Jackson Square Capital LLC Purchases Shares of 3,315 Fortinet, Inc. (NASDAQ:FTNT)

Jackson Square Capital LLC purchased a new stake in shares of Fortinet, Inc. (NASDAQ:FTNT) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 3,315 shares of the software maker’s stock, valued at approximately $313,000.

Other hedge funds have also bought and sold shares of the company. Eastern Bank bought a new position in shares of Fortinet in the third quarter worth about $25,000. Ashton Thomas Securities LLC bought a new position in shares of Fortinet in the third quarter worth about $26,000. Private Wealth Management Group LLC boosted its stake in shares of Fortinet by 73.3% in the third quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker’s stock worth $32,000 after acquiring an additional 173 shares during the period. City State Bank boosted its stake in Fortinet by 900.0% during the third quarter. City State Bank now owns 500 shares of the software maker’s stock valued at $39,000 after buying an additional 450 shares during the last quarter. Finally, Paladin Wealth LLC bought a new position in Fortinet during the third quarter valued at approximately $46,000. Institutional investors own 83.71% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the company. Needham & Company LLC reissued a “hold” rating on shares of Fortinet in a research note on Friday, November 22nd. Cantor Fitzgerald increased their price target on Fortinet from $88.00 to $95.00 and gave the company a “neutral” rating in a research note on Tuesday, November 19th. BMO Capital Markets increased their price target on Fortinet from $88.00 to $100.00 and gave the company a “market perform” rating in a research note on Tuesday, November 19th. Stifel Nicolaus increased their price target on Fortinet from $90.00 to $103.00 and gave the company a “hold” rating in a research note on Wednesday, December 18th. Finally, HSBC upgraded Fortinet from a “hold” rating to a “buy” rating and upped their price objective for the company from $83.00 to $111.00 in a research report on Monday, November 11th. One analyst has rated the stock with a sell rating, seventeen have assigned a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Fortinet presently has an average rating of “Hold” and an average target price of $96.17.

Insider Transactions at Fortinet

In related news, CFO Keith Jensen sold 17,650 shares of the firm’s stock in a transaction on Tuesday, November 26th. The stock was sold at an average price of $95.66, for a total value of $1,688,399.00. Following the completion of the transaction, the chief financial officer now owns 4,689 shares in the company, valued at $448,549.74. This trade represents a 79.01 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Ken Xie sold 23,044 shares of the firm’s stock in a transaction on Wednesday, January 15th. The stock was sold at an average price of $93.32, for a total value of $2,150,466.08. Following the completion of the transaction, the chief executive officer now owns 49,039,698 shares of the company’s stock, valued at $4,576,384,617.36. This trade represents a 0.05 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 67,860 shares of company stock valued at $6,469,056 in the last quarter. 18.00% of the stock is currently owned by corporate insiders.

Fortinet Stock Up 0.2 %

Fortinet stock opened at $94.23 on Friday. The company has a debt-to-equity ratio of 1.09, a current ratio of 1.34 and a quick ratio of 1.25. The stock has a market capitalization of $72.22 billion, a price-to-earnings ratio of 47.59, a PEG ratio of 2.51 and a beta of 1.00. Fortinet, Inc. has a 1-year low of $54.57 and a 1-year high of $101.00. The business has a fifty day moving average price of $95.68 and a 200-day moving average price of $80.47.

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.