RPG Investment Advisory LLC Increases Stock Position in Fortinet, Inc. (NASDAQ:FTNT)

RPG Investment Advisory LLC lifted its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 1.5% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 212,695 shares of the software maker’s stock after buying an additional 3,112 shares during the quarter. Fortinet comprises 2.4% of RPG Investment Advisory LLC’s investment portfolio, making the stock its 11th biggest position. RPG Investment Advisory LLC’s holdings in Fortinet were worth $16,494,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of FTNT. Sei Investments Co. lifted its stake in shares of Fortinet by 10.5% during the 1st quarter. Sei Investments Co. now owns 138,893 shares of the software maker’s stock valued at $9,488,000 after buying an additional 13,178 shares in the last quarter. QRG Capital Management Inc. lifted its stake in shares of Fortinet by 5.7% during the 1st quarter. QRG Capital Management Inc. now owns 35,974 shares of the software maker’s stock valued at $2,457,000 after buying an additional 1,954 shares in the last quarter. Avantax Advisory Services Inc. lifted its stake in Fortinet by 127.9% in the 1st quarter. Avantax Advisory Services Inc. now owns 20,815 shares of the software maker’s stock worth $1,422,000 after purchasing an additional 11,680 shares in the last quarter. Bleakley Financial Group LLC lifted its stake in Fortinet by 3.2% in the 1st quarter. Bleakley Financial Group LLC now owns 8,140 shares of the software maker’s stock worth $556,000 after purchasing an additional 252 shares in the last quarter. Finally, Sheets Smith Wealth Management purchased a new stake in Fortinet in the 1st quarter worth approximately $221,000. 83.71% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several analysts have issued reports on FTNT shares. Deutsche Bank Aktiengesellschaft increased their target price on shares of Fortinet from $71.00 to $75.00 and gave the stock a “hold” rating in a research note on Wednesday, August 7th. Mizuho cut shares of Fortinet from a “neutral” rating to an “underperform” rating and set a $68.00 target price on the stock. in a research note on Thursday, October 17th. Piper Sandler increased their target price on shares of Fortinet from $70.00 to $80.00 and gave the stock a “neutral” rating in a research note on Friday, November 8th. UBS Group increased their target price on shares of Fortinet from $70.00 to $83.00 and gave the stock a “neutral” rating in a research note on Friday, November 8th. Finally, Morgan Stanley lowered their price objective on shares of Fortinet from $73.00 to $69.00 and set an “overweight” rating on the stock in a research report on Wednesday, July 17th. One research analyst has rated the stock with a sell rating, nineteen have given a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $79.52.

Fortinet Price Performance

Shares of Fortinet stock opened at $99.15 on Wednesday. The firm has a market cap of $75.99 billion, a PE ratio of 50.08, a price-to-earnings-growth ratio of 2.99 and a beta of 1.00. Fortinet, Inc. has a 12-month low of $49.70 and a 12-month high of $99.51. 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 fifty day simple moving average is $79.59 and its two-hundred day simple moving average is $68.65.

Insiders Place Their Bets

In other Fortinet news, CEO Ken Xie sold 23,307 shares of the firm’s stock in a transaction on Wednesday, October 16th. The shares were sold at an average price of $81.89, for a total value of $1,908,610.23. Following the sale, the chief executive officer now owns 48,915,530 shares of the company’s stock, valued at $4,005,692,751.70. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 18.00% of the company’s stock.

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.