Chesapeake Capital Corp IL Buys New Stake in Fortinet, Inc. (NASDAQ:FTNT)

Chesapeake Capital Corp IL purchased a new position in Fortinet, Inc. (NASDAQ:FTNT) during the 3rd quarter, HoldingsChannel reports. The fund purchased 4,750 shares of the software maker’s stock, valued at approximately $368,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Eastern Bank acquired a new stake in shares of Fortinet during the third quarter valued at about $25,000. Ashton Thomas Securities LLC acquired a new stake in shares of Fortinet during the third quarter valued at about $26,000. Private Wealth Management Group LLC grew its holdings 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 valued at $32,000 after purchasing an additional 173 shares in the last quarter. Oakworth Capital Inc. acquired a new position in shares of Fortinet in the second quarter valued at approximately $33,000. Finally, Versant Capital Management Inc grew its holdings in shares of Fortinet by 61.2% in the second quarter. Versant Capital Management Inc now owns 627 shares of the software maker’s stock valued at $38,000 after purchasing an additional 238 shares in the last quarter. 83.71% of the stock is owned by hedge funds and other institutional investors.

Fortinet Stock Performance

Shares of FTNT opened at $94.20 on Monday. The company has a debt-to-equity ratio of 1.09, a quick ratio of 1.25 and a current ratio of 1.34. The stock has a market capitalization of $72.20 billion, a P/E ratio of 47.58, a P/E/G ratio of 2.82 and a beta of 1.00. The company’s fifty day moving average is $80.76 and its two-hundred day moving average is $69.32. Fortinet, Inc. has a 1 year low of $49.97 and a 1 year high of $100.59.

Insider Buying and Selling at Fortinet

In other news, CEO Ken Xie sold 23,307 shares of the company’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 of the company’s stock, valued at $4,005,692,751.70. This represents a 0.05 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 18.00% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on FTNT. Scotiabank lifted their price objective on shares of Fortinet from $75.00 to $85.00 and gave the company a “sector outperform” rating in a report on Friday, November 8th. BMO Capital Markets lifted their price objective 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. Wells Fargo & Company lifted their price objective on shares of Fortinet from $62.00 to $64.00 and gave the company an “equal weight” rating in a report on Wednesday, August 7th. Raymond James lifted their price objective on shares of Fortinet from $85.00 to $95.00 and gave the company an “outperform” rating in a report on Friday, November 8th. Finally, Mizuho downgraded shares of Fortinet from a “neutral” rating to an “underperform” rating and set a $68.00 price target for the company. in a research note on Thursday, October 17th. One investment analyst has rated the stock with a sell rating, nineteen have given a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average 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.