Covington Capital Management grew its position in shares of Fortinet, Inc. (NASDAQ:FTNT – Get Rating) by 392.5% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,305 shares of the software maker’s stock after purchasing an additional 1,040 shares during the quarter. Covington Capital Management’s holdings in Fortinet were worth $74,000 as of its most recent SEC filing.
Several other institutional investors have also recently modified their holdings of the company. Rise Advisors LLC purchased a new stake in Fortinet during the 4th quarter valued at about $25,000. GW&K Investment Management LLC bought a new stake in shares of Fortinet in the 1st quarter worth $25,000. Atwood & Palmer Inc. bought a new stake in shares of Fortinet in the 1st quarter worth $26,000. Massmutual Trust Co. FSB ADV boosted its stake in shares of Fortinet by 902.0% in the 2nd quarter. Massmutual Trust Co. FSB ADV now owns 511 shares of the software maker’s stock worth $29,000 after buying an additional 460 shares during the last quarter. Finally, Riverview Trust Co purchased a new position in shares of Fortinet in the 1st quarter worth $33,000. 65.72% of the stock is currently owned by institutional investors.
Analyst Upgrades and Downgrades
Several equities analysts recently weighed in on FTNT shares. Barclays lowered their target price on Fortinet from $80.00 to $77.00 and set an “overweight” rating on the stock in a research report on Thursday, August 4th. Jefferies Financial Group began coverage on Fortinet in a research note on Thursday, September 15th. They set a “buy” rating and a $65.00 price objective on the stock. Atlantic Securities initiated coverage on Fortinet in a research report on Friday, September 2nd. They set an “overweight” rating and a $76.00 target price for the company. Citigroup lowered their target price on Fortinet from $81.00 to $78.00 and set a “buy” rating for the company in a report on Friday, July 22nd. Finally, Deutsche Bank Aktiengesellschaft upped their price target on Fortinet from $60.00 to $63.00 in a research report on Thursday, August 4th. Six analysts have rated the stock with a hold rating and nineteen have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $71.84.
Insider Buying and Selling at Fortinet
Fortinet Stock Up 0.6 %
Fortinet stock opened at $50.74 on Tuesday. The company has a debt-to-equity ratio of 4.24, a quick ratio of 1.05 and a current ratio of 1.12. Fortinet, Inc. has a fifty-two week low of $47.37 and a fifty-two week high of $74.35. The company has a market capitalization of $40.01 billion, a PE ratio of 62.64, a price-to-earnings-growth ratio of 3.58 and a beta of 1.20. The firm has a 50 day moving average price of $54.19 and a 200 day moving average price of $59.57.
Fortinet Company Profile
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.
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