Fortinet, Inc. (NASDAQ:FTNT) Shares Bought by CCLA Investment Management

CCLA Investment Management increased its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 4.3% in the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 1,442,167 shares of the software maker’s stock after buying an additional 58,970 shares during the period. Fortinet comprises approximately 2.2% of CCLA Investment Management’s holdings, making the stock its 17th biggest position. CCLA Investment Management’s holdings in Fortinet were worth $136,255,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Eastern Bank acquired a new position in Fortinet in the third quarter valued at approximately $25,000. Ashton Thomas Securities LLC acquired a new position in Fortinet during the 3rd quarter valued at approximately $26,000. Private Wealth Management Group LLC grew its stake in Fortinet by 73.3% during the 3rd quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker’s stock worth $32,000 after buying an additional 173 shares during the last quarter. City State Bank increased its position in Fortinet by 900.0% in the third quarter. City State Bank now owns 500 shares of the software maker’s stock worth $39,000 after buying an additional 450 shares during the period. Finally, Paladin Wealth LLC bought a new stake in Fortinet in the third quarter valued at $46,000. Institutional investors and hedge funds own 83.71% of the company’s stock.

Fortinet Price Performance

FTNT opened at $92.49 on Wednesday. The firm has a market capitalization of $70.89 billion, a P/E ratio of 46.71, a PEG ratio of 2.76 and a beta of 1.00. The stock has a fifty day moving average of $94.89 and a 200-day moving average of $79.68. 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 $54.57 and a 12-month high of $101.00.

Insider Buying and Selling

In other Fortinet news, Director William H. Neukom bought 355 shares of the company’s stock in a transaction dated Friday, December 6th. The shares were bought at an average price of $98.50 per share, for a total transaction of $34,967.50. Following the acquisition, the director now directly owns 150,245 shares of the company’s stock, valued at approximately $14,799,132.50. This trade represents a 0.24 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Keith Jensen sold 4,250 shares of the firm’s stock in a transaction that occurred 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 approximately $425,901.87. This represents a 47.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 44,816 shares of company stock valued at $4,318,590. Corporate insiders own 18.00% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have recently commented on FTNT. Royal Bank of Canada upped their price target on shares of Fortinet from $82.00 to $97.00 and gave the stock a “sector perform” rating in a research report on Tuesday, November 19th. StockNews.com raised Fortinet from a “hold” rating to a “buy” rating in a report on Friday, October 25th. The Goldman Sachs Group boosted their price objective on Fortinet from $100.00 to $114.00 and gave the stock a “buy” rating in a research report on Thursday, January 2nd. Truist Financial reaffirmed a “buy” rating and set a $105.00 target price (up previously from $85.00) on shares of Fortinet in a research note on Wednesday, November 20th. Finally, Wedbush increased their price target on Fortinet from $90.00 to $105.00 and gave the stock an “outperform” rating in a research note on Tuesday, November 19th. One equities research analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Fortinet has an average rating of “Hold” and a consensus target price of $94.35.

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.