Pinnbrook Capital Management LP acquired a new position in shares of Fortinet, Inc. (NASDAQ:FTNT – Free Report) in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 25,900 shares of the software maker’s stock, valued at approximately $3,979,000.
A number of other institutional investors also recently modified their holdings of the company. Elevation Wealth Partners LLC boosted its holdings in shares of Fortinet by 53.6% in the 2nd quarter. Elevation Wealth Partners LLC now owns 215 shares of the software maker’s stock worth $33,000 after acquiring an additional 75 shares in the last quarter. Florida Financial Advisors LLC increased its holdings in Fortinet by 3.0% during the 1st quarter. Florida Financial Advisors LLC now owns 3,780 shares of the software maker’s stock valued at $309,000 after purchasing an additional 109 shares in the last quarter. Optimist Retirement Group LLC increased its holdings in Fortinet by 2.5% during the 4th quarter. Optimist Retirement Group LLC now owns 5,010 shares of the software maker’s stock valued at $398,000 after purchasing an additional 122 shares in the last quarter. GW&K Investment Management LLC raised its position in Fortinet by 31.4% in the 4th quarter. GW&K Investment Management LLC now owns 515 shares of the software maker’s stock valued at $41,000 after purchasing an additional 123 shares during the last quarter. Finally, Delta Investment Management LLC raised its position in Fortinet by 2.4% in the 4th quarter. Delta Investment Management LLC now owns 5,250 shares of the software maker’s stock valued at $417,000 after purchasing an additional 125 shares during the last quarter. Institutional investors own 83.71% of the company’s stock.
Fortinet Stock Up 1.8%
Shares of FTNT opened at $153.51 on Friday. The firm has a market capitalization of $112.63 billion, a price-to-earnings ratio of 54.05, a PEG ratio of 2.91 and a beta of 1.07. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.19 and a current ratio of 1.28. The business’s fifty day moving average price is $156.24 and its two-hundred day moving average price is $117.61. Fortinet, Inc. has a 52 week low of $73.55 and a 52 week high of $172.09.
Analysts Set New Price Targets
Several analysts have recently commented on FTNT shares. HSBC cut Fortinet from a “hold” rating to a “reduce” rating and set a $102.00 target price on the stock. in a report on Monday, June 29th. DZ Bank cut Fortinet from a “hold” rating to a “strong sell” rating in a report on Thursday, July 30th. Weiss Ratings downgraded shares of Fortinet from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Thursday. Arete Research set a $104.00 price objective on shares of Fortinet and gave the stock a “buy” rating in a report on Monday, April 27th. Finally, UBS Group restated a “neutral” rating and issued a $180.00 price objective on shares of Fortinet in a research report on Thursday, July 30th. Two investment analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating, nineteen have assigned a Hold rating and five have issued a Sell rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $150.91.
Get Our Latest Stock Analysis on Fortinet
Insider Transactions at Fortinet
In other Fortinet news, VP Michael Xie sold 3,121 shares of the business’s stock in a transaction dated Monday, August 3rd. The stock was sold at an average price of $162.63, for a total transaction of $507,568.23. Following the completion of the sale, the vice president directly owned 9,918,360 shares of the company’s stock, valued at approximately $1,613,022,886.80. The trade was a 0.03% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Ken Xie sold 161,482 shares of the company’s stock in a transaction dated Monday, August 3rd. The shares were sold at an average price of $162.66, for a total transaction of $26,266,662.12. Following the transaction, the chief executive officer owned 52,972,372 shares in the company, valued at approximately $8,616,486,029.52. The trade was a 0.30% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last quarter, insiders sold 329,142 shares of company stock valued at $50,731,178. Corporate insiders own 17.60% of the company’s stock.
About Fortinet
Fortinet, Inc (NASDAQ: FTNT) is a multinational cybersecurity company that develops and delivers integrated security solutions for enterprise, service provider and government customers worldwide. Founded in 2000 and headquartered in Sunnyvale, California, the company was co‑founded by Ken Xie and Michael Xie. Ken Xie serves as chairman and chief executive officer, and the company operates through a global sales, channel and services organization to support customers across the Americas, EMEA and Asia‑Pacific.
Fortinet’s product portfolio centers on network security appliances and software, with its FortiGate next‑generation firewalls and the FortiOS operating system forming a core platform.
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