Maverick Capital Ltd. Makes New $1.13 Million Investment in Fortinet, Inc. (NASDAQ:FTNT)

Maverick Capital Ltd. purchased a new stake in Fortinet, Inc. (NASDAQ:FTNTFree Report) during the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm purchased 14,540 shares of the software maker’s stock, valued at approximately $1,128,000.

A number of other institutional investors have also made changes to their positions in FTNT. Marshall Wace LLP increased its position in Fortinet by 198.5% during the second quarter. Marshall Wace LLP now owns 6,238,856 shares of the software maker’s stock worth $376,016,000 after acquiring an additional 4,148,520 shares during the period. Van ECK Associates Corp raised its holdings in Fortinet by 94.9% in the 2nd quarter. Van ECK Associates Corp now owns 5,755,599 shares of the software maker’s stock valued at $346,890,000 after acquiring an additional 2,802,446 shares in the last quarter. FMR LLC lifted its position in shares of Fortinet by 276.3% in the 3rd quarter. FMR LLC now owns 3,685,230 shares of the software maker’s stock worth $285,790,000 after acquiring an additional 2,705,767 shares during the period. AQR Capital Management LLC grew its holdings in shares of Fortinet by 89.7% during the 2nd quarter. AQR Capital Management LLC now owns 2,675,644 shares of the software maker’s stock worth $161,261,000 after purchasing an additional 1,265,162 shares in the last quarter. Finally, Los Angeles Capital Management LLC increased its position in shares of Fortinet by 3,155.6% during the third quarter. Los Angeles Capital Management LLC now owns 1,237,244 shares of the software maker’s stock valued at $95,948,000 after purchasing an additional 1,199,241 shares during the period. 83.71% of the stock is currently owned by institutional investors.

Insider Activity

In other Fortinet news, CFO Keith Jensen sold 17,650 shares of the stock in a transaction dated 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 transaction, the chief financial officer now owns 4,689 shares of the company’s stock, valued at approximately $448,549.74. This represents a 79.01 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Ken Xie sold 23,538 shares of the business’s stock in a transaction dated Wednesday, September 18th. The stock was 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 owns 48,878,806 shares of the company’s stock, valued at $3,662,977,721.64. The trade was a 0.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 68,745 shares of company stock valued at $5,746,974. 18.00% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of equities research analysts have weighed in on the stock. Robert W. Baird lifted their price target on shares of Fortinet from $95.00 to $100.00 and gave the stock an “outperform” rating in a research note on Tuesday, November 19th. TD Cowen lifted their target price on shares of Fortinet from $90.00 to $105.00 and gave the company a “buy” rating in a research report on Tuesday, November 19th. Deutsche Bank Aktiengesellschaft increased their price target on shares of Fortinet from $77.00 to $90.00 and gave the stock a “hold” rating in a research report on Tuesday, November 19th. Stifel Nicolaus lifted their price objective on Fortinet from $84.00 to $90.00 and gave the company a “hold” rating in a report on Tuesday, November 19th. Finally, Cantor Fitzgerald increased their target price on Fortinet from $88.00 to $95.00 and gave the stock a “neutral” rating in a report on Tuesday, November 19th. One equities research analyst has rated the stock with a sell rating, nineteen have issued a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $88.93.

Read Our Latest Research Report on Fortinet

Fortinet Price Performance

Shares of FTNT stock opened at $95.05 on Friday. The firm has a market cap of $72.85 billion, a price-to-earnings ratio of 48.01, a PEG ratio of 2.76 and a beta of 1.00. Fortinet, Inc. has a 12 month low of $50.65 and a 12 month high of $100.59. The company has a quick ratio of 1.25, a current ratio of 1.34 and a debt-to-equity ratio of 1.09. The stock has a 50-day moving average price of $84.33 and a 200 day moving average price of $71.53.

Fortinet Profile

(Free Report)

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.

See Also

Institutional Ownership by Quarter for Fortinet (NASDAQ:FTNT)

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