Meridian Management Co. Makes New $3.37 Million Investment in Fortinet, Inc. (NASDAQ:FTNT)

Meridian Management Co. purchased a new position in shares of Fortinet, Inc. (NASDAQ:FTNT) in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 43,481 shares of the software maker’s stock, valued at approximately $3,372,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Empowered Funds LLC boosted its position in shares of Fortinet by 12.4% in the first quarter. Empowered Funds LLC now owns 29,500 shares of the software maker’s stock worth $2,015,000 after buying an additional 3,258 shares during the period. Sei Investments Co. boosted its position in shares of Fortinet by 10.5% in the first quarter. Sei Investments Co. now owns 138,893 shares of the software maker’s stock worth $9,488,000 after buying an additional 13,178 shares during the period. NorthRock Partners LLC purchased a new stake in shares of Fortinet in the first quarter worth about $280,000. Meeder Advisory Services Inc. boosted its position in shares of Fortinet by 13.9% in the first quarter. Meeder Advisory Services Inc. now owns 8,898 shares of the software maker’s stock worth $608,000 after buying an additional 1,084 shares during the period. Finally, QRG Capital Management Inc. boosted its position in shares of Fortinet by 5.7% in the first quarter. QRG Capital Management Inc. now owns 35,974 shares of the software maker’s stock worth $2,457,000 after buying an additional 1,954 shares during the period. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Fortinet Trading Up 5.6 %

Shares of NASDAQ FTNT opened at $97.18 on Tuesday. The company has a current ratio of 1.32, a quick ratio of 1.22 and a debt-to-equity ratio of 3.45. Fortinet, Inc. has a one year low of $49.70 and a one year high of $97.35. The business has a 50-day moving average price of $79.15 and a two-hundred day moving average price of $68.40. The firm has a market capitalization of $74.33 billion, a PE ratio of 49.08, a PEG ratio of 3.24 and a beta of 1.00.

Insiders Place Their Bets

In other news, CEO Ken Xie sold 23,307 shares of the business’s stock in a transaction on Wednesday, October 16th. The shares were sold at an average price of $81.89, for a total transaction of $1,908,610.23. Following the transaction, 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 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Insiders sold a total of 70,538 shares of company stock worth $5,403,559 in the last quarter. 18.00% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

FTNT has been the subject of a number of analyst reports. Susquehanna increased their price target on Fortinet from $65.00 to $70.00 and gave the company a “neutral” rating in a report on Thursday, August 8th. Needham & Company LLC reissued a “hold” rating on shares of Fortinet in a report on Monday. Truist Financial increased their price target on Fortinet from $70.00 to $85.00 and gave the company a “buy” rating in a report on Wednesday, October 23rd. TD Cowen increased their price target on Fortinet from $75.00 to $90.00 and gave the company a “buy” rating in a report on Wednesday, October 9th. Finally, Deutsche Bank Aktiengesellschaft increased their price target on Fortinet from $71.00 to $75.00 and gave the company a “hold” rating in a report on Wednesday, August 7th. One analyst has rated the stock with a sell rating, nineteen have issued a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Fortinet currently has a consensus rating of “Hold” and a consensus target price of $79.52.

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.