Bank of Montreal Can Boosts Holdings in Fortinet, Inc. (NASDAQ:FTNT)

Bank of Montreal Can increased its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 27.6% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 2,584,528 shares of the software maker’s stock after purchasing an additional 558,807 shares during the period. Bank of Montreal Can owned 0.34% of Fortinet worth $200,172,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Apollon Wealth Management LLC lifted its position in shares of Fortinet by 7.6% in the third quarter. Apollon Wealth Management LLC now owns 15,296 shares of the software maker’s stock valued at $1,186,000 after acquiring an additional 1,081 shares in the last quarter. Forsta AP Fonden boosted its stake in Fortinet by 11.8% during the 3rd quarter. Forsta AP Fonden now owns 135,500 shares of the software maker’s stock worth $10,508,000 after purchasing an additional 14,300 shares during the last quarter. Sarasin & Partners LLP boosted its stake in Fortinet by 22.4% during the 2nd quarter. Sarasin & Partners LLP now owns 2,163,093 shares of the software maker’s stock worth $130,370,000 after purchasing an additional 395,477 shares during the last quarter. Cetera Investment Advisers grew its holdings in shares of Fortinet by 543.5% during the first quarter. Cetera Investment Advisers now owns 157,319 shares of the software maker’s stock worth $10,765,000 after buying an additional 132,871 shares in the last quarter. Finally, Empower Advisory Group LLC raised its position in shares of Fortinet by 4.2% in the third quarter. Empower Advisory Group LLC now owns 1,008,224 shares of the software maker’s stock valued at $78,188,000 after buying an additional 40,277 shares during the last quarter. 83.71% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Fortinet news, CFO Keith Jensen sold 4,250 shares of the firm’s stock in a transaction 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 sale, the chief financial officer now directly owns 4,689 shares in the company, valued at $425,901.87. This trade represents a 47.54 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, 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. This represents a 0.05 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 51,095 shares of company stock worth $4,058,575 in the last quarter. 18.00% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several analysts recently issued reports on FTNT shares. Truist Financial reaffirmed a “buy” rating and set a $105.00 price objective (up previously from $85.00) on shares of Fortinet in a research note on Wednesday, November 20th. Deutsche Bank Aktiengesellschaft upped their price target on Fortinet from $77.00 to $90.00 and gave the company a “hold” rating in a research report on Tuesday, November 19th. DZ Bank upgraded Fortinet from a “sell” rating to a “hold” rating and set a $65.00 price objective on the stock in a research report on Thursday, August 8th. Scotiabank upped their target price on Fortinet from $85.00 to $110.00 and gave the company a “sector outperform” rating in a report on Wednesday, November 20th. Finally, Morgan Stanley lifted their price target on Fortinet from $105.00 to $106.00 and gave the stock an “overweight” rating in a report on Tuesday, November 19th. One investment analyst has rated the stock with a sell rating, nineteen have given a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Fortinet has a consensus rating of “Hold” and a consensus price target of $88.93.

Fortinet Stock Up 0.4 %

Fortinet stock opened at $93.12 on Tuesday. The firm has a market capitalization of $71.37 billion, a P/E ratio of 47.03, a P/E/G ratio of 2.69 and a beta of 1.00. The company has a current ratio of 1.34, a quick ratio of 1.25 and a debt-to-equity ratio of 1.09. Fortinet, Inc. has a twelve month low of $50.65 and a twelve month high of $100.59. The stock’s fifty day simple moving average is $82.79 and its 200-day simple moving average is $70.69.

Fortinet 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.