Fortinet, Inc. (NASDAQ:FTNT) Shares Acquired by Franklin Resources Inc.

Franklin Resources Inc. increased its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 21.6% in the third quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 391,263 shares of the software maker’s stock after purchasing an additional 69,374 shares during the quarter. Franklin Resources Inc. owned 0.05% of Fortinet worth $32,408,000 as of its most recent filing with the SEC.

Other hedge funds have also recently bought and sold shares of the company. Eagle Capital Management LLC raised its stake in shares of Fortinet by 2.2% in the 2nd quarter. Eagle Capital Management LLC now owns 25,631 shares of the software maker’s stock valued at $1,545,000 after acquiring an additional 544 shares during the period. Raymond James & Associates raised its position in Fortinet by 6.3% in the second quarter. Raymond James & Associates now owns 517,899 shares of the software maker’s stock valued at $31,214,000 after purchasing an additional 30,576 shares during the period. Raymond James Financial Services Advisors Inc. lifted its stake in shares of Fortinet by 4.2% during the second quarter. Raymond James Financial Services Advisors Inc. now owns 177,401 shares of the software maker’s stock worth $10,692,000 after purchasing an additional 7,128 shares in the last quarter. Fifth Third Bancorp boosted its position in shares of Fortinet by 2.9% in the second quarter. Fifth Third Bancorp now owns 18,672 shares of the software maker’s stock worth $1,125,000 after buying an additional 533 shares during the period. Finally, Fifth Third Wealth Advisors LLC acquired a new stake in shares of Fortinet in the second quarter valued at about $375,000. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts recently commented on the company. Raymond James boosted their price target on Fortinet from $85.00 to $95.00 and gave the stock an “outperform” rating in a research report on Friday, November 8th. Morgan Stanley upped their target price on shares of Fortinet from $105.00 to $106.00 and gave the company an “overweight” rating in a research note on Tuesday, November 19th. HSBC raised shares of Fortinet from a “hold” rating to a “buy” rating and raised their price target for the company from $83.00 to $111.00 in a report on Monday, November 11th. Hsbc Global Res upgraded shares of Fortinet from a “hold” rating to a “strong-buy” rating in a report on Monday, November 11th. Finally, Rosenblatt Securities raised their target price on Fortinet from $90.00 to $100.00 and gave the company a “buy” rating in a research note on Wednesday, November 20th. One investment analyst has rated the stock with a sell rating, nineteen have given a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $90.87.

Fortinet Price Performance

Shares of Fortinet stock opened at $93.36 on Thursday. Fortinet, Inc. has a 52 week low of $54.57 and a 52 week high of $100.59. 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 market cap of $71.56 billion, a PE ratio of 47.15, a price-to-earnings-growth ratio of 2.77 and a beta of 1.00. The company’s 50-day moving average price is $89.45 and its two-hundred day moving average price is $74.94.

Insider Transactions at Fortinet

In related news, CFO Keith Jensen sold 17,650 shares of the stock in a transaction on Tuesday, November 26th. The stock was sold at an average price of $95.66, for a total value of $1,688,399.00. Following the completion of the transaction, the chief financial officer now owns 4,689 shares in the company, valued at $448,549.74. This trade represents a 79.01 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Ken Xie sold 23,307 shares of Fortinet stock in a transaction dated 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 completion of the transaction, the chief executive officer now directly owns 48,915,530 shares in the company, valued at $4,005,692,751.70. This represents a 0.05 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 45,207 shares of company stock valued at $3,983,037 in the last quarter. Insiders own 18.00% of the company’s stock.

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.