FORA Capital LLC Grows Stock Holdings in Fortinet, Inc. (NASDAQ:FTNT)

FORA Capital LLC raised its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 187.1% during the third quarter, HoldingsChannel reports. The fund owned 96,635 shares of the software maker’s stock after purchasing an additional 62,972 shares during the quarter. Fortinet comprises about 0.9% of FORA Capital LLC’s investment portfolio, making the stock its 24th biggest holding. FORA Capital LLC’s holdings in Fortinet were worth $7,494,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently made changes to their positions in the stock. Silvercrest Asset Management Group LLC boosted its stake in Fortinet by 37.1% in the 1st quarter. Silvercrest Asset Management Group LLC now owns 43,856 shares of the software maker’s stock worth $2,996,000 after purchasing an additional 11,879 shares during the period. B. Riley Wealth Advisors Inc. boosted its position in shares of Fortinet by 423.3% in the first quarter. B. Riley Wealth Advisors Inc. now owns 48,201 shares of the software maker’s stock valued at $3,293,000 after acquiring an additional 38,990 shares during the period. Tidal Investments LLC grew its stake in Fortinet by 13.5% during the first quarter. Tidal Investments LLC now owns 35,039 shares of the software maker’s stock valued at $2,392,000 after acquiring an additional 4,164 shares in the last quarter. Hancock Whitney Corp increased its holdings in Fortinet by 0.6% during the 1st quarter. Hancock Whitney Corp now owns 41,297 shares of the software maker’s stock worth $2,821,000 after acquiring an additional 235 shares during the period. Finally, Jaffetilchin Investment Partners LLC bought a new stake in Fortinet during the 1st quarter worth approximately $397,000. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Insider Buying and Selling at Fortinet

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

Fortinet Trading Up 0.2 %

Shares of NASDAQ FTNT traded up $0.18 during mid-day trading on Wednesday, hitting $96.62. The stock had a trading volume of 527,638 shares, compared to its average volume of 5,488,055. The business has a 50 day moving average price of $82.79 and a two-hundred day moving average price of $70.69. Fortinet, Inc. has a 1 year low of $50.65 and a 1 year high of $100.59. The company has a debt-to-equity ratio of 1.09, a quick ratio of 1.25 and a current ratio of 1.34. The firm has a market cap of $74.05 billion, a P/E ratio of 48.71, a price-to-earnings-growth ratio of 2.70 and a beta of 1.00.

Wall Street Analysts Forecast Growth

FTNT has been the subject of a number of recent analyst reports. HSBC upgraded shares of Fortinet from a “hold” rating to a “buy” rating and boosted their price target for the company from $83.00 to $111.00 in a research report on Monday, November 11th. UBS Group lifted their price objective on Fortinet from $70.00 to $83.00 and gave the company a “neutral” rating in a research note on Friday, November 8th. Stifel Nicolaus upped their target price on Fortinet from $84.00 to $90.00 and gave the stock a “hold” rating in a research note on Tuesday, November 19th. BMO Capital Markets lifted their price target on Fortinet from $88.00 to $100.00 and gave the company a “market perform” rating in a research report on Tuesday, November 19th. Finally, Rosenblatt Securities upped their price objective on shares of Fortinet from $90.00 to $100.00 and gave the stock a “buy” rating in a research report on Wednesday, November 20th. One analyst has rated the stock with a sell rating, nineteen have given a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $88.93.

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.