performance

Shares of FTNT stock opened at $94.46 on Friday. The business has a 50 day moving average of $80.38 and a two-hundred day moving average of $69.03. The company has a market cap of $72.40 billion, a P/E ratio of 47.71, a PEG ratio of 2.96 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 $49.97 and a 52 week high of $100.59.

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.