Valley Wealth Managers Inc. Acquires 1,174 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Valley Wealth Managers Inc. raised its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 22.8% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 6,318 shares of the software maker’s stock after purchasing an additional 1,174 shares during the period. Valley Wealth Managers Inc.’s holdings in Fortinet were worth $490,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also modified their holdings of the stock. Vanguard Group Inc. lifted its position in Fortinet by 1.2% in the first quarter. Vanguard Group Inc. now owns 68,052,487 shares of the software maker’s stock worth $4,648,665,000 after buying an additional 779,271 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its stake in shares of Fortinet by 664.8% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 35,137,089 shares of the software maker’s stock worth $2,400,215,000 after purchasing an additional 30,542,551 shares during the period. Swedbank AB grew its holdings in Fortinet by 1.7% during the 2nd quarter. Swedbank AB now owns 8,156,797 shares of the software maker’s stock valued at $491,610,000 after purchasing an additional 134,366 shares during the last quarter. Marshall Wace LLP raised its position in Fortinet by 198.5% in the 2nd quarter. Marshall Wace LLP now owns 6,238,856 shares of the software maker’s stock worth $376,016,000 after purchasing an additional 4,148,520 shares during the period. Finally, Van ECK Associates Corp lifted its stake in Fortinet by 94.9% in the second quarter. Van ECK Associates Corp now owns 5,755,599 shares of the software maker’s stock worth $346,890,000 after purchasing an additional 2,802,446 shares during the last quarter. 83.71% of the stock is owned by institutional investors.

Fortinet Price Performance

Shares of NASDAQ FTNT opened at $94.20 on Friday. The company has a current ratio of 1.34, a quick ratio of 1.25 and a debt-to-equity ratio of 1.09. The stock has a market cap of $72.20 billion, a P/E ratio of 47.58, a P/E/G ratio of 2.93 and a beta of 1.00. The stock has a 50 day moving average of $80.76 and a two-hundred day moving average of $69.24. Fortinet, Inc. has a twelve month low of $49.97 and a twelve month high of $100.59.

Insider Activity at Fortinet

In other Fortinet news, CEO Ken Xie sold 23,307 shares of the company’s stock in a transaction on Wednesday, October 16th. The shares were sold at an average price of $81.89, for a total transaction of $1,908,610.23. Following the completion of the transaction, the chief executive officer now 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 sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 18.00% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the company. Raymond James increased their price target on Fortinet from $85.00 to $95.00 and gave the stock an “outperform” rating in a report on Friday, November 8th. Scotiabank lifted their target price on Fortinet from $75.00 to $85.00 and gave the stock a “sector outperform” rating in a research report on Friday, November 8th. UBS Group raised their price target on shares of Fortinet from $70.00 to $83.00 and gave the stock a “neutral” rating in a research note on Friday, November 8th. Guggenheim cut shares of Fortinet from a “buy” rating to a “neutral” rating in a research report on Monday, July 29th. Finally, Citigroup raised their target price on shares of Fortinet from $66.00 to $76.00 and gave the stock a “neutral” rating in a research report on Friday, September 13th. One equities research analyst has rated the stock with a sell rating, nineteen have issued a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $79.52.

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.