Atlantic Union Bankshares Corp Buys 1,607 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Atlantic Union Bankshares Corp increased its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 3.3% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 49,912 shares of the software maker’s stock after acquiring an additional 1,607 shares during the quarter. Atlantic Union Bankshares Corp’s holdings in Fortinet were worth $3,871,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

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

Insider Activity

In other Fortinet news, CFO Keith Jensen sold 17,650 shares of the business’s stock in a transaction dated Tuesday, November 26th. The stock was sold at an average price of $95.66, for a total transaction of $1,688,399.00. Following the completion of the sale, the chief financial officer now directly owns 4,689 shares in the company, valued at $448,549.74. The trade was a 79.01 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Ken Xie sold 23,307 shares of the stock in a transaction that occurred on Wednesday, October 16th. The stock was sold at an average price of $81.89, for a total transaction of $1,908,610.23. Following the completion of the transaction, the chief executive officer now owns 48,915,530 shares in the company, valued at $4,005,692,751.70. This trade represents a 0.05 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 68,745 shares of company stock valued at $5,746,974 in the last ninety days. 18.00% of the stock is currently owned by company insiders.

Fortinet Stock Down 2.5 %

Shares of Fortinet stock opened at $94.06 on Friday. Fortinet, Inc. has a twelve month low of $50.65 and a twelve 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 company’s 50 day moving average is $83.59 and its 200 day moving average is $71.12. The company has a market cap of $72.09 billion, a price-to-earnings ratio of 47.51, a price-to-earnings-growth ratio of 2.73 and a beta of 1.00.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on FTNT. Piper Sandler upped their target price on Fortinet from $80.00 to $100.00 and gave the company a “neutral” rating in a report on Tuesday, November 19th. Hsbc Global Res upgraded shares of Fortinet from a “hold” rating to a “strong-buy” rating in a report on Monday, November 11th. Deutsche Bank Aktiengesellschaft lifted their target price on shares of Fortinet from $77.00 to $90.00 and gave the company a “hold” rating in a research note on Tuesday, November 19th. Scotiabank increased their price target on shares of Fortinet from $85.00 to $110.00 and gave the stock a “sector outperform” rating in a research note on Wednesday, November 20th. Finally, Morgan Stanley lifted their price objective on Fortinet from $105.00 to $106.00 and gave the company an “overweight” rating in a research report on Tuesday, November 19th. One investment analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $88.93.

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.