Worldquant Millennium Advisors LLC Acquires 724,887 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Worldquant Millennium Advisors LLC grew its stake in Fortinet, Inc. (NASDAQ:FTNT) by 98.9% in the 3rd quarter, Holdings Channel.com reports. The fund owned 1,457,858 shares of the software maker’s stock after purchasing an additional 724,887 shares during the quarter. Fortinet makes up 0.8% of Worldquant Millennium Advisors LLC’s holdings, making the stock its 26th largest holding. Worldquant Millennium Advisors LLC’s holdings in Fortinet were worth $113,057,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Eastern Bank bought a new position in Fortinet in the third quarter valued at approximately $25,000. Ashton Thomas Securities LLC acquired a new stake in shares of Fortinet in the 3rd quarter valued at approximately $26,000. Private Wealth Management Group LLC grew its stake in shares of Fortinet by 73.3% in the third quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker’s stock valued at $32,000 after buying an additional 173 shares in the last quarter. Oakworth Capital Inc. acquired a new position in Fortinet during the second quarter worth $33,000. Finally, City State Bank raised its position in Fortinet by 900.0% during 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. Institutional investors and hedge funds own 83.71% of the company’s stock.

Fortinet Stock Performance

Fortinet stock opened at $98.46 on Friday. The stock has a market cap of $75.46 billion, a PE ratio of 49.73, a P/E/G ratio of 2.74 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. Fortinet, Inc. has a 12-month low of $50.65 and a 12-month high of $100.59. The business’s 50-day moving average price is $85.90 and its two-hundred day moving average price is $72.53.

Insider Activity at Fortinet

In related news, CFO Keith Jensen sold 4,250 shares of the firm’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 sale, the chief financial officer now owns 4,689 shares of the company’s stock, valued at $425,901.87. This trade represents a 47.54 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Ken Xie sold 23,307 shares of the company’s stock in a transaction dated Wednesday, October 16th. The stock was sold at an average price of $81.89, for a total value of $1,908,610.23. Following the completion of the transaction, the chief executive officer now directly owns 48,915,530 shares of the company’s stock, 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. In the last three months, insiders have sold 68,745 shares of company stock valued at $5,746,974. 18.00% of the stock is owned by insiders.

Analyst Ratings Changes

FTNT has been the subject of a number of analyst reports. Morgan Stanley lifted their price objective on shares of Fortinet from $105.00 to $106.00 and gave the company an “overweight” rating in a research report on Tuesday, November 19th. Royal Bank of Canada lifted their price target on Fortinet from $82.00 to $97.00 and gave the stock a “sector perform” rating in a report on Tuesday, November 19th. Wells Fargo & Company boosted their price target on Fortinet from $80.00 to $85.00 and gave the stock an “equal weight” rating in a research report on Tuesday, November 19th. TD Cowen raised their price objective on Fortinet from $90.00 to $105.00 and gave the company a “buy” rating in a research report on Tuesday, November 19th. Finally, HSBC upgraded Fortinet from a “hold” rating to a “buy” rating and lifted their target price for the stock from $83.00 to $111.00 in a research note on Monday, November 11th. One analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $88.93.

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.