Bell Bank Has $674,000 Stake in Fortinet, Inc. (NASDAQ:FTNT)

Bell Bank boosted its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 3.1% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 8,696 shares of the software maker’s stock after purchasing an additional 262 shares during the quarter. Bell Bank’s holdings in Fortinet were worth $674,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in FTNT. Eastern Bank acquired a new stake in shares of Fortinet in the third quarter valued at $25,000. Ashton Thomas Securities LLC bought a new position in shares of Fortinet during the third quarter worth $26,000. Private Wealth Management Group LLC increased its holdings in shares of Fortinet by 73.3% in the third quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker’s stock worth $32,000 after acquiring an additional 173 shares in the last quarter. City State Bank raised its holdings in Fortinet by 900.0% during the 3rd quarter. City State Bank now owns 500 shares of the software maker’s stock worth $39,000 after buying an additional 450 shares during the period. Finally, Oakworth Capital Inc. acquired a new stake in shares of Fortinet during the second quarter worth $33,000. Institutional investors and hedge funds own 83.71% of the company’s stock.

Analyst Ratings Changes

Several research analysts recently commented on the stock. Citigroup increased their target price on shares of Fortinet from $66.00 to $76.00 and gave the stock a “neutral” rating in a report on Friday, September 13th. Truist Financial upped their price objective on Fortinet from $70.00 to $85.00 and gave the company a “buy” rating in a report on Wednesday, October 23rd. Wells Fargo & Company upped their target price on Fortinet from $62.00 to $64.00 and gave the company an “equal weight” rating in a research report on Wednesday, August 7th. Rosenblatt Securities raised their price target on Fortinet from $85.00 to $90.00 and gave the stock a “buy” rating in a research report on Friday, November 8th. Finally, Susquehanna boosted their target price on shares of Fortinet from $65.00 to $70.00 and gave the company a “neutral” rating in a research report on Thursday, August 8th. One equities research analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $79.52.

Fortinet Stock Performance

NASDAQ FTNT opened at $97.88 on Thursday. The company has a debt-to-equity ratio of 1.09, a current ratio of 1.34 and a quick ratio of 1.25. Fortinet, Inc. has a 1 year low of $49.97 and a 1 year high of $100.59. The stock has a market capitalization of $75.02 billion, a PE ratio of 49.43, a P/E/G ratio of 2.96 and a beta of 1.00. The company’s 50 day simple moving average is $80.01 and its two-hundred day simple moving average is $68.85.

Insider Buying and Selling

In related news, CEO Ken Xie sold 23,538 shares of the business’s stock in a transaction dated Wednesday, September 18th. The stock was sold at an average price of $74.94, for a total transaction of $1,763,937.72. Following the transaction, the chief executive officer now owns 48,878,806 shares in the company, valued at $3,662,977,721.64. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 18.00% of the stock is owned by company insiders.

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.