Decker Retirement Planning Inc. Acquires Shares of 50,980 Fortinet, Inc. (NASDAQ:FTNT)

Decker Retirement Planning Inc. bought a new position in shares of Fortinet, Inc. (NASDAQ:FTNT) in the fourth quarter, Holdings Channel.com reports. The fund bought 50,980 shares of the software maker’s stock, valued at approximately $4,817,000. Fortinet makes up approximately 2.8% of Decker Retirement Planning Inc.’s investment portfolio, making the stock its 10th biggest holding.

A number of other hedge funds have also modified their holdings of the business. Eagle Capital Management LLC increased its holdings in shares of Fortinet by 2.2% in the second quarter. Eagle Capital Management LLC now owns 25,631 shares of the software maker’s stock valued at $1,545,000 after purchasing an additional 544 shares during the last quarter. American Century Companies Inc. grew its holdings in Fortinet by 14.8% in the 2nd quarter. American Century Companies Inc. now owns 480,525 shares of the software maker’s stock valued at $28,961,000 after buying an additional 61,948 shares in the last quarter. J.W. Cole Advisors Inc. acquired a new stake in shares of Fortinet in the 2nd quarter worth $308,000. Mutual of America Capital Management LLC raised its holdings in shares of Fortinet by 6.6% during the 2nd quarter. Mutual of America Capital Management LLC now owns 114,634 shares of the software maker’s stock worth $6,909,000 after acquiring an additional 7,086 shares during the period. Finally, E Fund Management Co. Ltd. boosted its position in shares of Fortinet by 19.0% during the 2nd quarter. E Fund Management Co. Ltd. now owns 13,867 shares of the software maker’s stock valued at $836,000 after acquiring an additional 2,214 shares during the last quarter. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, CEO Ken Xie sold 23,044 shares of the business’s stock in a transaction that occurred on Wednesday, January 15th. The stock was sold at an average price of $93.32, for a total transaction of $2,150,466.08. Following the completion of the sale, the chief executive officer now owns 49,039,698 shares in the company, valued at $4,576,384,617.36. The trade was a 0.05 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Keith Jensen sold 4,250 shares of the stock in a transaction that occurred 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 transaction, the chief financial officer now owns 4,689 shares in the company, valued at $425,901.87. This represents a 47.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 67,860 shares of company stock worth $6,469,056. Corporate insiders own 18.00% of the company’s stock.

Fortinet Trading Up 1.1 %

Shares of NASDAQ:FTNT opened at $94.05 on Friday. Fortinet, Inc. has a 52 week low of $54.57 and a 52 week high of $101.00. The company’s 50 day moving average is $95.63 and its two-hundred day moving average is $80.10. The company has a market cap of $72.08 billion, a PE ratio of 47.50, a P/E/G 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.

Analysts Set New Price Targets

Several research firms recently issued reports on FTNT. Hsbc Global Res upgraded shares of Fortinet from a “hold” rating to a “strong-buy” rating in a research report on Monday, November 11th. Wedbush raised their price target on shares of Fortinet from $90.00 to $105.00 and gave the stock an “outperform” rating in a report on Tuesday, November 19th. Scotiabank upped their price objective on Fortinet from $85.00 to $110.00 and gave the company a “sector outperform” rating in a report on Wednesday, November 20th. HSBC upgraded Fortinet from a “hold” rating to a “buy” rating and increased their price objective for the stock from $83.00 to $111.00 in a research report on Monday, November 11th. Finally, Cantor Fitzgerald upped their target price on shares of Fortinet from $88.00 to $95.00 and gave the company a “neutral” rating in a research report on Tuesday, November 19th. One equities research analyst has rated the stock with a sell rating, nineteen have issued a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Fortinet has a consensus rating of “Hold” and an average target price of $94.35.

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.