Dixon Mitchell Investment Counsel Inc. Raises Stock Position in Fortinet, Inc. (NASDAQ:FTNT)

Dixon Mitchell Investment Counsel Inc. lifted its position in Fortinet, Inc. (NASDAQ:FTNT) by 129.9% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 299,989 shares of the software maker’s stock after acquiring an additional 169,530 shares during the quarter. Fortinet accounts for approximately 1.3% of Dixon Mitchell Investment Counsel Inc.’s investment portfolio, making the stock its 28th largest holding. Dixon Mitchell Investment Counsel Inc.’s holdings in Fortinet were worth $28,343,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in the business. Eastern Bank bought a new position in shares of Fortinet during the third quarter valued at approximately $25,000. Ashton Thomas Securities LLC bought a new stake in Fortinet during the 3rd quarter valued at $26,000. Private Wealth Management Group LLC increased its holdings in shares of Fortinet by 73.3% in the 3rd quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker’s stock valued at $32,000 after acquiring an additional 173 shares during the period. City State Bank raised its position in shares of Fortinet by 900.0% in the 3rd quarter. City State Bank now owns 500 shares of the software maker’s stock worth $39,000 after acquiring an additional 450 shares in the last quarter. Finally, Paladin Wealth LLC purchased a new stake in shares of Fortinet during the 3rd quarter worth $46,000. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Analysts Set New Price Targets

Several research firms have issued reports on FTNT. Royal Bank of Canada lifted their target price on Fortinet from $82.00 to $97.00 and gave the company a “sector perform” rating in a research note on Tuesday, November 19th. KeyCorp upgraded shares of Fortinet from a “sector weight” rating to an “overweight” rating and set a $115.00 price objective for the company in a research note on Thursday, December 19th. The Goldman Sachs Group raised their target price on shares of Fortinet from $100.00 to $114.00 and gave the company a “buy” rating in a research note on Thursday, January 2nd. Robert W. Baird upped their price target on Fortinet from $95.00 to $100.00 and gave the stock an “outperform” rating in a research report on Tuesday, November 19th. Finally, Hsbc Global Res upgraded Fortinet from a “hold” rating to a “strong-buy” rating in a research note on Monday, November 11th. One equities research analyst has rated the stock with a sell rating, nineteen have given a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Fortinet currently has a consensus rating of “Hold” and a consensus target price of $94.35.

Fortinet Stock Performance

NASDAQ:FTNT opened at $93.56 on Thursday. The company’s 50-day moving average is $95.43 and its two-hundred day moving average is $80.00. Fortinet, Inc. has a 1-year low of $54.57 and a 1-year high of $101.00. 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 firm has a market capitalization of $71.71 billion, a price-to-earnings ratio of 47.25, a PEG ratio of 2.51 and a beta of 1.00.

Insider Activity

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 transaction of $386,027.50. Following the completion of the sale, the chief financial officer now directly owns 4,689 shares in the company, valued at $425,901.87. This trade represents a 47.54 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director William H. Neukom purchased 355 shares of Fortinet stock in a transaction dated Friday, December 6th. The stock was bought at an average cost of $98.50 per share, for a total transaction of $34,967.50. Following the completion of the purchase, the director now directly owns 150,245 shares in the company, valued at approximately $14,799,132.50. This trade represents a 0.24 % increase in their position. The disclosure for this purchase can be found here. In the last 90 days, insiders have sold 67,860 shares of company stock valued at $6,469,056. 18.00% of the stock is currently owned by company insiders.

Fortinet Company 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.