Valley Wealth Managers Inc. Grows Stock Holdings in Fortinet, Inc. (NASDAQ:FTNT)

Valley Wealth Managers Inc. raised its stake in Fortinet, Inc. (NASDAQ:FTNT) by 22.8% in the third quarter, HoldingsChannel reports. The institutional investor owned 6,318 shares of the software maker’s stock after buying an additional 1,174 shares during the quarter. Valley Wealth Managers Inc.’s holdings in Fortinet were worth $490,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of FTNT. Eagle Capital Management LLC boosted its position in Fortinet by 0.6% during the third quarter. Eagle Capital Management LLC now owns 25,772 shares of the software maker’s stock worth $1,999,000 after purchasing an additional 141 shares in the last quarter. OneDigital Investment Advisors LLC increased its holdings in Fortinet by 3.9% during the 3rd quarter. OneDigital Investment Advisors LLC now owns 3,782 shares of the software maker’s stock valued at $293,000 after acquiring an additional 141 shares in the last quarter. Parallel Advisors LLC increased its holdings in Fortinet by 2.0% during the 2nd 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. Private Wealth Management Group LLC lifted its holdings 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 valued at $32,000 after purchasing an additional 173 shares in the last quarter. Finally, Simplicity Wealth LLC grew its position in shares of Fortinet by 2.2% in the second quarter. Simplicity Wealth LLC now owns 8,260 shares of the software maker’s stock valued at $498,000 after purchasing an additional 174 shares during the last quarter. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

FTNT has been the subject of several recent research reports. Deutsche Bank Aktiengesellschaft raised their price target on Fortinet from $71.00 to $75.00 and gave the stock a “hold” rating in a research report on Wednesday, August 7th. DZ Bank upgraded shares of Fortinet from a “sell” rating to a “hold” rating and set a $65.00 target price on the stock in a report on Thursday, August 8th. TD Cowen raised their target price on shares of Fortinet from $75.00 to $90.00 and gave the stock a “buy” rating in a research report on Wednesday, October 9th. UBS Group lifted their price objective on Fortinet from $70.00 to $83.00 and gave the company a “neutral” rating in a research report on Friday, November 8th. Finally, Royal Bank of Canada lifted their price target on Fortinet from $68.00 to $72.00 and gave the company a “sector perform” rating in a report on Wednesday, August 7th. One analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Fortinet presently has a consensus rating of “Hold” and an average price target of $79.52.

Fortinet Stock Down 0.3 %

Shares of FTNT opened at $94.20 on Friday. The stock has a fifty day moving average of $80.76 and a 200-day moving average of $69.24. The company has a debt-to-equity ratio of 1.09, a quick ratio of 1.25 and a current ratio of 1.34. Fortinet, Inc. has a 52 week low of $49.97 and a 52 week high of $100.59. The stock has a market capitalization of $72.20 billion, a price-to-earnings ratio of 47.58, a PEG ratio of 2.93 and a beta of 1.00.

Insider Activity at Fortinet

In related news, CEO Ken Xie sold 23,538 shares of the firm’s stock in a transaction dated Wednesday, September 18th. The shares were sold at an average price of $74.94, for a total value of $1,763,937.72. Following the transaction, the chief executive officer now owns 48,878,806 shares of the company’s stock, valued at approximately $3,662,977,721.64. This trade represents a 0.05 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 18.00% of the stock is owned by corporate insiders.

Fortinet 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.