Aviance Capital Partners LLC Acquires Shares of 3,041 Fortinet, Inc. (NASDAQ:FTNT)

Aviance Capital Partners LLC bought a new stake in Fortinet, Inc. (NASDAQ:FTNT) in the 3rd quarter, HoldingsChannel reports. The institutional investor bought 3,041 shares of the software maker’s stock, valued at approximately $236,000.

Several other large investors have also recently made changes to their positions in the business. Eastern Bank purchased a new position in shares of Fortinet during the 3rd quarter valued at $25,000. Ashton Thomas Securities LLC bought a new position in Fortinet in the 3rd quarter worth about $26,000. Private Wealth Management Group LLC raised its position in shares of Fortinet by 73.3% during the 3rd quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker’s stock valued at $32,000 after buying an additional 173 shares in the last quarter. Oakworth Capital Inc. purchased a new stake in Fortinet in the second quarter worth approximately $33,000. Finally, Versant Capital Management Inc increased its holdings in shares of Fortinet by 61.2% in the second quarter. Versant Capital Management Inc now owns 627 shares of the software maker’s stock worth $38,000 after buying an additional 238 shares during the period. 83.71% of the stock is owned by hedge funds and other institutional investors.

Fortinet Trading Down 1.2 %

Shares of FTNT opened at $90.79 on Wednesday. The business’s 50-day moving average price is $81.39 and its 200 day moving average price is $69.73. The stock has a market capitalization of $69.59 billion, a P/E ratio of 45.85, a P/E/G ratio of 2.82 and a beta of 1.00. 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, Inc. has a 1-year low of $50.65 and a 1-year high of $100.59.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on the company. DZ Bank raised Fortinet from a “sell” rating to a “hold” rating and set a $65.00 price target for the company in a research note on Thursday, August 8th. TD Cowen raised their price target on Fortinet from $90.00 to $105.00 and gave the stock a “buy” rating in a research note on Tuesday. Guggenheim downgraded Fortinet from a “buy” rating to a “neutral” rating in a research note on Monday, July 29th. StockNews.com upgraded Fortinet from a “hold” rating to a “buy” rating in a research report on Friday, October 25th. Finally, Piper Sandler raised their target price on shares of Fortinet from $80.00 to $100.00 and gave the company a “neutral” rating in a research note on Tuesday. One analyst has rated the stock with a sell rating, nineteen have given a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Fortinet presently has a consensus rating of “Hold” and an average price target of $87.10.

Insider Activity at Fortinet

In other Fortinet news, CEO Ken Xie sold 23,307 shares of the 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 completion of the sale, the chief executive officer now directly owns 48,915,530 shares of the company’s stock, valued at $4,005,692,751.70. This represents a 0.05 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders own 18.00% of the company’s stock.

About Fortinet

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.