Fortinet, Inc. (NASDAQ:FTNT) Shares Purchased by Pallas Capital Advisors LLC

Pallas Capital Advisors LLC raised its stake in Fortinet, Inc. (NASDAQ:FTNT) by 0.8% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 22,692 shares of the software maker’s stock after purchasing an additional 177 shares during the quarter. Pallas Capital Advisors LLC’s holdings in Fortinet were worth $2,144,000 at the end of the most recent quarter.

Several other institutional investors also recently made changes to their positions in FTNT. Fulcrum Capital LLC raised its holdings in Fortinet by 0.7% in the fourth quarter. Fulcrum Capital LLC now owns 126,020 shares of the software maker’s stock valued at $11,906,000 after buying an additional 815 shares during the period. Wedmont Private Capital raised its stake in shares of Fortinet by 7.4% in the 4th quarter. Wedmont Private Capital now owns 5,809 shares of the software maker’s stock valued at $549,000 after acquiring an additional 402 shares during the period. Capital Investment Advisors LLC acquired a new position in shares of Fortinet during the 4th quarter valued at $603,000. Czech National Bank boosted its position in Fortinet by 6.7% during the 4th quarter. Czech National Bank now owns 137,932 shares of the software maker’s stock worth $13,032,000 after purchasing an additional 8,602 shares during the period. Finally, Graypoint LLC increased its holdings in Fortinet by 11.1% in the 4th quarter. Graypoint LLC now owns 3,699 shares of the software maker’s stock valued at $349,000 after purchasing an additional 369 shares in the last quarter. 83.71% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

FTNT has been the subject of several analyst reports. Bank of America upped their target price on Fortinet from $87.00 to $104.00 and gave the stock a “buy” rating in a research report on Tuesday, November 19th. Robert W. Baird upped their price target on Fortinet from $95.00 to $100.00 and gave the stock an “outperform” rating in a report on Tuesday, November 19th. StockNews.com upgraded shares of Fortinet from a “hold” rating to a “buy” rating in a research note on Friday, October 25th. Stifel Nicolaus upped their target price on shares of Fortinet from $90.00 to $103.00 and gave the company a “hold” rating in a research note on Wednesday, December 18th. Finally, Morgan Stanley lifted their price target on shares of Fortinet from $105.00 to $106.00 and gave the stock an “overweight” rating in a research note on Tuesday, November 19th. One research analyst has rated the stock with a sell rating, eighteen have issued a hold rating, fifteen have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $94.35.

Fortinet Stock Down 0.8 %

FTNT stock opened at $93.83 on Tuesday. 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 firm’s 50-day simple moving average is $94.89 and its 200 day simple moving average is $79.68. The stock has a market cap of $71.92 billion, a PE ratio of 47.39, a price-to-earnings-growth ratio of 2.76 and a beta of 1.00. Fortinet, Inc. has a fifty-two week low of $54.57 and a fifty-two week high of $101.00.

Insider Buying and Selling at Fortinet

In related news, CFO Keith Jensen sold 4,250 shares of the stock in a transaction that occurred on Tuesday, November 19th. The stock was sold at an average price of $90.83, for a total value of $386,027.50. Following the completion of the transaction, the chief financial officer now directly owns 4,689 shares of the company’s stock, valued at $425,901.87. This represents a 47.54 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Ken Xie sold 23,307 shares of Fortinet 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 sale, the chief executive officer now directly owns 48,915,530 shares in the company, valued at $4,005,692,751.70. The trade was a 0.05 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 68,123 shares of company stock worth $6,227,201. 18.00% of the stock is owned by company insiders.

About Fortinet

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.