Beacon Investment Advisory Services Inc. Has $12.83 Million Holdings in Fortinet, Inc. (NASDAQ:FTNT)

Beacon Investment Advisory Services Inc. raised its stake in Fortinet, Inc. (NASDAQ:FTNT) by 5.4% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 165,468 shares of the software maker’s stock after acquiring an additional 8,421 shares during the period. Beacon Investment Advisory Services Inc.’s holdings in Fortinet were worth $12,832,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of the stock. Eastern Bank acquired a new stake in shares of Fortinet during the 3rd quarter worth about $25,000. Ashton Thomas Securities LLC acquired a new stake in shares of Fortinet during the third quarter worth approximately $26,000. Private Wealth Management Group LLC raised its stake in shares of Fortinet by 73.3% in the third 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 last quarter. Oakworth Capital Inc. acquired a new position in shares of Fortinet in the 2nd quarter worth approximately $33,000. Finally, Versant Capital Management Inc grew 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 last quarter. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

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

Analyst Ratings Changes

FTNT has been the topic of a number of recent analyst reports. Raymond James boosted their price objective on Fortinet from $85.00 to $95.00 and gave the stock an “outperform” rating in a research note on Friday, November 8th. Stifel Nicolaus increased their price objective on shares of Fortinet from $84.00 to $90.00 and gave the stock a “hold” rating in a report on Tuesday, November 19th. Barclays boosted their target price on shares of Fortinet from $85.00 to $95.00 and gave the stock an “equal weight” rating in a research note on Friday, November 8th. JPMorgan Chase & Co. increased their price target on shares of Fortinet from $63.00 to $70.00 and gave the company a “neutral” rating in a research note on Wednesday, August 7th. Finally, TD Cowen upped their price objective on Fortinet from $90.00 to $105.00 and gave the stock a “buy” rating in a report on Tuesday, November 19th. One analyst has rated the stock with a sell rating, nineteen have issued a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Fortinet has an average rating of “Hold” and an average price target of $88.93.

Fortinet Price Performance

NASDAQ FTNT opened at $95.05 on Monday. The company has a market capitalization of $72.85 billion, a PE ratio of 48.01, a price-to-earnings-growth ratio of 2.76 and a beta of 1.00. Fortinet, Inc. has a 12-month low of $50.65 and a 12-month high of $100.59. The firm’s 50 day moving average is $84.33 and its 200-day moving average is $71.61. The company has a quick ratio of 1.25, a current ratio of 1.34 and a debt-to-equity ratio of 1.09.

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.