David J Yvars Group Makes New Investment in Fortinet, Inc. (NASDAQ:FTNT)

David J Yvars Group acquired a new position in Fortinet, Inc. (NASDAQ:FTNT) in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 2,350 shares of the software maker’s stock, valued at approximately $222,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Eagle Capital Management LLC raised its stake in Fortinet by 2.2% during the 2nd quarter. Eagle Capital Management LLC now owns 25,631 shares of the software maker’s stock valued at $1,545,000 after purchasing an additional 544 shares during the period. American Century Companies Inc. raised its position in shares of Fortinet by 14.8% during the second quarter. American Century Companies Inc. now owns 480,525 shares of the software maker’s stock valued at $28,961,000 after buying an additional 61,948 shares during the last quarter. DekaBank Deutsche Girozentrale lifted its holdings in shares of Fortinet by 5.2% in the second quarter. DekaBank Deutsche Girozentrale now owns 267,057 shares of the software maker’s stock worth $16,031,000 after buying an additional 13,147 shares in the last quarter. Federated Hermes Inc. boosted its position in shares of Fortinet by 496.7% during the second quarter. Federated Hermes Inc. now owns 452,947 shares of the software maker’s stock worth $27,299,000 after acquiring an additional 377,035 shares during the last quarter. Finally, Parallel Advisors LLC grew its stake in Fortinet by 2.0% during the second quarter. Parallel Advisors LLC now owns 7,504 shares of the software maker’s stock valued at $452,000 after acquiring an additional 148 shares in the last quarter. 83.71% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Fortinet

In related news, CEO Ken Xie sold 23,307 shares of the business’s stock in a transaction that occurred on Wednesday, October 16th. The shares were sold at an average price of $81.89, for a total transaction of $1,908,610.23. Following the completion of the transaction, the chief executive officer now owns 48,915,530 shares in the company, valued at $4,005,692,751.70. The trade was a 0.05 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Keith Jensen sold 4,250 shares of the firm’s stock in a transaction that occurred on Tuesday, November 19th. The shares were 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 of the company’s stock, 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. In the last 90 days, insiders have sold 68,123 shares of company stock valued at $6,227,201. 18.00% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

FTNT has been the subject of several research reports. Deutsche Bank Aktiengesellschaft increased their price objective on shares of Fortinet from $77.00 to $90.00 and gave the company a “hold” rating in a report on Tuesday, November 19th. Stifel Nicolaus increased their target price on Fortinet from $90.00 to $103.00 and gave the company a “hold” rating in a research report on Wednesday, December 18th. StockNews.com upgraded shares of Fortinet from a “hold” rating to a “buy” rating in a research report on Friday, October 25th. Rosenblatt Securities increased their price objective on shares of Fortinet from $90.00 to $100.00 and gave the company a “buy” rating in a research report on Wednesday, November 20th. Finally, UBS Group upped their target price 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. One research analyst has rated the stock with a sell rating, nineteen have issued a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $94.35.

Fortinet Price Performance

NASDAQ FTNT opened at $93.83 on Tuesday. The company has a market cap of $71.92 billion, a PE ratio of 47.39, a P/E/G ratio of 2.76 and a beta of 1.00. Fortinet, Inc. has a 52-week low of $54.57 and a 52-week high of $101.00. The company has a debt-to-equity ratio of 1.09, a quick ratio of 1.25 and a current ratio of 1.34. The firm’s 50 day moving average price is $94.89 and its 200-day moving average price is $79.68.

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.