Fortinet, Inc. (NASDAQ:FTNT) Position Raised by GSA Capital Partners LLP

GSA Capital Partners LLP lifted its position in shares of Fortinet, Inc. (NASDAQ:FTNT) by 85.5% in the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 15,270 shares of the software maker’s stock after acquiring an additional 7,040 shares during the period. GSA Capital Partners LLP’s holdings in Fortinet were worth $1,184,000 as of its most recent filing with the SEC.

Other large investors have also modified their holdings of the company. Eastern Bank bought a new position in Fortinet in the 3rd quarter worth about $25,000. Ashton Thomas Securities LLC bought a new position in Fortinet in the 3rd quarter worth approximately $26,000. Private Wealth Management Group LLC increased its position in Fortinet by 73.3% in the 3rd quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker’s stock valued at $32,000 after acquiring an additional 173 shares during the period. Oakworth Capital Inc. bought a new stake in Fortinet during the 2nd quarter valued at $33,000. Finally, Versant Capital Management Inc boosted its position in Fortinet by 61.2% during the 2nd quarter. Versant Capital Management Inc now owns 627 shares of the software maker’s stock worth $38,000 after acquiring an additional 238 shares during the period. Institutional investors and hedge funds own 83.71% of the company’s stock.

Fortinet Stock Down 3.5 %

Shares of Fortinet stock opened at $94.46 on Friday. Fortinet, Inc. has a 1 year low of $49.97 and a 1 year high of $100.59. The company has a market cap of $72.40 billion, a P/E ratio of 47.71, a P/E/G ratio of 2.96 and a beta of 1.00. The company has a current ratio of 1.34, a quick ratio of 1.25 and a debt-to-equity ratio of 1.09. The stock has a 50-day moving average price of $80.38 and a 200 day moving average price of $69.03.

Insider Activity

In other news, CEO Ken Xie sold 23,538 shares of the business’s stock in a transaction on Wednesday, September 18th. The shares were sold at an average price of $74.94, for a total transaction of $1,763,937.72. Following the transaction, the chief executive officer now directly owns 48,878,806 shares in the company, valued at $3,662,977,721.64. The trade was a 0.05 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 18.00% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on FTNT shares. Hsbc Global Res raised Fortinet from a “hold” rating to a “strong-buy” rating in a report on Monday. Deutsche Bank Aktiengesellschaft raised 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. Scotiabank upped their price target on shares of Fortinet from $75.00 to $85.00 and gave the stock a “sector outperform” rating in a research note on Friday, November 8th. Cantor Fitzgerald raised their price objective on shares of Fortinet from $65.00 to $88.00 and gave the company a “neutral” rating in a research note on Tuesday, October 29th. Finally, Needham & Company LLC restated a “hold” rating on shares of Fortinet in a research report on Monday. One equities research analyst has rated the stock with a sell rating, nineteen have issued a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Fortinet has a consensus rating of “Hold” and an average target price of $79.52.

Fortinet 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.