Leelyn Smith LLC Has $1.22 Million Stock Holdings in Fortinet, Inc. (NASDAQ:FTNT)

Leelyn Smith LLC boosted its stake in Fortinet, Inc. (NASDAQ:FTNT) by 1.8% in the third quarter, HoldingsChannel reports. The firm owned 15,767 shares of the software maker’s stock after acquiring an additional 282 shares during the period. Leelyn Smith LLC’s holdings in Fortinet were worth $1,223,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of FTNT. Meridian Wealth Management LLC bought a new stake in shares of Fortinet in the third quarter valued at about $647,000. Activest Wealth Management acquired a new position in Fortinet during the 3rd quarter worth approximately $400,000. Charles Schwab Investment Management Inc. grew its stake in shares of Fortinet by 1.8% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 3,817,859 shares of the software maker’s stock worth $296,075,000 after acquiring an additional 68,852 shares in the last quarter. Banco Santander S.A. raised its holdings in shares of Fortinet by 21.8% in the third quarter. Banco Santander S.A. now owns 292,065 shares of the software maker’s stock valued at $22,650,000 after purchasing an additional 52,327 shares during the last quarter. Finally, Navellier & Associates Inc. bought a new stake in shares of Fortinet in the third quarter worth $204,000. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on FTNT. Deutsche Bank Aktiengesellschaft raised their target price on shares of Fortinet from $77.00 to $90.00 and gave the company a “hold” rating in a research report on Tuesday. Mizuho downgraded Fortinet from a “neutral” rating to an “underperform” rating and set a $68.00 target price on the stock. in a research report on Thursday, October 17th. Truist Financial reiterated a “buy” rating and set a $105.00 target price (up previously from $85.00) on shares of Fortinet in a report on Wednesday. Needham & Company LLC restated a “hold” rating on shares of Fortinet in a research note on Friday. Finally, Bank of America upped their price objective on Fortinet from $87.00 to $104.00 and gave the stock a “buy” rating in a research note on Tuesday. One investment analyst has rated the stock with a sell rating, nineteen have issued a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $88.93.

Insiders Place Their Bets

In other news, CEO Ken Xie sold 23,538 shares of the stock in a transaction on Wednesday, September 18th. The stock was sold at an average price of $74.94, for a total value of $1,763,937.72. Following the completion of the transaction, the chief executive officer now directly owns 48,878,806 shares in the company, valued at approximately $3,662,977,721.64. This represents a 0.05 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Keith Jensen sold 4,250 shares of the business’s stock in a transaction on Tuesday, November 19th. The stock was sold at an average price of $90.83, for a total value of $386,027.50. Following the sale, the chief financial officer now owns 4,689 shares in the company, valued at $425,901.87. This represents a 47.54 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 51,095 shares of company stock valued at $4,058,575. 18.00% of the stock is currently owned by corporate insiders.

Fortinet Stock Performance

NASDAQ FTNT opened at $92.77 on Friday. The firm’s 50 day simple moving average is $82.45 and its 200 day simple moving average is $70.30. The firm has a market capitalization of $71.10 billion, a price-to-earnings ratio of 46.85, a P/E/G ratio of 2.73 and a beta of 1.00. Fortinet, Inc. has a 1 year low of $50.65 and a 1 year high of $100.59. The company has a current ratio of 1.34, a quick ratio of 1.25 and a debt-to-equity ratio of 1.09.

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.