Aptus Capital Advisors LLC Grows Stock Position in Fortinet, Inc. (NASDAQ:FTNT)

Aptus Capital Advisors LLC boosted its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 15.2% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 6,157 shares of the software maker’s stock after purchasing an additional 813 shares during the period. Aptus Capital Advisors LLC’s holdings in Fortinet were worth $477,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the business. Ashton Thomas Private Wealth LLC increased its holdings in Fortinet by 4.3% during the 3rd quarter. Ashton Thomas Private Wealth LLC now owns 34,191 shares of the software maker’s stock valued at $2,652,000 after purchasing an additional 1,411 shares during the period. Platform Technology Partners purchased a new position in Fortinet during the 3rd quarter valued at about $202,000. Meridian Management Co. purchased a new position in Fortinet during the 3rd quarter valued at about $3,372,000. Sumitomo Mitsui Trust Group Inc. increased its holdings in Fortinet by 1.0% during the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,513,724 shares of the software maker’s stock valued at $117,389,000 after purchasing an additional 14,849 shares during the period. Finally, Patron Partners LLC increased its holdings in Fortinet by 4.5% during the 3rd quarter. Patron Partners LLC now owns 10,613 shares of the software maker’s stock valued at $823,000 after purchasing an additional 455 shares during the period. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on FTNT. Robert W. Baird boosted their price target on Fortinet from $80.00 to $88.00 and gave the company an “outperform” rating in a report on Friday, November 8th. Citigroup lifted their price objective on Fortinet from $66.00 to $76.00 and gave the company a “neutral” rating in a research report on Friday, September 13th. Cantor Fitzgerald lifted their price objective on Fortinet from $65.00 to $88.00 and gave the company a “neutral” rating in a research report on Tuesday, October 29th. Wells Fargo & Company lifted their price objective on Fortinet from $62.00 to $64.00 and gave the company an “equal weight” rating in a research report on Wednesday, August 7th. Finally, StockNews.com raised Fortinet from a “hold” rating to a “buy” rating in a research report on Friday, October 25th. 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 issued a strong buy rating to the company. According to data from MarketBeat.com, Fortinet presently has a consensus rating of “Hold” and a consensus target price of $79.52.

Fortinet Price Performance

Shares of NASDAQ FTNT opened at $94.20 on Friday. Fortinet, Inc. has a twelve month low of $49.97 and a twelve month high of $100.59. The firm has a market cap of $72.20 billion, a P/E ratio of 47.58, a PEG ratio of 2.93 and a beta of 1.00. The company has a 50 day moving average of $80.76 and a 200 day moving average of $69.24. The company has a quick ratio of 1.25, a current ratio of 1.34 and a debt-to-equity ratio of 1.09.

Insider Buying and Selling

In other Fortinet news, CEO Ken Xie sold 23,307 shares of the business’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 in the company, valued at approximately $4,005,692,751.70. The trade was a 0.05 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 18.00% of the stock is owned by company insiders.

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.