2,604 Shares in Fortinet, Inc. (NASDAQ:FTNT) Purchased by Catalytic Wealth RIA LLC

Catalytic Wealth RIA LLC acquired a new position in Fortinet, Inc. (NASDAQ:FTNT) in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 2,604 shares of the software maker’s stock, valued at approximately $202,000.

Several other hedge funds have also recently bought and sold shares of the business. Price T Rowe Associates Inc. MD grew its holdings in Fortinet by 664.8% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 35,137,089 shares of the software maker’s stock valued at $2,400,215,000 after buying an additional 30,542,551 shares during the last quarter. Swedbank AB bought a new position in Fortinet in the 1st quarter valued at $548,013,000. Marshall Wace LLP increased its stake in shares of 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 period. Van ECK Associates Corp increased its stake in shares of Fortinet by 94.9% in the 2nd quarter. Van ECK Associates Corp now owns 5,755,599 shares of the software maker’s stock valued at $346,890,000 after buying an additional 2,802,446 shares during the period. Finally, Bessemer Group Inc. increased its stake in shares of Fortinet by 102.5% in the 1st quarter. Bessemer Group Inc. now owns 3,284,203 shares of the software maker’s stock valued at $224,344,000 after buying an additional 1,662,156 shares during the period. 83.71% of the stock is owned by hedge funds and other institutional investors.

Fortinet Price Performance

Shares of Fortinet stock opened at $99.15 on Wednesday. The stock has a market cap of $75.84 billion, a price-to-earnings ratio of 50.08, a price-to-earnings-growth ratio of 3.24 and a beta of 1.00. The company has a debt-to-equity ratio of 3.45, a quick ratio of 1.22 and a current ratio of 1.32. The stock has a 50 day moving average price of $79.59 and a 200-day moving average price of $68.65. Fortinet, Inc. has a one year low of $49.70 and a one year high of $99.51.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on the company. Raymond James lifted their target price on Fortinet from $85.00 to $95.00 and gave the company an “outperform” rating in a research note on Friday, November 8th. DZ Bank raised Fortinet from a “sell” rating to a “hold” rating and set a $65.00 price objective for the company in a research note on Thursday, August 8th. BMO Capital Markets lifted their price objective on Fortinet from $70.00 to $76.00 and gave the stock a “market perform” rating in a research note on Wednesday, August 7th. Piper Sandler lifted their price objective on Fortinet from $70.00 to $80.00 and gave the stock a “neutral” rating in a research note on Friday, November 8th. Finally, Wedbush boosted their target price on Fortinet from $78.00 to $90.00 and gave the company an “outperform” rating in a research note on Friday, November 8th. One research analyst has rated the stock with a sell rating, nineteen have given a hold rating, twelve have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $79.52.

Insiders Place Their Bets

In other Fortinet news, CEO Ken Xie sold 23,538 shares of the company’s stock in a transaction on Wednesday, September 18th. The stock was sold at an average price of $74.94, for a total value of $1,763,937.72. Following the completion of the sale, the chief executive officer now directly owns 48,878,806 shares in the company, valued at approximately $3,662,977,721.64. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company 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.