Entropy Technologies LP Makes New Investment in Fortinet, Inc. (NASDAQ:FTNT)

Entropy Technologies LP purchased a new stake in Fortinet, Inc. (NASDAQ:FTNT) in the third quarter, according to the company in its most recent filing with the SEC. The firm purchased 45,781 shares of the software maker’s stock, valued at approximately $3,550,000.

Several other hedge funds and other institutional investors have also recently made changes to their positions in FTNT. Eagle Capital Management LLC grew its position in Fortinet by 0.6% during the third quarter. Eagle Capital Management LLC now owns 25,772 shares of the software maker’s stock worth $1,999,000 after buying an additional 141 shares during the period. Parallel Advisors LLC grew its holdings 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 raised its holdings in Fortinet by 73.3% during the third quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker’s stock worth $32,000 after purchasing an additional 173 shares during the last quarter. Simplicity Wealth LLC boosted its position in Fortinet by 2.2% during the second quarter. Simplicity Wealth LLC now owns 8,260 shares of the software maker’s stock worth $498,000 after purchasing an additional 174 shares in the last quarter. Finally, Werlinich Asset Management LLC grew its holdings in Fortinet by 1.7% in the second quarter. Werlinich Asset Management LLC now owns 10,650 shares of the software maker’s stock valued at $639,000 after purchasing an additional 180 shares during the last quarter. Institutional investors and hedge funds own 83.71% of the company’s stock.

Fortinet Trading Up 5.6 %

Shares of FTNT opened at $97.18 on Tuesday. The company has a debt-to-equity ratio of 3.45, a current ratio of 1.32 and a quick ratio of 1.22. Fortinet, Inc. has a 12 month low of $49.70 and a 12 month high of $97.35. The stock has a market cap of $74.33 billion, a PE ratio of 49.08, a P/E/G ratio of 3.24 and a beta of 1.00. The stock’s 50-day moving average is $79.15 and its two-hundred day moving average is $68.40.

Insiders Place Their Bets

In related news, CEO Ken Xie sold 23,307 shares of the firm’s stock in a transaction on 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 sale, 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 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders sold a total of 70,538 shares of company stock worth $5,403,559 in the last 90 days. 18.00% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

FTNT has been the topic of several recent research reports. Scotiabank boosted their price objective on shares of Fortinet from $75.00 to $85.00 and gave the stock a “sector outperform” rating in a research report on Friday. DZ Bank upgraded shares of Fortinet from a “sell” rating to a “hold” rating and set a $65.00 price target on the stock in a research report on Thursday, August 8th. Robert W. Baird lifted their price objective on Fortinet from $80.00 to $88.00 and gave the stock an “outperform” rating in a research report on Friday. StockNews.com upgraded Fortinet from a “hold” rating to a “buy” rating in a report on Friday, October 25th. Finally, Rosenblatt Securities boosted their price target on Fortinet from $85.00 to $90.00 and gave the stock a “buy” rating in a report on Friday. One analyst has rated the stock with a sell rating, twenty have given a hold rating and twelve have given a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $79.52.

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.