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

Leelyn Smith LLC raised its stake in Fortinet, Inc. (NASDAQ:FTNT) by 1.8% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 15,767 shares of the software maker’s stock after buying an additional 282 shares during the quarter. Leelyn Smith LLC’s holdings in Fortinet were worth $1,223,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Eastern Bank purchased a new stake in shares of Fortinet during the third quarter worth $25,000. Ashton Thomas Securities LLC purchased a new stake in shares of Fortinet during the 3rd quarter worth about $26,000. Private Wealth Management Group LLC lifted its holdings in shares of Fortinet by 73.3% during the 3rd quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker’s stock valued at $32,000 after buying an additional 173 shares during the last quarter. Oakworth Capital Inc. bought a new stake in shares of Fortinet in the 2nd quarter valued at approximately $33,000. Finally, Versant Capital Management Inc increased its holdings in Fortinet by 61.2% in the second quarter. Versant Capital Management Inc now owns 627 shares of the software maker’s stock worth $38,000 after buying an additional 238 shares during the last quarter. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Fortinet Trading Down 1.3 %

Shares of FTNT stock opened at $92.77 on Friday. 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 market capitalization of $71.10 billion, a P/E ratio of 46.85, a P/E/G ratio of 2.73 and a beta of 1.00. Fortinet, Inc. has a 12-month low of $50.65 and a 12-month high of $100.59. The firm has a 50-day moving average price of $82.45 and a 200 day moving average price of $70.30.

Analyst Ratings Changes

Several analysts have commented on the stock. Barclays boosted their target price on shares of Fortinet from $85.00 to $95.00 and gave the stock an “equal weight” rating in a research report on Friday, November 8th. JPMorgan Chase & Co. boosted their price target on Fortinet from $63.00 to $70.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 7th. Citigroup raised 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. Needham & Company LLC reissued a “hold” rating on shares of Fortinet in a research report on Friday. Finally, HSBC upgraded shares of Fortinet from a “hold” rating to a “buy” rating and boosted their price objective for the stock from $83.00 to $111.00 in a research note on Monday, November 11th. One analyst has rated the stock with a sell rating, nineteen have issued a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $88.93.

Insider Activity

In related news, CFO Keith Jensen sold 4,250 shares of Fortinet stock in a transaction dated Tuesday, November 19th. The stock was sold at an average price of $90.83, for a total value of $386,027.50. Following the completion of the transaction, the chief financial officer now directly owns 4,689 shares of the company’s stock, valued at $425,901.87. The trade was a 47.54 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Ken Xie sold 23,307 shares of the 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 sale, the chief executive officer now directly owns 48,915,530 shares in the company, valued at approximately $4,005,692,751.70. This represents a 0.05 % 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 worth $4,058,575. Insiders own 18.00% of the company’s stock.

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.