Baltimore Washington Financial Advisors Inc. Purchases 1,190 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Baltimore Washington Financial Advisors Inc. lifted its position in Fortinet, Inc. (NASDAQ:FTNT) by 2.1% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 59,130 shares of the software maker’s stock after buying an additional 1,190 shares during the period. Baltimore Washington Financial Advisors Inc.’s holdings in Fortinet were worth $4,586,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in FTNT. Eastern Bank bought a new position in Fortinet during the 3rd quarter worth about $25,000. Ashton Thomas Securities LLC bought a new position in Fortinet during the 3rd quarter worth about $26,000. Private Wealth Management Group LLC increased its holdings in Fortinet by 73.3% during the 3rd quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker’s stock worth $32,000 after purchasing an additional 173 shares in the last quarter. City State Bank increased its holdings in Fortinet by 900.0% during the 3rd quarter. City State Bank now owns 500 shares of the software maker’s stock worth $39,000 after purchasing an additional 450 shares in the last quarter. Finally, Oakworth Capital Inc. bought a new position in Fortinet during the 2nd quarter worth about $33,000. Institutional investors own 83.71% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have issued reports on FTNT. StockNews.com upgraded Fortinet from a “hold” rating to a “buy” rating in a report on Friday, October 25th. Bank of America increased their target price on Fortinet from $87.00 to $104.00 and gave the stock a “buy” rating in a report on Tuesday, November 19th. Wells Fargo & Company increased their price objective on shares of Fortinet from $80.00 to $85.00 and gave the stock an “equal weight” rating in a research note on Tuesday, November 19th. Cantor Fitzgerald lifted their target price on Fortinet from $88.00 to $95.00 and gave the company a “neutral” rating in a research report on Tuesday, November 19th. Finally, TD Cowen increased their price target on Fortinet from $90.00 to $105.00 and gave the company a “buy” rating in a research report on Tuesday, November 19th. One research analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Fortinet has a consensus rating of “Hold” and an average target price of $88.93.

Fortinet Price Performance

Shares of Fortinet stock opened at $92.77 on Friday. Fortinet, Inc. has a twelve month low of $50.65 and a twelve month high of $100.59. The company has a quick ratio of 1.25, a current ratio of 1.34 and a debt-to-equity ratio of 1.09. The company has a 50-day simple moving average of $82.45 and a two-hundred day simple moving average of $70.37. The stock has a market capitalization of $71.10 billion, a price-to-earnings ratio of 46.85, a price-to-earnings-growth ratio of 2.73 and a beta of 1.00.

Insiders Place Their Bets

In other Fortinet news, CFO Keith Jensen sold 4,250 shares of Fortinet stock in a transaction dated Tuesday, November 19th. The shares were sold at an average price of $90.83, for a total value of $386,027.50. Following the completion of the sale, the chief financial officer now owns 4,689 shares in the company, valued at $425,901.87. The trade was a 47.54 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Ken Xie sold 23,307 shares of Fortinet stock in a transaction dated Wednesday, October 16th. The stock was sold at an average price of $81.89, for a total transaction of $1,908,610.23. Following the completion of the sale, the chief executive officer now owns 48,915,530 shares of the company’s stock, valued at $4,005,692,751.70. This trade represents a 0.05 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 51,095 shares of company stock worth $4,058,575 in the last quarter. 18.00% of the stock is currently owned by corporate insiders.

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.