D.A. Davidson & CO. Acquires 1,222 Shares of Fortinet, Inc. (NASDAQ:FTNT)

D.A. Davidson & CO. raised its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 4.6% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 27,816 shares of the software maker’s stock after purchasing an additional 1,222 shares during the period. D.A. Davidson & CO.’s holdings in Fortinet were worth $2,157,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Apollon Wealth Management LLC increased its stake in Fortinet by 7.6% during the 3rd quarter. Apollon Wealth Management LLC now owns 15,296 shares of the software maker’s stock worth $1,186,000 after acquiring an additional 1,081 shares during the period. Forsta AP Fonden increased its stake in shares of Fortinet by 11.8% in the 3rd quarter. Forsta AP Fonden now owns 135,500 shares of the software maker’s stock valued at $10,508,000 after purchasing an additional 14,300 shares during the last quarter. Sarasin & Partners LLP raised its holdings in shares of 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 buying an additional 395,477 shares in the last quarter. Cetera Investment Advisers lifted its position in shares of Fortinet by 543.5% during the 1st 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 during the last quarter. Finally, Empower Advisory Group LLC boosted its stake in 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 in the last quarter. Institutional investors and hedge funds own 83.71% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on FTNT. BMO Capital Markets upped their price target on shares of Fortinet from $88.00 to $100.00 and gave the stock a “market perform” rating in a report on Tuesday, November 19th. StockNews.com raised shares of Fortinet from a “hold” rating to a “buy” rating in a research note on Friday, October 25th. Cantor Fitzgerald boosted their price objective on shares of Fortinet from $88.00 to $95.00 and gave the stock a “neutral” rating in a research note on Tuesday, November 19th. Royal Bank of Canada raised their target price on Fortinet from $82.00 to $97.00 and gave the stock a “sector perform” rating in a research report on Tuesday, November 19th. Finally, UBS Group raised their price objective on Fortinet from $70.00 to $83.00 and gave the stock a “neutral” rating in a research report on Friday, November 8th. One equities research analyst has rated the stock with a sell rating, nineteen have given a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Fortinet presently has an average rating of “Hold” and an average price target of $88.93.

Insiders Place Their Bets

In related news, CEO Ken Xie sold 23,538 shares of the firm’s stock in a transaction on Wednesday, September 18th. The stock was sold at an average price of $74.94, for a total value of $1,763,937.72. Following the completion of the sale, the chief executive officer now owns 48,878,806 shares of the company’s stock, valued at $3,662,977,721.64. This trade represents a 0.05 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Keith Jensen sold 17,650 shares of the stock in a transaction that occurred on Tuesday, November 26th. The stock was sold at an average price of $95.66, for a total value of $1,688,399.00. Following the completion of the transaction, the chief financial officer now directly owns 4,689 shares of the company’s stock, valued at $448,549.74. This represents a 79.01 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 68,745 shares of company stock worth $5,746,974 in the last three months. 18.00% of the stock is currently owned by corporate insiders.

Fortinet Stock Up 1.1 %

Shares of NASDAQ FTNT opened at $95.05 on Friday. The business’s fifty day moving average price is $83.96 and its 200-day moving average price is $71.28. The stock has a market capitalization of $72.85 billion, a PE ratio of 48.01, a P/E/G ratio of 2.73 and a beta of 1.00. Fortinet, Inc. has a one year low of $50.65 and a one year high of $100.59. The company has a debt-to-equity ratio of 1.09, a current ratio of 1.34 and a quick ratio of 1.25.

About Fortinet

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.