American Trust Takes $246,000 Position in Fortinet, Inc. (NASDAQ:FTNT)

American Trust acquired a new position in Fortinet, Inc. (NASDAQ:FTNT) during the 3rd quarter, according to its most recent filing with the SEC. The fund acquired 3,176 shares of the software maker’s stock, valued at approximately $246,000.

A number of other large investors have also recently added to or reduced their stakes in FTNT. Franklin Resources Inc. grew its position in shares of Fortinet by 21.6% in the third quarter. Franklin Resources Inc. now owns 391,263 shares of the software maker’s stock valued at $32,408,000 after purchasing an additional 69,374 shares during the last quarter. Tri Ri Asset Management Corp acquired a new stake in Fortinet during the 3rd quarter valued at $3,566,000. Peapack Gladstone Financial Corp increased its position in Fortinet by 13.9% during the third quarter. Peapack Gladstone Financial Corp now owns 182,538 shares of the software maker’s stock worth $14,155,000 after buying an additional 22,246 shares in the last quarter. Tidal Investments LLC raised its holdings in shares of Fortinet by 311.3% in the third quarter. Tidal Investments LLC now owns 133,226 shares of the software maker’s stock worth $10,332,000 after acquiring an additional 100,832 shares during the last quarter. Finally, Optimist Retirement Group LLC purchased a new stake in shares of Fortinet in the third quarter valued at $394,000. 83.71% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on FTNT shares. Needham & Company LLC reissued a “hold” rating on shares of Fortinet in a research note on Friday, November 22nd. Bank of America boosted their price objective on shares of Fortinet from $87.00 to $104.00 and gave the company a “buy” rating in a research report on Tuesday, November 19th. Robert W. Baird raised their target price on shares of Fortinet from $95.00 to $100.00 and gave the stock an “outperform” rating in a research report on Tuesday, November 19th. Scotiabank boosted their price target on Fortinet from $85.00 to $110.00 and gave the company a “sector outperform” rating in a report on Wednesday, November 20th. Finally, UBS Group raised their price objective on Fortinet from $70.00 to $83.00 and gave the stock a “neutral” rating in a report on Friday, November 8th. One investment analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Fortinet currently has a consensus rating of “Hold” and a consensus price target of $89.27.

Insider Transactions at Fortinet

In other Fortinet news, 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 transaction of $1,688,399.00. Following the transaction, the chief financial officer now owns 4,689 shares in the company, valued at $448,549.74. This trade represents a 79.01 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Ken Xie sold 23,307 shares of the firm’s stock in a transaction 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 sale, the chief executive officer now owns 48,915,530 shares in the company, valued at approximately $4,005,692,751.70. The trade was a 0.05 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 68,745 shares of company stock worth $5,746,974. Company insiders own 18.00% of the company’s stock.

Fortinet Stock Down 0.7 %

Shares of NASDAQ:FTNT opened at $97.95 on Friday. 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 company’s fifty day moving average is $88.38 and its two-hundred day moving average is $74.05. Fortinet, Inc. has a 1-year low of $54.57 and a 1-year high of $100.59. The stock has a market capitalization of $75.07 billion, a price-to-earnings ratio of 49.47, a price-to-earnings-growth ratio of 2.77 and a beta of 1.00.

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.