Peak Asset Management LLC Acquires 4,118 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Peak Asset Management LLC boosted its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 3.3% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 130,606 shares of the software maker’s stock after buying an additional 4,118 shares during the quarter. Fortinet makes up approximately 1.9% of Peak Asset Management LLC’s portfolio, making the stock its 21st biggest position. Peak Asset Management LLC’s holdings in Fortinet were worth $10,128,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in the stock. Vanguard Group Inc. raised its holdings in shares of Fortinet by 1.2% during the first quarter. Vanguard Group Inc. now owns 68,052,487 shares of the software maker’s stock valued at $4,648,665,000 after purchasing an additional 779,271 shares during the period. Price T Rowe Associates Inc. MD raised its stake in Fortinet by 664.8% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 35,137,089 shares of the software maker’s stock worth $2,400,215,000 after buying an additional 30,542,551 shares during the period. Swedbank AB grew its stake in Fortinet by 1.7% in the second quarter. Swedbank AB now owns 8,156,797 shares of the software maker’s stock valued at $491,610,000 after acquiring an additional 134,366 shares during the period. Marshall Wace LLP increased its holdings in shares of Fortinet by 198.5% during the second quarter. Marshall Wace LLP now owns 6,238,856 shares of the software maker’s stock valued at $376,016,000 after acquiring an additional 4,148,520 shares in the last quarter. Finally, Van ECK Associates Corp raised its position in shares of Fortinet by 94.9% during the second 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 during the period. Institutional investors own 83.71% of the company’s stock.

Analyst Upgrades and Downgrades

FTNT has been the subject of a number of analyst reports. Rosenblatt Securities increased their price target on Fortinet from $85.00 to $90.00 and gave the company a “buy” rating in a research report on Friday, November 8th. BMO Capital Markets increased their target price on shares of Fortinet from $70.00 to $76.00 and gave the company a “market perform” rating in a report on Wednesday, August 7th. UBS Group upped their price objective on shares of Fortinet from $70.00 to $83.00 and gave the stock a “neutral” rating in a research report on Friday, November 8th. Cantor Fitzgerald lifted their target price on shares of Fortinet from $65.00 to $88.00 and gave the stock a “neutral” rating in a research report on Tuesday, October 29th. Finally, Truist Financial boosted their target price on Fortinet from $70.00 to $85.00 and gave the stock a “buy” rating in a research note on Wednesday, October 23rd. One 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. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $79.52.

Insider Activity at Fortinet

In other Fortinet news, CEO Ken Xie sold 23,307 shares of the firm’s stock in a transaction on Wednesday, October 16th. The stock was sold at an average price of $81.89, for a total transaction of $1,908,610.23. Following the completion of 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. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 18.00% of the stock is currently owned by corporate insiders.

Fortinet Stock Performance

Fortinet stock opened at $97.88 on Thursday. Fortinet, Inc. has a fifty-two week low of $49.97 and a fifty-two week high of $100.59. The stock has a market cap of $75.02 billion, a price-to-earnings ratio of 49.43, a PEG ratio of 2.96 and a beta of 1.00. The stock’s 50 day simple moving average is $80.01 and its two-hundred day simple moving average is $68.85. The company has a debt-to-equity ratio of 1.09, a quick ratio of 1.25 and a current ratio of 1.34.

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.