Brown Brothers Harriman & Co. Grows Stock Position in Fortinet, Inc. (NASDAQ:FTNT)

Brown Brothers Harriman & Co. boosted its stake in Fortinet, Inc. (NASDAQ:FTNT) by 9.7% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 3,816 shares of the software maker’s stock after acquiring an additional 336 shares during the quarter. Brown Brothers Harriman & Co.’s holdings in Fortinet were worth $296,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of FTNT. Tidal Investments LLC boosted its holdings in Fortinet by 13.5% in the 1st quarter. Tidal Investments LLC now owns 35,039 shares of the software maker’s stock worth $2,392,000 after acquiring an additional 4,164 shares during the period. Plato Investment Management Ltd raised its position in shares of Fortinet by 35.2% in the 1st quarter. Plato Investment Management Ltd now owns 3,138 shares of the software maker’s stock valued at $214,000 after purchasing an additional 817 shares in the last quarter. Virtu Financial LLC acquired a new position in shares of Fortinet in the 1st quarter valued at approximately $2,002,000. PGGM Investments raised its position in shares of Fortinet by 0.8% in the 1st quarter. PGGM Investments now owns 175,791 shares of the software maker’s stock valued at $12,008,000 after purchasing an additional 1,360 shares in the last quarter. Finally, Cetera Investment Advisers raised its position in shares of Fortinet by 543.5% in the 1st quarter. Cetera Investment Advisers now owns 157,319 shares of the software maker’s stock valued at $10,765,000 after purchasing an additional 132,871 shares in the last quarter. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on FTNT. StockNews.com raised Fortinet from a “hold” rating to a “buy” rating in a research report on Friday, October 25th. Truist Financial reaffirmed a “buy” rating and issued a $105.00 target price (up from $85.00) on shares of Fortinet in a research report on Wednesday, November 20th. BMO Capital Markets upped their target price on Fortinet from $88.00 to $100.00 and gave the company a “market perform” rating in a research report on Tuesday, November 19th. Rosenblatt Securities upped their price target on Fortinet from $90.00 to $100.00 and gave the company a “buy” rating in a research report on Wednesday, November 20th. Finally, HSBC raised Fortinet from a “hold” rating to a “buy” rating and upped their price target for the company from $83.00 to $111.00 in a research report on Monday, November 11th. 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. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $88.93.

Fortinet Trading Down 2.5 %

Shares of FTNT stock opened at $94.06 on Thursday. Fortinet, Inc. has a fifty-two week low of $50.65 and a fifty-two week high of $100.59. The stock has a market capitalization of $72.09 billion, a P/E ratio of 47.72, a P/E/G ratio of 2.70 and a beta of 1.00. The company has a quick ratio of 1.25, a current ratio of 1.34 and a debt-to-equity ratio of 1.09. The stock has a 50-day simple moving average of $83.21 and a 200 day simple moving average of $70.96.

Insider Activity

In other news, CFO Keith Jensen sold 4,250 shares of the company’s stock in a transaction on Tuesday, November 19th. The stock was 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 directly owns 4,689 shares of the company’s stock, valued at $425,901.87. This represents a 47.54 % 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 23,538 shares of the stock in a transaction dated 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 directly owns 48,878,806 shares of the company’s stock, valued at approximately $3,662,977,721.64. This represents a 0.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 68,745 shares of company stock valued at $5,746,974 over the last three months. Insiders own 18.00% of the company’s stock.

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.