Investment Management Corp of Ontario Increases Position in Fortinet, Inc. (NASDAQ:FTNT)

Investment Management Corp of Ontario boosted its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 49.0% in the 3rd quarter, Holdings Channel reports. The fund owned 21,601 shares of the software maker’s stock after acquiring an additional 7,100 shares during the quarter. Investment Management Corp of Ontario’s holdings in Fortinet were worth $1,675,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of FTNT. Mather Group LLC. grew its stake in Fortinet by 57.0% during the 2nd quarter. Mather Group LLC. now owns 6,035 shares of the software maker’s stock valued at $364,000 after acquiring an additional 2,190 shares in the last quarter. CWM LLC grew its stake in shares of Fortinet by 41.8% in the 2nd quarter. CWM LLC now owns 39,270 shares of the software maker’s stock valued at $2,367,000 after buying an additional 11,581 shares during the period. Valeo Financial Advisors LLC grew its stake in shares of Fortinet by 62.9% in the 2nd quarter. Valeo Financial Advisors LLC now owns 16,910 shares of the software maker’s stock valued at $1,019,000 after buying an additional 6,527 shares during the period. Simplicity Wealth LLC grew its stake in shares of Fortinet by 2.2% in the 2nd quarter. Simplicity Wealth LLC now owns 8,260 shares of the software maker’s stock valued at $498,000 after buying an additional 174 shares during the period. Finally, CX Institutional grew its stake in shares of Fortinet by 2.8% in the 2nd quarter. CX Institutional now owns 7,780 shares of the software maker’s stock valued at $469,000 after buying an additional 209 shares during the period. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Fortinet Price Performance

Shares of FTNT opened at $98.19 on Thursday. Fortinet, Inc. has a twelve month low of $50.65 and a twelve month high of $100.59. The firm’s fifty day simple moving average is $85.04 and its 200-day simple moving average is $72.16. The firm has a market capitalization of $75.26 billion, a price-to-earnings ratio of 49.59, a PEG ratio of 2.77 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.

Wall Street Analysts Forecast Growth

FTNT has been the subject of several analyst reports. Truist Financial reissued a “buy” rating and issued a $105.00 price target (up previously from $85.00) on shares of Fortinet in a research note on Wednesday, November 20th. BMO Capital Markets increased their price target on shares of Fortinet from $88.00 to $100.00 and gave the company a “market perform” rating in a research note on Tuesday, November 19th. Cantor Fitzgerald increased their price objective on shares of Fortinet from $88.00 to $95.00 and gave the stock a “neutral” rating in a research report on Tuesday, November 19th. Citigroup increased their price objective on shares of Fortinet from $66.00 to $76.00 and gave the stock a “neutral” rating in a research report on Friday, September 13th. Finally, Raymond James increased their price objective on shares of Fortinet from $85.00 to $95.00 and gave the stock an “outperform” rating in a research report on Friday, November 8th. One equities research analyst has rated the stock with a sell rating, nineteen have given a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $88.93.

Insider Activity

In related news, CEO Ken Xie sold 23,538 shares of the stock in a transaction on Wednesday, September 18th. The shares were sold at an average price of $74.94, for a total value of $1,763,937.72. Following the transaction, the chief executive officer now directly owns 48,878,806 shares of the company’s stock, valued at $3,662,977,721.64. This trade represents a 0.05 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Keith Jensen sold 4,250 shares of the stock in a transaction on Tuesday, November 19th. The shares were sold at an average price of $90.83, for a total transaction 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 $425,901.87. This trade represents a 47.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 68,745 shares of company stock worth $5,746,974. 18.00% of the stock is currently owned by corporate insiders.

Fortinet Company 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.