Fortinet, Inc. (NASDAQ:FTNT) Stake Raised by Brown Brothers Harriman & Co.

Brown Brothers Harriman & Co. increased its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 9.7% in the 3rd quarter, Holdings Channel reports. The fund owned 3,816 shares of the software maker’s stock after purchasing an additional 336 shares during the period. Brown Brothers Harriman & Co.’s holdings in Fortinet were worth $296,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of the business. Swedbank AB raised its stake in shares of Fortinet by 1.7% during the 2nd quarter. Swedbank AB now owns 8,156,797 shares of the software maker’s stock worth $491,610,000 after purchasing an additional 134,366 shares in the last quarter. Marshall Wace LLP raised its stake in shares of Fortinet by 198.5% during the 2nd quarter. Marshall Wace LLP now owns 6,238,856 shares of the software maker’s stock worth $376,016,000 after purchasing an additional 4,148,520 shares in the last quarter. Van ECK Associates Corp raised its stake in shares of Fortinet by 94.9% during the 2nd quarter. Van ECK Associates Corp now owns 5,755,599 shares of the software maker’s stock worth $346,890,000 after purchasing an additional 2,802,446 shares in the last quarter. Renaissance Technologies LLC raised its stake in shares of Fortinet by 15.0% during the 2nd quarter. Renaissance Technologies LLC now owns 5,026,394 shares of the software maker’s stock worth $302,941,000 after purchasing an additional 657,400 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. raised its stake in shares of Fortinet by 1.8% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 3,817,859 shares of the software maker’s stock worth $296,075,000 after purchasing an additional 68,852 shares in the last quarter. 83.71% of the stock is owned by hedge funds and other institutional investors.

Fortinet Price Performance

Fortinet stock opened at $94.06 on Thursday. 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 $72.09 billion, a PE ratio of 47.72, a price-to-earnings-growth ratio of 2.70 and a beta of 1.00. Fortinet, Inc. has a one year low of $50.65 and a one year high of $100.59. The business has a 50 day simple moving average of $83.21 and a 200 day simple moving average of $70.96.

Insider Buying and Selling at Fortinet

In other Fortinet news, CEO Ken Xie sold 23,307 shares of the business’s stock in a transaction on Wednesday, October 16th. The stock was sold at an average price of $81.89, for a total value of $1,908,610.23. Following the transaction, the chief executive officer now owns 48,915,530 shares of the company’s stock, valued at approximately $4,005,692,751.70. The trade was a 0.05 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Keith Jensen sold 4,250 shares of the business’s stock in a transaction on Tuesday, November 19th. The stock was sold at an average price of $90.83, for a total value of $386,027.50. Following the completion of the transaction, the chief financial officer now directly owns 4,689 shares in the company, valued at approximately $425,901.87. This represents a 47.54 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 68,745 shares of company stock worth $5,746,974. 18.00% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on FTNT shares. Stifel Nicolaus raised their price target on Fortinet from $84.00 to $90.00 and gave the stock a “hold” rating in a research note on Tuesday, November 19th. DZ Bank raised Fortinet from a “sell” rating to a “hold” rating and set a $65.00 price objective on the stock in a report on Thursday, August 8th. Piper Sandler increased their price objective on Fortinet from $80.00 to $100.00 and gave the company a “neutral” rating in a report on Tuesday, November 19th. Raymond James increased their price objective on Fortinet from $85.00 to $95.00 and gave the company an “outperform” rating in a report on Friday, November 8th. Finally, Bank of America increased their price objective on Fortinet from $87.00 to $104.00 and gave the company a “buy” rating in a report on Tuesday, November 19th. One analyst has rated the stock with a sell rating, nineteen have given a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Fortinet currently has an average rating of “Hold” and an average price target of $88.93.

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.