Inspire Trust Co. N.A. Increases Holdings in Fortinet, Inc. (NASDAQ:FTNT)

Inspire Trust Co. N.A. raised its position in shares of Fortinet, Inc. (NASDAQ:FTNT) by 25.4% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 26,983 shares of the software maker’s stock after purchasing an additional 5,457 shares during the period. Inspire Trust Co. N.A.’s holdings in Fortinet were worth $2,093,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also made changes to their positions in the company. Apollon Wealth Management LLC raised its holdings in shares of Fortinet by 7.6% in the third quarter. Apollon Wealth Management LLC now owns 15,296 shares of the software maker’s stock valued at $1,186,000 after acquiring an additional 1,081 shares in the last quarter. Forsta AP Fonden raised its holdings in shares of Fortinet by 11.8% in the 3rd quarter. Forsta AP Fonden now owns 135,500 shares of the software maker’s stock valued at $10,508,000 after purchasing an additional 14,300 shares in the last quarter. Sarasin & Partners LLP lifted its position in shares of Fortinet by 22.4% in the 2nd quarter. Sarasin & Partners LLP now owns 2,163,093 shares of the software maker’s stock worth $130,370,000 after purchasing an additional 395,477 shares during the period. Quadrature Capital Ltd bought a new position in shares of Fortinet during the third quarter valued at approximately $10,343,000. Finally, Empower Advisory Group LLC increased its holdings in Fortinet by 4.2% during the third quarter. Empower Advisory Group LLC now owns 1,008,224 shares of the software maker’s stock valued at $78,188,000 after buying an additional 40,277 shares during the period. 83.71% of the stock is currently owned by hedge funds and other institutional investors.

Fortinet Stock Up 0.6 %

Shares of FTNT opened at $98.60 on Friday. The company has a market capitalization of $75.57 billion, a price-to-earnings ratio of 49.80, a PEG ratio of 2.77 and a beta of 1.00. Fortinet, Inc. has a 52 week low of $54.57 and a 52 week high of $100.59. The stock’s 50-day moving average price is $87.98 and its 200-day moving average price is $73.80. The company has a quick ratio of 1.25, a current ratio of 1.34 and a debt-to-equity ratio of 1.09.

Analysts Set New Price Targets

A number of research firms have weighed in on FTNT. Stifel Nicolaus upped their target price on Fortinet from $84.00 to $90.00 and gave the stock a “hold” rating in a report on Tuesday, November 19th. Raymond James raised their price objective on Fortinet from $85.00 to $95.00 and gave the company an “outperform” rating in a research report on Friday, November 8th. Deutsche Bank Aktiengesellschaft boosted their target price on shares of Fortinet from $77.00 to $90.00 and gave the stock a “hold” rating in a report on Tuesday, November 19th. Scotiabank increased their price target on shares of Fortinet from $85.00 to $110.00 and gave the company a “sector outperform” rating in a research report on Wednesday, November 20th. Finally, Truist Financial reaffirmed a “buy” rating and issued a $105.00 price objective (up previously from $85.00) on shares of Fortinet in a research report on Wednesday, November 20th. One equities research analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Fortinet currently has an average rating of “Hold” and a consensus price target of $89.27.

Insiders Place Their Bets

In other news, CFO Keith Jensen sold 4,250 shares of the firm’s stock in a transaction dated Tuesday, November 19th. The stock was sold at an average price of $90.83, for a total transaction of $386,027.50. Following the sale, the chief financial officer now directly owns 4,689 shares in the company, valued at $425,901.87. This trade represents a 47.54 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Ken Xie sold 23,538 shares of the company’s stock in a transaction dated Wednesday, September 18th. The stock was sold at an average price of $74.94, for a total value of $1,763,937.72. Following the completion of the transaction, the chief executive officer now directly owns 48,878,806 shares of the company’s stock, valued at $3,662,977,721.64. The trade was a 0.05 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 68,745 shares of company stock worth $5,746,974. Corporate 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.