Occidental Asset Management LLC Purchases 865 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Occidental Asset Management LLC boosted its position in shares of Fortinet, Inc. (NASDAQ:FTNT) by 30.2% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 3,725 shares of the software maker’s stock after buying an additional 865 shares during the period. Occidental Asset Management LLC’s holdings in Fortinet were worth $352,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of FTNT. Marshall Wace LLP grew its holdings in shares of Fortinet by 198.5% during the second quarter. Marshall Wace LLP now owns 6,238,856 shares of the software maker’s stock worth $376,016,000 after purchasing an additional 4,148,520 shares during the last quarter. FMR LLC increased its holdings in Fortinet by 276.3% in the third quarter. FMR LLC now owns 3,685,230 shares of the software maker’s stock valued at $285,790,000 after purchasing an additional 2,705,767 shares during the period. AQR Capital Management LLC lifted its holdings in Fortinet by 89.7% during the 2nd quarter. AQR Capital Management LLC now owns 2,675,644 shares of the software maker’s stock worth $161,261,000 after buying an additional 1,265,162 shares during the period. Los Angeles Capital Management LLC increased its stake in shares of Fortinet by 3,155.6% in the third quarter. Los Angeles Capital Management LLC now owns 1,237,244 shares of the software maker’s stock valued at $95,948,000 after buying an additional 1,199,241 shares during the period. Finally, State Street Corp lifted its stake in shares of Fortinet by 2.9% in the third quarter. State Street Corp now owns 27,281,279 shares of the software maker’s stock worth $2,115,663,000 after acquiring an additional 766,135 shares during the period. 83.71% of the stock is owned by institutional investors.

Insider Activity at Fortinet

In other Fortinet news, CEO Ken Xie sold 23,044 shares of the business’s stock in a transaction dated Wednesday, January 15th. The shares were sold at an average price of $93.32, for a total value of $2,150,466.08. Following the transaction, the chief executive officer now directly owns 49,039,698 shares in the company, valued at $4,576,384,617.36. The trade was a 0.05 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Keith Jensen sold 17,650 shares of the stock in a transaction that occurred on Tuesday, November 26th. The shares were sold at an average price of $95.66, for a total transaction of $1,688,399.00. Following the transaction, the chief financial officer now directly owns 4,689 shares of the company’s stock, valued at $448,549.74. This represents a 79.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 67,860 shares of company stock valued at $6,469,056. 18.00% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the stock. Robert W. Baird increased their price objective on shares of Fortinet from $95.00 to $100.00 and gave the stock an “outperform” rating in a research report on Tuesday, November 19th. Wells Fargo & Company increased their price target on Fortinet from $80.00 to $85.00 and gave the stock an “equal weight” rating in a report on Tuesday, November 19th. HSBC raised Fortinet from a “hold” rating to a “buy” rating and boosted their price objective for the company from $83.00 to $111.00 in a research note on Monday, November 11th. Wedbush raised their target price on Fortinet from $90.00 to $105.00 and gave the stock an “outperform” rating in a research note on Tuesday, November 19th. Finally, Morgan Stanley lifted their target price on Fortinet from $105.00 to $106.00 and gave the stock an “overweight” rating in a report on Tuesday, November 19th. One analyst has rated the stock with a sell rating, nineteen have given a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $94.35.

Fortinet Trading Up 1.1 %

NASDAQ:FTNT opened at $94.05 on Friday. Fortinet, Inc. has a 52 week low of $54.57 and a 52 week high of $101.00. The firm has a 50-day moving average price of $95.63 and a two-hundred day moving average price of $80.10. 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 has a market cap of $72.08 billion, a price-to-earnings ratio of 47.50, a price-to-earnings-growth ratio of 2.51 and a beta of 1.00.

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.