Advisors Asset Management Inc. Acquires 1,955 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Advisors Asset Management Inc. grew its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 11.1% in the third quarter, according to its most recent filing with the SEC. The institutional investor owned 19,580 shares of the software maker’s stock after purchasing an additional 1,955 shares during the period. Advisors Asset Management Inc.’s holdings in Fortinet were worth $1,518,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Swedbank AB lifted its position in shares of Fortinet by 1.7% during the second quarter. Swedbank AB now owns 8,156,797 shares of the software maker’s stock valued at $491,610,000 after purchasing an additional 134,366 shares in the last quarter. 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 buying an additional 4,148,520 shares during the last quarter. Van ECK Associates Corp lifted its position in shares of Fortinet by 94.9% during the 2nd quarter. Van ECK Associates Corp now owns 5,755,599 shares of the software maker’s stock worth $346,890,000 after buying an additional 2,802,446 shares in the last quarter. Renaissance Technologies LLC boosted its stake in shares of Fortinet by 15.0% in the 2nd quarter. Renaissance Technologies LLC now owns 5,026,394 shares of the software maker’s stock worth $302,941,000 after buying an additional 657,400 shares during the last quarter. Finally, Robeco Institutional Asset Management B.V. grew its holdings in shares of Fortinet by 10.0% in the third quarter. Robeco Institutional Asset Management B.V. now owns 3,403,975 shares of the software maker’s stock valued at $263,978,000 after acquiring an additional 309,772 shares in the last quarter. 83.71% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

FTNT has been the topic of a number of recent analyst reports. HSBC upgraded Fortinet from a “hold” rating to a “buy” rating and lifted their price target for the stock from $83.00 to $111.00 in a report on Monday, November 11th. Guggenheim downgraded shares of Fortinet from a “buy” rating to a “neutral” rating in a report on Monday, July 29th. Stifel Nicolaus raised their price objective on shares of Fortinet from $84.00 to $90.00 and gave the stock a “hold” rating in a report on Tuesday, November 19th. Raymond James boosted their target price on shares of Fortinet from $85.00 to $95.00 and gave the company an “outperform” rating in a research note on Friday, November 8th. Finally, StockNews.com upgraded shares of Fortinet from a “hold” rating to a “buy” rating in a research note on Friday, October 25th. One research analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $88.93.

Fortinet Stock Up 0.4 %

FTNT stock opened at $93.12 on Tuesday. The company’s 50 day moving average is $82.79 and its 200 day moving average is $70.69. The stock has a market cap of $71.37 billion, a price-to-earnings ratio of 47.03, a price-to-earnings-growth ratio of 2.69 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. Fortinet, Inc. has a 1-year low of $50.65 and a 1-year high of $100.59.

Insiders Place Their Bets

In other Fortinet news, CEO Ken Xie sold 23,307 shares of Fortinet stock in a transaction dated Wednesday, October 16th. The stock was sold at an average price of $81.89, for a total transaction of $1,908,610.23. Following the completion of the sale, the chief executive officer now owns 48,915,530 shares of the company’s stock, valued at $4,005,692,751.70. The trade was a 0.05 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Keith Jensen sold 4,250 shares of the stock in a transaction dated Tuesday, November 19th. The shares were sold at an average price of $90.83, for a total value of $386,027.50. Following the transaction, the chief financial officer now owns 4,689 shares in the company, valued at $425,901.87. This trade represents a 47.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 51,095 shares of company stock valued at $4,058,575 in the last quarter. Corporate insiders own 18.00% of the company’s stock.

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.