Haverford Trust Co Takes Position in Fortinet, Inc. (NASDAQ:FTNT)

Haverford Trust Co bought a new position in Fortinet, Inc. (NASDAQ:FTNT) in the 3rd quarter, Holdings Channel.com reports. The institutional investor bought 6,059 shares of the software maker’s stock, valued at approximately $470,000.

Several other institutional investors also recently bought and sold shares of the business. Sei Investments Co. increased its position in Fortinet by 10.5% during the 1st quarter. Sei Investments Co. now owns 138,893 shares of the software maker’s stock worth $9,488,000 after purchasing an additional 13,178 shares in the last quarter. Avantax Advisory Services Inc. raised its stake in shares of Fortinet by 127.9% in the 1st quarter. Avantax Advisory Services Inc. now owns 20,815 shares of the software maker’s stock valued at $1,422,000 after acquiring an additional 11,680 shares during the period. Bleakley Financial Group LLC lifted its holdings in shares of Fortinet by 3.2% during the 1st quarter. Bleakley Financial Group LLC now owns 8,140 shares of the software maker’s stock valued at $556,000 after acquiring an additional 252 shares in the last quarter. HBK Sorce Advisory LLC increased its stake in Fortinet by 5.5% during the first quarter. HBK Sorce Advisory LLC now owns 11,625 shares of the software maker’s stock valued at $794,000 after purchasing an additional 603 shares during the last quarter. Finally, Blair William & Co. IL grew its position in shares of Fortinet by 3.2% during the 1st quarter. Blair William & Co. IL now owns 223,812 shares of the software maker’s stock valued at $15,289,000 after buying an additional 6,912 shares during the last quarter. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

FTNT has been the topic of several recent research reports. Wells Fargo & Company raised their price target on Fortinet from $62.00 to $64.00 and gave the stock an “equal weight” rating in a report on Wednesday, August 7th. Truist Financial boosted their price target on shares of Fortinet from $70.00 to $85.00 and gave the company a “buy” rating in a report on Wednesday, October 23rd. HSBC raised shares of Fortinet from a “hold” rating to a “buy” rating and increased their price objective for the stock from $83.00 to $111.00 in a report on Monday. Hsbc Global Res upgraded shares of Fortinet from a “hold” rating to a “strong-buy” rating in a research report on Monday. Finally, Piper Sandler lifted their price target on Fortinet from $70.00 to $80.00 and gave the company a “neutral” rating in a report on Friday, November 8th. One analyst has rated the stock with a sell rating, nineteen have issued a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $79.52.

Insider Buying and Selling

In other news, CEO Ken Xie sold 23,538 shares of the company’s stock in a transaction that occurred on Wednesday, September 18th. The stock was sold at an average price of $74.94, for a total transaction of $1,763,937.72. Following the completion of the transaction, the chief executive officer now directly owns 48,878,806 shares in the company, valued at $3,662,977,721.64. The trade was a 0.05 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 18.00% of the company’s stock.

Fortinet Trading Down 3.5 %

Shares of FTNT stock opened at $94.46 on Friday. Fortinet, Inc. has a 12 month low of $49.97 and a 12 month high of $100.59. The company has a market cap of $72.40 billion, a PE ratio of 47.71, a price-to-earnings-growth 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. The business’s 50 day moving average is $80.38 and its two-hundred day moving average is $69.03.

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.