1,241 Shares in Fortinet, Inc. (NASDAQ:FTNT) Acquired by M Holdings Securities Inc.

M Holdings Securities Inc. purchased a new stake in shares of Fortinet, Inc. (NASDAQ:FTNTGet Rating) during the first quarter, Holdings Channel.com reports. The firm purchased 1,241 shares of the software maker’s stock, valued at approximately $424,000.

A number of other institutional investors and hedge funds have also bought and sold shares of FTNT. Norges Bank bought a new position in Fortinet during the fourth quarter valued at approximately $367,905,000. BlackRock Inc. grew its position in Fortinet by 4.1% during the fourth quarter. BlackRock Inc. now owns 11,668,040 shares of the software maker’s stock valued at $4,193,491,000 after acquiring an additional 460,972 shares during the last quarter. Arrowstreet Capital Limited Partnership grew its position in Fortinet by 63.2% during the first quarter. Arrowstreet Capital Limited Partnership now owns 776,449 shares of the software maker’s stock valued at $265,344,000 after acquiring an additional 300,614 shares during the last quarter. Neuberger Berman Group LLC grew its position in Fortinet by 5,440.8% during the first quarter. Neuberger Berman Group LLC now owns 298,430 shares of the software maker’s stock valued at $101,987,000 after acquiring an additional 293,044 shares during the last quarter. Finally, Lord Abbett & CO. LLC bought a new position in Fortinet during the first quarter valued at approximately $79,750,000. 65.72% of the stock is currently owned by institutional investors.

Fortinet Price Performance

FTNT opened at $50.42 on Friday. Fortinet, Inc. has a 1 year low of $47.37 and a 1 year high of $74.35. The stock has a 50-day moving average price of $54.43 and a 200-day moving average price of $59.74. The firm has a market cap of $39.76 billion, a PE ratio of 62.25, a P/E/G ratio of 3.61 and a beta of 1.20. The company has a debt-to-equity ratio of 4.24, a current ratio of 1.12 and a quick ratio of 1.05.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on FTNT. Cantor Fitzgerald started coverage on shares of Fortinet in a research report on Wednesday, September 7th. They set an “overweight” rating and a $70.00 price target on the stock. Atlantic Securities started coverage on shares of Fortinet in a report on Friday, September 2nd. They issued an “overweight” rating and a $76.00 target price on the stock. BMO Capital Markets cut their target price on shares of Fortinet from $70.00 to $68.00 and set an “outperform” rating on the stock in a report on Thursday, August 4th. MKM Partners started coverage on shares of Fortinet in a report on Thursday. They issued a “buy” rating and a $70.00 target price on the stock. Finally, Evercore ISI cut their target price on shares of Fortinet to $75.00 in a report on Tuesday, August 9th. Six investment analysts have rated the stock with a hold rating and nineteen have assigned a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $71.84.

Insiders Place Their Bets

In other Fortinet news, CFO Keith Jensen sold 39,440 shares of the stock in a transaction that occurred on Thursday, August 25th. The shares were sold at an average price of $50.57, for a total value of $1,994,480.80. Following the transaction, the chief financial officer now directly owns 4,541 shares in the company, valued at $229,638.37. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, CFO Keith Jensen sold 39,440 shares of the stock in a transaction on Thursday, August 25th. The shares were sold at an average price of $50.57, for a total value of $1,994,480.80. Following the completion of the sale, the chief financial officer now directly owns 4,541 shares of the company’s stock, valued at $229,638.37. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, VP Michael Xie sold 8,267 shares of the stock in a transaction on Tuesday, August 2nd. The stock was sold at an average price of $60.64, for a total transaction of $501,310.88. Following the completion of the sale, the vice president now directly owns 29,772,120 shares of the company’s stock, valued at $1,805,381,356.80. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 54,207 shares of company stock worth $2,839,577. Company insiders own 18.60% of the company’s stock.

About Fortinet

(Get Rating)

Fortinet, Inc provides broad, integrated, and automated cybersecurity solutions in the Americas, Europe, the Middle East, Africa, and the Asia Pacific. It offers FortiGate hardware and software licenses that provide various security and networking functions, including firewall, intrusion prevention, anti-malware, virtual private network, application control, web filtering, anti-spam, and wide area network acceleration.

Further Reading

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Institutional Ownership by Quarter for Fortinet (NASDAQ:FTNT)

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