Alpha DNA Investment Management LLC Acquires Shares of 11,651 Fortinet, Inc. (NASDAQ:FTNT)

Alpha DNA Investment Management LLC bought a new position in shares of Fortinet, Inc. (NASDAQ:FTNT) during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 11,651 shares of the software maker’s stock, valued at approximately $904,000.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Eastern Bank purchased a new position in Fortinet during the third quarter valued at approximately $25,000. Ashton Thomas Securities LLC purchased a new position in shares of Fortinet in the 3rd quarter valued at $26,000. Private Wealth Management Group LLC raised its position in shares of Fortinet by 73.3% in the 3rd quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker’s stock worth $32,000 after acquiring an additional 173 shares in the last quarter. Oakworth Capital Inc. purchased a new stake in shares of Fortinet during the 2nd quarter worth $33,000. Finally, Versant Capital Management Inc boosted its position in Fortinet by 61.2% during 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.

Fortinet Stock Down 1.3 %

Shares of FTNT opened at $92.77 on Friday. The company has a current ratio of 1.34, a quick ratio of 1.25 and a debt-to-equity ratio of 1.09. The firm has a market cap of $71.10 billion, a P/E ratio of 46.85, a PEG ratio of 2.73 and a beta of 1.00. The stock’s 50 day moving average is $82.45 and its two-hundred day moving average is $70.37. Fortinet, Inc. has a 12 month low of $50.65 and a 12 month high of $100.59.

Analyst Ratings Changes

A number of research analysts have recently issued reports on FTNT shares. HSBC raised shares of Fortinet from a “hold” rating to a “buy” rating and lifted their price objective for the stock from $83.00 to $111.00 in a research report on Monday, November 11th. Royal Bank of Canada lifted their price target on shares of Fortinet from $82.00 to $97.00 and gave the stock a “sector perform” rating in a report on Tuesday, November 19th. Wedbush lifted their price target on shares of Fortinet from $90.00 to $105.00 and gave the stock an “outperform” rating in a report on Tuesday, November 19th. StockNews.com raised Fortinet from a “hold” rating to a “buy” rating in a research report on Friday, October 25th. Finally, Wells Fargo & Company boosted their target price on Fortinet from $80.00 to $85.00 and gave the stock an “equal weight” rating in a research note 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 stock. According to MarketBeat.com, Fortinet presently has a consensus rating of “Hold” and an average price target of $88.93.

Insider Activity at Fortinet

In other Fortinet news, CFO Keith Jensen sold 4,250 shares of the stock in a transaction that occurred on Tuesday, November 19th. The stock was sold at an average price of $90.83, for a total transaction of $386,027.50. Following the completion of the transaction, the chief financial officer now owns 4,689 shares of the company’s stock, valued at $425,901.87. This represents a 47.54 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Ken Xie sold 23,307 shares of Fortinet stock in a transaction that occurred 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 in the company, valued at $4,005,692,751.70. This represents a 0.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 51,095 shares of company stock valued at $4,058,575. 18.00% of the stock is owned by company insiders.

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.