Oak Ridge Investments LLC Lowers Stock Position in Fortinet, Inc. (NASDAQ:FTNT)

Oak Ridge Investments LLC reduced its position in Fortinet, Inc. (NASDAQ:FTNT) by 0.8% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 128,253 shares of the software maker’s stock after selling 990 shares during the quarter. Fortinet comprises about 1.0% of Oak Ridge Investments LLC’s investment portfolio, making the stock its 22nd biggest position. Oak Ridge Investments LLC’s holdings in Fortinet were worth $12,117,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Eastern Bank purchased a new position in shares of Fortinet in the 3rd quarter worth about $25,000. Ashton Thomas Securities LLC purchased a new position in Fortinet in the third quarter valued at approximately $26,000. Private Wealth Management Group LLC grew its stake in Fortinet by 73.3% during the third 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 period. City State Bank increased its position in shares of Fortinet by 900.0% in the third quarter. City State Bank now owns 500 shares of the software maker’s stock worth $39,000 after acquiring an additional 450 shares in the last quarter. Finally, Paladin Wealth LLC purchased a new position in shares of Fortinet in the 3rd quarter valued at $46,000. Institutional investors and hedge funds own 83.71% of the company’s stock.

Analysts Set New Price Targets

Several analysts recently issued reports on the company. Raymond James reiterated a “market perform” rating on shares of Fortinet in a report on Tuesday, January 14th. Piper Sandler upgraded Fortinet from a “neutral” rating to an “overweight” rating and raised their target price for the company from $100.00 to $120.00 in a report on Monday, January 6th. Needham & Company LLC reissued a “hold” rating on shares of Fortinet in a research report on Friday, November 22nd. StockNews.com raised shares of Fortinet from a “hold” rating to a “buy” rating in a research report on Friday, October 25th. Finally, Jefferies Financial Group boosted their target price on shares of Fortinet from $95.00 to $105.00 and gave the stock a “hold” rating in a research report on Thursday, December 19th. One equities research analyst has rated the stock with a sell rating, seventeen have issued a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $96.17.

Fortinet Trading Up 0.2 %

Shares of NASDAQ FTNT opened at $94.23 on Friday. Fortinet, Inc. has a 12-month low of $54.57 and a 12-month high of $101.00. The company has a market cap of $72.22 billion, a price-to-earnings ratio of 47.59, a price-to-earnings-growth ratio of 2.51 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. The stock’s 50 day simple moving average is $95.68 and its 200 day simple moving average is $80.47.

Insiders Place Their Bets

In other news, CEO Ken Xie sold 22,916 shares of the business’s stock in a transaction that occurred on Tuesday, December 17th. The stock was sold at an average price of $97.93, for a total transaction of $2,244,163.88. Following the completion of the transaction, the chief executive officer now directly owns 48,983,683 shares in the company, valued at approximately $4,796,972,076.19. The trade was a 0.05 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Keith Jensen sold 4,250 shares of the firm’s stock in a transaction that occurred on Tuesday, November 19th. The shares were sold at an average price of $90.83, for a total value 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 represents a 47.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 67,860 shares of company stock valued at $6,469,056 over the last three months. Company insiders own 18.00% of the company’s stock.

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.