Banque Cantonale Vaudoise Buys 2,491 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Banque Cantonale Vaudoise lifted its stake in Fortinet, Inc. (NASDAQ:FTNT) by 3.7% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 70,567 shares of the software maker’s stock after acquiring an additional 2,491 shares during the period. Banque Cantonale Vaudoise’s holdings in Fortinet were worth $5,472,000 at the end of the most recent quarter.

Several other large investors have also recently made changes to their positions in the stock. Eagle Capital Management LLC boosted its stake in shares of Fortinet by 0.6% in the third quarter. Eagle Capital Management LLC now owns 25,772 shares of the software maker’s stock worth $1,999,000 after acquiring an additional 141 shares during the last quarter. OneDigital Investment Advisors LLC lifted its position in Fortinet by 3.9% during the third quarter. OneDigital Investment Advisors LLC now owns 3,782 shares of the software maker’s stock worth $293,000 after buying an additional 141 shares in the last quarter. Parallel Advisors LLC raised its position in Fortinet by 2.0% in the second quarter. Parallel Advisors LLC now owns 7,504 shares of the software maker’s stock valued at $452,000 after purchasing an additional 148 shares during the period. Private Wealth Management Group LLC raised its position in 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 during the period. Finally, Simplicity Wealth LLC raised its position in 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 period. 83.71% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on FTNT shares. Citigroup lifted their price objective on Fortinet from $66.00 to $76.00 and gave the company a “neutral” rating in a research note on Friday, September 13th. Cantor Fitzgerald boosted their target price on Fortinet from $65.00 to $88.00 and gave the stock a “neutral” rating in a research note on Tuesday, October 29th. Scotiabank upped their price objective on Fortinet from $75.00 to $85.00 and gave the stock a “sector outperform” rating in a research report on Friday, November 8th. Raymond James boosted their target price on Fortinet from $85.00 to $95.00 and gave the company an “outperform” rating in a report on Friday, November 8th. Finally, BMO Capital Markets boosted their target price on Fortinet from $88.00 to $100.00 and gave the company a “market perform” rating in a report on Tuesday. One analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $82.55.

Fortinet Stock Performance

FTNT opened at $91.88 on Tuesday. The stock has a market cap of $70.42 billion, a P/E ratio of 46.40, a P/E/G ratio of 2.82 and a beta of 1.00. 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 stock’s 50 day simple moving average is $81.10 and its 200 day simple moving average is $69.51. Fortinet, Inc. has a 1-year low of $50.65 and a 1-year high of $100.59.

Insider Buying and Selling at Fortinet

In other Fortinet 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 transaction of $1,763,937.72. Following the sale, the chief executive officer now 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 filing with the Securities & Exchange Commission, which can be accessed through this link. 18.00% of the stock is owned by 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.