Harvest Fund Management Co. Ltd Purchases 23,054 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Harvest Fund Management Co. Ltd grew its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 98.9% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 46,353 shares of the software maker’s stock after purchasing an additional 23,054 shares during the quarter. Harvest Fund Management Co. Ltd’s holdings in Fortinet were worth $3,594,000 as of its most recent filing with the SEC.

Other institutional investors have also made changes to their positions in the company. Apollon Wealth Management LLC grew its holdings in Fortinet by 7.6% in the 3rd quarter. Apollon Wealth Management LLC now owns 15,296 shares of the software maker’s stock valued at $1,186,000 after buying an additional 1,081 shares during the last quarter. Forsta AP Fonden increased its position in Fortinet by 11.8% during the third quarter. Forsta AP Fonden now owns 135,500 shares of the software maker’s stock worth $10,508,000 after acquiring an additional 14,300 shares during the period. Sarasin & Partners LLP increased its position in Fortinet by 22.4% during the second quarter. Sarasin & Partners LLP now owns 2,163,093 shares of the software maker’s stock worth $130,370,000 after acquiring an additional 395,477 shares during the period. Cetera Investment Advisers raised its stake in Fortinet by 543.5% during the 1st quarter. Cetera Investment Advisers now owns 157,319 shares of the software maker’s stock valued at $10,765,000 after purchasing an additional 132,871 shares during the last quarter. Finally, Empower Advisory Group LLC boosted its holdings in Fortinet by 4.2% in the 3rd quarter. Empower Advisory Group LLC now owns 1,008,224 shares of the software maker’s stock valued at $78,188,000 after purchasing an additional 40,277 shares during the period. 83.71% of the stock is currently owned by institutional investors.

Fortinet Stock Down 1.3 %

NASDAQ:FTNT opened at $92.77 on Monday. The company has a quick ratio of 1.25, a current ratio of 1.34 and a debt-to-equity ratio of 1.09. Fortinet, Inc. has a 12-month low of $50.65 and a 12-month high of $100.59. The stock’s fifty day simple moving average is $82.45 and its 200-day simple moving average is $70.45. The firm has a market capitalization of $71.10 billion, a P/E ratio of 46.85, a P/E/G ratio of 2.69 and a beta of 1.00.

Insider Buying and Selling 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 sale, the chief executive officer now directly owns 48,915,530 shares in the company, valued at approximately $4,005,692,751.70. This trade represents a 0.05 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO Keith Jensen sold 4,250 shares of the stock in a transaction on Tuesday, November 19th. The stock was sold at an average price of $90.83, for a total transaction of $386,027.50. Following the completion of the sale, the chief financial officer now owns 4,689 shares in the company, valued at approximately $425,901.87. This trade represents a 47.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 51,095 shares of company stock valued at $4,058,575. 18.00% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the stock. UBS Group upped their price objective on shares of Fortinet from $70.00 to $83.00 and gave the company a “neutral” rating in a research report on Friday, November 8th. Scotiabank raised their price objective on Fortinet from $85.00 to $110.00 and gave the stock a “sector outperform” rating in a research report on Wednesday, November 20th. DZ Bank raised Fortinet from a “sell” rating to a “hold” rating and set a $65.00 price objective on the stock in a report on Thursday, August 8th. JPMorgan Chase & Co. upped their target price on Fortinet from $63.00 to $70.00 and gave the company a “neutral” rating in a research note on Wednesday, August 7th. Finally, StockNews.com upgraded shares of Fortinet from a “hold” rating to a “buy” rating in a research note on Friday, October 25th. One research analyst has rated the stock with a sell rating, nineteen have issued a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Fortinet presently has an average rating of “Hold” and an average target price of $88.93.

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.