Fortinet, Inc. (NASDAQ:FTNT) Shares Bought by Zurcher Kantonalbank Zurich Cantonalbank

Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 9.6% during the third quarter, HoldingsChannel.com reports. The fund owned 788,482 shares of the software maker’s stock after purchasing an additional 69,190 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Fortinet were worth $61,147,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in FTNT. Eastern Bank acquired a new position in shares of Fortinet during the third quarter worth about $25,000. Ashton Thomas Securities LLC purchased a new position in Fortinet in the 3rd quarter worth approximately $26,000. Private Wealth Management Group LLC grew 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 acquiring an additional 173 shares in the last quarter. Oakworth Capital Inc. acquired a new position in shares of Fortinet during the second quarter worth $33,000. Finally, Versant Capital Management Inc boosted its stake in shares of Fortinet by 61.2% in the second quarter. Versant Capital Management Inc now owns 627 shares of the software maker’s stock valued at $38,000 after purchasing an additional 238 shares during the period. 83.71% of the stock is owned by hedge funds and other institutional investors.

Fortinet Stock Performance

Shares of FTNT stock opened at $94.06 on Thursday. Fortinet, Inc. has a 12-month low of $50.65 and a 12-month high of $100.59. 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 $72.09 billion, a price-to-earnings ratio of 47.51, a price-to-earnings-growth ratio of 2.70 and a beta of 1.00. The business has a 50 day simple moving average of $83.21 and a 200 day simple moving average of $70.96.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the stock. Scotiabank upped their price objective on shares of Fortinet from $85.00 to $110.00 and gave the company a “sector outperform” rating in a research report on Wednesday, November 20th. Susquehanna increased their price target on Fortinet from $65.00 to $70.00 and gave the company a “neutral” rating in a report on Thursday, August 8th. TD Cowen lifted their price objective on Fortinet from $90.00 to $105.00 and gave the stock a “buy” rating in a report on Tuesday, November 19th. Royal Bank of Canada raised their price target on shares of Fortinet from $82.00 to $97.00 and gave the stock a “sector perform” rating in a research report on Tuesday, November 19th. Finally, Hsbc Global Res upgraded shares of Fortinet from a “hold” rating to a “strong-buy” rating in a research note on Monday, November 11th. One investment analyst has rated the stock with a sell rating, nineteen have given a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $88.93.

Insiders Place Their Bets

In related news, CFO Keith Jensen sold 17,650 shares of the firm’s stock in a transaction that occurred on Tuesday, November 26th. The shares were 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 $448,549.74. This trade represents a 79.01 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Ken Xie sold 23,538 shares of the company’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 completion of the sale, the chief executive officer now owns 48,878,806 shares of the company’s stock, valued at $3,662,977,721.64. This trade represents a 0.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 68,745 shares of company stock worth $5,746,974. 18.00% of the stock is owned by company 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.