1,020 Shares in Fortinet, Inc. (NASDAQ:FTNT) Bought by Darwin Wealth Management LLC

Darwin Wealth Management LLC bought a new stake in Fortinet, Inc. (NASDAQ:FTNT) in the third quarter, HoldingsChannel.com reports. The firm bought 1,020 shares of the software maker’s stock, valued at approximately $79,000.

Other institutional investors also recently modified their holdings of the company. Price T Rowe Associates Inc. MD lifted its position in Fortinet by 664.8% during the first quarter. Price T Rowe Associates Inc. MD now owns 35,137,089 shares of the software maker’s stock worth $2,400,215,000 after purchasing an additional 30,542,551 shares during the period. Swedbank AB grew its position in shares of Fortinet by 1.7% during the 2nd quarter. Swedbank AB now owns 8,156,797 shares of the software maker’s stock worth $491,610,000 after buying an additional 134,366 shares during the period. Marshall Wace LLP grew its position in shares of Fortinet by 198.5% during the 2nd quarter. Marshall Wace LLP now owns 6,238,856 shares of the software maker’s stock worth $376,016,000 after buying an additional 4,148,520 shares during the period. Van ECK Associates Corp lifted its holdings in shares of Fortinet by 94.9% in the 2nd quarter. Van ECK Associates Corp now owns 5,755,599 shares of the software maker’s stock worth $346,890,000 after purchasing an additional 2,802,446 shares in the last quarter. Finally, Renaissance Technologies LLC lifted its holdings in shares of Fortinet by 15.0% in the 2nd quarter. Renaissance Technologies LLC now owns 5,026,394 shares of the software maker’s stock worth $302,941,000 after purchasing an additional 657,400 shares in the last quarter. Institutional investors own 83.71% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on FTNT. DZ Bank raised Fortinet from a “sell” rating to a “hold” rating and set a $65.00 target price for the company in a research report on Thursday, August 8th. Wedbush boosted their target price on Fortinet from $90.00 to $105.00 and gave the stock an “outperform” rating in a research report on Tuesday. BMO Capital Markets boosted their price objective on Fortinet from $88.00 to $100.00 and gave the company a “market perform” rating in a research report on Tuesday. Wells Fargo & Company boosted their target price on Fortinet from $80.00 to $85.00 and gave the company an “equal weight” rating in a research note on Tuesday. Finally, TD Cowen boosted their target price on Fortinet from $90.00 to $105.00 and gave the company a “buy” rating in a research note on Tuesday. One research analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $88.93.

Fortinet Stock Up 1.8 %

FTNT stock opened at $92.45 on Thursday. Fortinet, Inc. has a fifty-two week low of $50.65 and a fifty-two week high of $100.59. The business’s 50-day moving average is $81.71 and its two-hundred day moving average is $69.89. The company has a debt-to-equity ratio of 1.09, a quick ratio of 1.25 and a current ratio of 1.34. The company has a market cap of $70.86 billion, a price-to-earnings ratio of 46.69, a P/E/G ratio of 2.82 and a beta of 1.00.

Insider Buying and Selling at Fortinet

In related news, CFO Keith Jensen sold 4,250 shares of the business’s stock in a transaction that occurred on Tuesday, November 19th. The stock was sold at an average price of $90.83, for a total value of $386,027.50. Following the transaction, the chief financial officer now directly owns 4,689 shares of the company’s stock, valued at approximately $425,901.87. The trade was a 47.54 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Ken Xie sold 23,307 shares of the business’s stock in a transaction that occurred on Wednesday, October 16th. The stock was sold at an average price of $81.89, for a total value of $1,908,610.23. Following the completion of the transaction, the chief executive officer now directly owns 48,915,530 shares in the company, valued at approximately $4,005,692,751.70. This represents a 0.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 51,095 shares of company stock valued at $4,058,575. 18.00% of the stock is owned by company insiders.

Fortinet 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.