Pine Valley Investments Ltd Liability Co Invests $9.82 Million in Fortinet, Inc. (NASDAQ:FTNT)

Pine Valley Investments Ltd Liability Co purchased a new stake in Fortinet, Inc. (NASDAQ:FTNT) in the third quarter, Holdings Channel.com reports. The firm purchased 126,597 shares of the software maker’s stock, valued at approximately $9,818,000.

Other hedge funds have also recently bought and sold shares of the company. Apollon Wealth Management LLC grew its holdings in Fortinet by 7.6% during the 3rd quarter. Apollon Wealth Management LLC now owns 15,296 shares of the software maker’s stock worth $1,186,000 after acquiring an additional 1,081 shares in the last quarter. Forsta AP Fonden lifted its position in shares of Fortinet by 11.8% during the third quarter. Forsta AP Fonden now owns 135,500 shares of the software maker’s stock worth $10,508,000 after purchasing an additional 14,300 shares during the last quarter. Sarasin & Partners LLP grew its stake in Fortinet by 22.4% in the second quarter. Sarasin & Partners LLP now owns 2,163,093 shares of the software maker’s stock worth $130,370,000 after purchasing an additional 395,477 shares in the last quarter. Quadrature Capital Ltd bought a new stake in Fortinet in the third quarter valued at about $10,343,000. Finally, Empower Advisory Group LLC raised its stake in Fortinet by 4.2% during the third quarter. Empower Advisory Group LLC now owns 1,008,224 shares of the software maker’s stock valued at $78,188,000 after buying an additional 40,277 shares in the last quarter. Institutional investors and hedge funds own 83.71% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on FTNT shares. Stifel Nicolaus boosted their price target on Fortinet from $84.00 to $90.00 and gave the company a “hold” rating in a report on Tuesday, November 19th. StockNews.com raised shares of Fortinet from a “hold” rating to a “buy” rating in a report on Friday, October 25th. Citigroup raised their price target on shares of Fortinet from $66.00 to $76.00 and gave the stock a “neutral” rating in a research report on Friday, September 13th. Mizuho lowered shares of Fortinet from a “neutral” rating to an “underperform” rating and set a $68.00 price target for the company. in a report on Thursday, October 17th. Finally, BMO Capital Markets increased their price objective on shares of Fortinet from $88.00 to $100.00 and gave the stock a “market perform” rating in a research note on Tuesday, November 19th. One research analyst has rated the stock with a sell rating, nineteen have given a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Fortinet presently has a consensus rating of “Hold” and a consensus target price of $88.93.

Fortinet Stock Performance

FTNT opened at $98.04 on Thursday. The business has a 50 day moving average price of $87.54 and a two-hundred day moving average price of $73.62. The company has a debt-to-equity ratio of 1.09, a current ratio of 1.34 and a quick ratio of 1.25. The company has a market capitalization of $75.14 billion, a price-to-earnings ratio of 49.52, a price-to-earnings-growth ratio of 2.80 and a beta of 1.00. Fortinet, Inc. has a 1-year low of $53.40 and a 1-year high of $100.59.

Insider Transactions at Fortinet

In other news, CEO Ken Xie sold 23,538 shares of Fortinet stock in a transaction that occurred on Wednesday, September 18th. The shares were sold at an average price of $74.94, for a total value of $1,763,937.72. Following the transaction, the chief executive officer now owns 48,878,806 shares of the company’s stock, valued at $3,662,977,721.64. The trade was a 0.05 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director William H. Neukom bought 355 shares of the business’s stock in a transaction that occurred on Friday, December 6th. The shares were acquired at an average cost of $98.50 per share, with a total value of $34,967.50. Following the completion of the purchase, the director now owns 150,245 shares of the company’s stock, valued at approximately $14,799,132.50. The trade was a 0.24 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last 90 days, insiders have sold 68,745 shares of company stock valued at $5,746,974. 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.