Assetmark Inc. Boosts Stake in Fortinet, Inc. (NASDAQ:FTNT)

Assetmark Inc. raised its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 3.8% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 12,232 shares of the software maker’s stock after acquiring an additional 448 shares during the period. Assetmark Inc.’s holdings in Fortinet were worth $949,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Price T Rowe Associates Inc. MD raised its stake in shares of Fortinet by 664.8% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 35,137,089 shares of the software maker’s stock worth $2,400,215,000 after buying an additional 30,542,551 shares in the last quarter. Swedbank AB purchased a new position in Fortinet in the 1st quarter valued at approximately $548,013,000. Marshall Wace LLP increased its stake in Fortinet by 198.5% in the 2nd quarter. Marshall Wace LLP now owns 6,238,856 shares of the software maker’s stock valued at $376,016,000 after purchasing an additional 4,148,520 shares in the last quarter. Van ECK Associates Corp increased its stake in Fortinet by 94.9% in the 2nd quarter. Van ECK Associates Corp now owns 5,755,599 shares of the software maker’s stock valued at $346,890,000 after purchasing an additional 2,802,446 shares in the last quarter. Finally, Bessemer Group Inc. increased its stake in Fortinet by 102.5% in the 1st quarter. Bessemer Group Inc. now owns 3,284,203 shares of the software maker’s stock valued at $224,344,000 after purchasing an additional 1,662,156 shares in the last quarter. 83.71% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on the company. Royal Bank of Canada raised their price target on Fortinet from $68.00 to $72.00 and gave the stock a “sector perform” rating in a research report on Wednesday, August 7th. TD Cowen raised their price target on Fortinet from $75.00 to $90.00 and gave the stock a “buy” rating in a research report on Wednesday, October 9th. Piper Sandler raised their price target on Fortinet from $70.00 to $80.00 and gave the stock a “neutral” rating in a research report on Friday, November 8th. Needham & Company LLC restated a “hold” rating on shares of Fortinet in a report on Monday, November 11th. Finally, Guggenheim cut Fortinet from a “buy” rating to a “neutral” rating in a report on Monday, July 29th. One investment analyst has rated the stock with a sell rating, nineteen have issued a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $79.52.

Insiders Place Their Bets

In other Fortinet news, CEO Ken Xie sold 23,307 shares of the company’s stock in a transaction on 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 transaction, the chief executive officer now owns 48,915,530 shares of the company’s stock, valued at approximately $4,005,692,751.70. This represents a 0.05 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 18.00% of the stock is currently owned by insiders.

Fortinet Stock Performance

FTNT opened at $94.20 on Friday. The company has a market capitalization of $72.20 billion, a price-to-earnings ratio of 47.58, a price-to-earnings-growth ratio of 2.93 and a beta of 1.00. The company has a debt-to-equity ratio of 1.09, a current ratio of 1.34 and a quick ratio of 1.25. Fortinet, Inc. has a 1-year low of $49.97 and a 1-year high of $100.59. The business has a 50 day moving average price of $80.76 and a two-hundred day moving average price of $69.24.

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.