2,463 Shares in Fortinet, Inc. (NASDAQ:FTNT) Bought by Brady Family Wealth LLC

Brady Family Wealth LLC acquired a new position in Fortinet, Inc. (NASDAQ:FTNT) during the fourth quarter, Holdings Channel.com reports. The firm acquired 2,463 shares of the software maker’s stock, valued at approximately $233,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Marshall Wace LLP increased its holdings in Fortinet by 198.5% during the 2nd quarter. Marshall Wace LLP now owns 6,238,856 shares of the software maker’s stock worth $376,016,000 after purchasing an additional 4,148,520 shares during the last quarter. FMR LLC grew its position in shares of Fortinet by 276.3% during the third quarter. FMR LLC now owns 3,685,230 shares of the software maker’s stock worth $285,790,000 after buying an additional 2,705,767 shares in the last quarter. AQR Capital Management LLC increased its stake in shares of Fortinet by 89.7% in the second quarter. AQR Capital Management LLC now owns 2,675,644 shares of the software maker’s stock worth $161,261,000 after buying an additional 1,265,162 shares during the last quarter. Los Angeles Capital Management LLC raised its holdings in 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 valued at $95,948,000 after acquiring an additional 1,199,241 shares in the last quarter. Finally, State Street Corp boosted its stake in Fortinet by 2.9% during the 3rd quarter. State Street Corp now owns 27,281,279 shares of the software maker’s stock valued at $2,115,663,000 after acquiring an additional 766,135 shares during the last quarter. 83.71% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the stock. TD Cowen boosted their target price on shares of Fortinet from $90.00 to $105.00 and gave the stock a “buy” rating in a research report on Tuesday, November 19th. Barclays boosted their price objective on Fortinet from $85.00 to $95.00 and gave the company an “equal weight” rating in a report on Friday, November 8th. Needham & Company LLC reaffirmed a “hold” rating on shares of Fortinet in a report on Friday, November 22nd. Bank of America boosted their price target on Fortinet from $87.00 to $104.00 and gave the company a “buy” rating in a report on Tuesday, November 19th. Finally, KeyCorp upgraded Fortinet from a “sector weight” rating to an “overweight” rating and set a $115.00 price objective on the stock in a research note on Thursday, December 19th. One investment analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average target price of $94.35.

Insider Activity at Fortinet

In other news, Director William H. Neukom bought 355 shares of the firm’s stock in a transaction that occurred on Friday, December 6th. The stock was acquired at an average price of $98.50 per share, with a total value of $34,967.50. Following the completion of the purchase, the director now directly owns 150,245 shares of the company’s stock, valued at $14,799,132.50. This represents a 0.24 % increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Ken Xie sold 23,044 shares of Fortinet stock in a transaction dated Wednesday, January 15th. The stock was sold at an average price of $93.32, for a total value of $2,150,466.08. Following the transaction, the chief executive officer now directly owns 49,039,698 shares in the company, valued at approximately $4,576,384,617.36. The trade was a 0.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 67,860 shares of company stock worth $6,469,056 over the last quarter. 18.00% of the stock is currently owned by company insiders.

Fortinet Stock Up 0.6 %

Fortinet stock opened at $93.06 on Thursday. The company’s 50-day moving average price is $95.43 and its two-hundred day moving average price is $80.00. The stock has a market cap of $71.33 billion, a price-to-earnings ratio of 47.00, a PEG ratio of 2.51 and a beta of 1.00. Fortinet, Inc. has a 52 week low of $54.57 and a 52 week high of $101.00. The company has a current ratio of 1.34, a quick ratio of 1.25 and a debt-to-equity ratio of 1.09.

Fortinet Company Profile

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.