Range Financial Group LLC Purchases 20,894 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Range Financial Group LLC grew its position in shares of Fortinet, Inc. (NASDAQ:FTNT) by 316.3% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 27,500 shares of the software maker’s stock after acquiring an additional 20,894 shares during the quarter. Fortinet comprises approximately 1.2% of Range Financial Group LLC’s holdings, making the stock its 18th largest holding. Range Financial Group LLC’s holdings in Fortinet were worth $2,598,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Apollon Wealth Management LLC boosted its position in shares of Fortinet by 7.6% during the 3rd 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 during the last quarter. Forsta AP Fonden boosted its position in shares of Fortinet by 11.8% during the 3rd quarter. Forsta AP Fonden now owns 135,500 shares of the software maker’s stock valued at $10,508,000 after acquiring an additional 14,300 shares during the last quarter. Quadrature Capital Ltd bought a new position in shares of Fortinet during the 3rd quarter valued at approximately $10,343,000. Empower Advisory Group LLC boosted its position in shares of Fortinet by 4.2% during 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 acquiring an additional 40,277 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC boosted its position in shares of Fortinet by 29.5% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 152,532 shares of the software maker’s stock valued at $11,829,000 after acquiring an additional 34,727 shares during the last quarter. 83.71% of the stock is currently owned by institutional investors.

Fortinet Stock Down 2.1 %

FTNT stock traded down $2.01 during trading on Tuesday, reaching $95.93. 4,006,431 shares of the company traded hands, compared to its average volume of 3,785,391. Fortinet, Inc. has a 12 month low of $54.57 and a 12 month high of $101.00. The business has a 50 day simple moving average of $93.25 and a 200 day simple moving average of $78.40. The company has a market capitalization of $73.53 billion, a price-to-earnings ratio of 48.45, a price-to-earnings-growth ratio of 2.76 and a beta of 1.00. The company has a debt-to-equity ratio of 1.09, a quick ratio of 1.25 and a current ratio of 1.34.

Analyst Upgrades and Downgrades

FTNT has been the topic of several recent research reports. Raymond James increased their price target on Fortinet from $85.00 to $95.00 and gave the company an “outperform” rating in a report on Friday, November 8th. Hsbc Global Res upgraded Fortinet from a “hold” rating to a “strong-buy” rating in a report on Monday, November 11th. Truist Financial restated a “buy” rating and set a $105.00 price target (up previously from $85.00) on shares of Fortinet in a report on Wednesday, November 20th. Piper Sandler upgraded Fortinet from a “neutral” rating to an “overweight” rating and increased their price target for the company from $100.00 to $120.00 in a report on Monday. Finally, Wells Fargo & Company increased their price target on Fortinet from $80.00 to $85.00 and gave the company an “equal weight” rating in a report on Tuesday, November 19th. One analyst has rated the stock with a sell rating, eighteen have assigned a hold rating, fifteen have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $94.35.

Insider Activity at Fortinet

In other Fortinet news, Director William H. Neukom purchased 355 shares of the stock in a transaction on Friday, December 6th. The stock was acquired at an average price of $98.50 per share, with a total value of $34,967.50. Following the completion of the acquisition, the director now owns 150,245 shares in the company, valued at $14,799,132.50. The trade was a 0.24 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through this link. Also, 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 value of $386,027.50. Following the completion of the transaction, the chief financial officer now owns 4,689 shares of the company’s stock, valued at approximately $425,901.87. The trade was a 47.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 68,123 shares of company stock valued at $6,227,201 over the last quarter. 18.00% of the stock is owned by corporate insiders.

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.