BIP Wealth LLC Purchases Shares of 3,810 Fortinet, Inc. (NASDAQ:FTNT)

BIP Wealth LLC acquired a new position in Fortinet, Inc. (NASDAQ:FTNT) during the 3rd quarter, Holdings Channel.com reports. The institutional investor acquired 3,810 shares of the software maker’s stock, valued at approximately $295,000.

Other large investors have also recently made changes to their positions in the company. Eastern Bank bought a new position in Fortinet in the 3rd quarter worth $25,000. Ashton Thomas Securities LLC bought a new position in shares of Fortinet in the third quarter worth about $26,000. Private Wealth Management Group LLC boosted 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 worth $32,000 after acquiring an additional 173 shares during the period. City State Bank raised its stake in Fortinet by 900.0% during the 3rd quarter. City State Bank now owns 500 shares of the software maker’s stock valued at $39,000 after purchasing an additional 450 shares during the period. Finally, Oakworth Capital Inc. purchased a new position in Fortinet in the 2nd quarter worth approximately $33,000. 83.71% of the stock is owned by hedge funds and other institutional investors.

Fortinet Stock Down 1.2 %

Shares of FTNT stock opened at $90.79 on Wednesday. The stock’s fifty day moving average price is $81.39 and its 200 day moving average price is $69.73. Fortinet, Inc. has a 1-year low of $50.65 and a 1-year high of $100.59. The company has a market cap of $69.59 billion, a price-to-earnings ratio of 45.85, a price-to-earnings-growth ratio of 2.82 and a beta of 1.00. The company has a debt-to-equity ratio of 1.09, a current ratio of 1.34 and a quick ratio of 1.25.

Insiders Place Their Bets

In other Fortinet news, CEO Ken Xie sold 23,307 shares of the firm’s stock in a transaction on Wednesday, October 16th. The shares were 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 owns 48,915,530 shares of the company’s stock, valued at approximately $4,005,692,751.70. This trade represents a 0.05 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 18.00% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have issued reports on the stock. StockNews.com raised shares of Fortinet from a “hold” rating to a “buy” rating in a report on Friday, October 25th. Stifel Nicolaus lifted their price target on shares of Fortinet from $84.00 to $90.00 and gave the company a “hold” rating in a report on Tuesday. Citigroup increased their price objective on shares of Fortinet from $66.00 to $76.00 and gave the company a “neutral” rating in a report on Friday, September 13th. TD Cowen boosted their target price on Fortinet from $90.00 to $105.00 and gave the stock a “buy” rating in a research report on Tuesday. Finally, UBS Group increased their price target on Fortinet from $70.00 to $83.00 and gave the company a “neutral” rating in a research note on Friday, November 8th. One equities research analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $87.10.

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.