133,366 Shares in Fortinet, Inc. (NASDAQ:FTNT) Acquired by Quadrature Capital Ltd

Quadrature Capital Ltd acquired a new position in shares of Fortinet, Inc. (NASDAQ:FTNT) during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm acquired 133,366 shares of the software maker’s stock, valued at approximately $10,343,000.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Mather Group LLC. raised its position in Fortinet by 57.0% in the second quarter. Mather Group LLC. now owns 6,035 shares of the software maker’s stock valued at $364,000 after purchasing an additional 2,190 shares during the period. CWM LLC raised its position in Fortinet by 41.8% in the second quarter. CWM LLC now owns 39,270 shares of the software maker’s stock valued at $2,367,000 after purchasing an additional 11,581 shares during the period. Valeo Financial Advisors LLC raised its position in Fortinet by 62.9% in the second quarter. Valeo Financial Advisors LLC now owns 16,910 shares of the software maker’s stock valued at $1,019,000 after purchasing an additional 6,527 shares during the period. 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. Finally, CX Institutional raised its position in Fortinet by 2.8% in the second quarter. CX Institutional now owns 7,780 shares of the software maker’s stock valued at $469,000 after purchasing an additional 209 shares during the period. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on FTNT. TD Cowen lifted their price objective on Fortinet from $90.00 to $105.00 and gave the company a “buy” rating in a research note on Tuesday, November 19th. HSBC raised Fortinet from a “hold” rating to a “buy” rating and lifted their price objective for the company from $83.00 to $111.00 in a research note on Monday, November 11th. Hsbc Global Res raised Fortinet from a “hold” rating to a “strong-buy” rating in a research note on Monday, November 11th. Citigroup boosted their target price on Fortinet from $66.00 to $76.00 and gave the stock a “neutral” rating in a research note on Friday, September 13th. Finally, Susquehanna boosted their target price on Fortinet from $65.00 to $70.00 and gave the stock a “neutral” rating in a research note on Thursday, August 8th. One investment analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Fortinet presently has an average rating of “Hold” and a consensus price target of $88.93.

Fortinet Stock Up 3.0 %

FTNT opened at $98.19 on Thursday. The business has a 50 day moving average price of $85.04 and a two-hundred day moving average price of $72.16. 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 cap of $75.26 billion, a PE ratio of 49.59, a P/E/G ratio of 2.74 and a beta of 1.00. Fortinet, Inc. has a 52 week low of $50.65 and a 52 week high of $100.59.

Insiders Place Their Bets

In other Fortinet news, CFO Keith Jensen sold 17,650 shares of the business’s stock in a transaction that occurred on Tuesday, November 26th. The stock was sold at an average price of $95.66, for a total transaction of $1,688,399.00. Following the transaction, the chief financial officer now owns 4,689 shares in the company, valued at approximately $448,549.74. The trade was a 79.01 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Ken Xie sold 23,538 shares of the business’s stock in a transaction that occurred 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 transaction, the chief executive officer now owns 48,878,806 shares in the company, valued at $3,662,977,721.64. The trade was a 0.05 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 68,745 shares of company stock worth $5,746,974. Company insiders own 18.00% of the company’s stock.

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.