Fortinet, Inc. (NASDAQ:FTNT) Holdings Lifted by Sigma Planning Corp

Sigma Planning Corp lifted its stake in Fortinet, Inc. (NASDAQ:FTNT) by 19.4% in the third quarter, HoldingsChannel reports. The fund owned 8,034 shares of the software maker’s stock after purchasing an additional 1,306 shares during the quarter. Sigma Planning Corp’s holdings in Fortinet were worth $623,000 at the end of the most recent reporting period.

A number of other institutional investors also recently made changes to their positions in the stock. Eagle Capital Management LLC lifted its stake in shares of Fortinet by 0.6% in the 3rd quarter. Eagle Capital Management LLC now owns 25,772 shares of the software maker’s stock worth $1,999,000 after acquiring an additional 141 shares during the period. Parallel Advisors LLC lifted its stake in shares of Fortinet by 2.0% in the 2nd quarter. Parallel Advisors LLC now owns 7,504 shares of the software maker’s stock worth $452,000 after acquiring an additional 148 shares during the period. Private Wealth Management Group LLC lifted its stake in shares of Fortinet by 73.3% in the 3rd quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker’s stock worth $32,000 after acquiring an additional 173 shares during the period. Simplicity Wealth LLC lifted its stake in shares of Fortinet by 2.2% in the 2nd quarter. Simplicity Wealth LLC now owns 8,260 shares of the software maker’s stock worth $498,000 after acquiring an additional 174 shares during the period. Finally, Werlinich Asset Management LLC lifted its stake in shares of Fortinet by 1.7% in the 2nd quarter. Werlinich Asset Management LLC now owns 10,650 shares of the software maker’s stock worth $639,000 after acquiring an additional 180 shares during the period. 83.71% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several analysts recently commented on FTNT shares. Deutsche Bank Aktiengesellschaft increased their target price on shares of Fortinet from $71.00 to $75.00 and gave the company a “hold” rating in a research note on Wednesday, August 7th. JPMorgan Chase & Co. increased their target price on shares of Fortinet from $63.00 to $70.00 and gave the company a “neutral” rating in a research note on Wednesday, August 7th. HSBC raised shares of Fortinet from a “hold” rating to a “buy” rating and increased their target price for the company from $83.00 to $111.00 in a research note on Monday. BMO Capital Markets increased their target price on shares of Fortinet from $70.00 to $76.00 and gave the company a “market perform” rating in a research note on Wednesday, August 7th. Finally, Guggenheim lowered shares of Fortinet from a “buy” rating to a “neutral” rating in a research note on Monday, July 29th. One equities research analyst has rated the stock with a sell rating, nineteen have given a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $79.52.

Fortinet Price Performance

NASDAQ:FTNT opened at $94.46 on Friday. The company has a 50-day moving average of $80.38 and a 200-day moving average of $69.03. The company has a market capitalization of $72.40 billion, a price-to-earnings ratio of 47.71, a PEG ratio of 2.96 and a beta of 1.00. Fortinet, Inc. has a 52 week low of $49.97 and a 52 week high of $100.59. The company has a debt-to-equity ratio of 1.09, a quick ratio of 1.25 and a current ratio of 1.34.

Insider Transactions at Fortinet

In other news, CEO Ken Xie sold 23,307 shares of the firm’s stock in a transaction dated Wednesday, October 16th. The shares were sold at an average price of $81.89, for a total transaction 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. This trade represents a 0.05 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 18.00% of the stock is owned by insiders.

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.