Empowered Funds LLC Boosts Position in Fortinet, Inc. (NASDAQ:FTNT)

Empowered Funds LLC raised its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 5.5% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 242,419 shares of the software maker’s stock after purchasing an additional 12,641 shares during the period. Empowered Funds LLC’s holdings in Fortinet were worth $18,800,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Eastern Bank purchased a new position in shares of Fortinet during the third quarter valued at approximately $25,000. Ashton Thomas Securities LLC acquired a new stake in shares of Fortinet during the third quarter worth $26,000. Private Wealth Management Group LLC grew its holdings 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. City State Bank grew its position in Fortinet by 900.0% during the third quarter. City State Bank now owns 500 shares of the software maker’s stock valued at $39,000 after acquiring an additional 450 shares during the period. Finally, Oakworth Capital Inc. purchased a new stake in Fortinet during the 2nd quarter worth $33,000. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

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 sale, the chief executive officer now directly owns 48,915,530 shares of the company’s stock, valued at approximately $4,005,692,751.70. This represents a 0.05 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders own 18.00% of the company’s stock.

Fortinet Trading Up 1.6 %

Fortinet stock opened at $95.93 on Friday. The business has a 50 day moving average price of $80.38 and a two-hundred day moving average price of $69.03. The company has a quick ratio of 1.25, a current ratio of 1.34 and a debt-to-equity ratio of 1.09. Fortinet, Inc. has a 12 month low of $49.97 and a 12 month high of $100.59. The stock has a market cap of $73.53 billion, a price-to-earnings ratio of 47.71, a price-to-earnings-growth ratio of 2.93 and a beta of 1.00.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on FTNT shares. Truist Financial lifted their price objective on Fortinet from $70.00 to $85.00 and gave the stock a “buy” rating in a report on Wednesday, October 23rd. StockNews.com raised shares of Fortinet from a “hold” rating to a “buy” rating in a research report on Friday, October 25th. Scotiabank lifted their target price on Fortinet from $75.00 to $85.00 and gave the company a “sector outperform” rating in a research note on Friday, November 8th. BMO Capital Markets boosted their price objective on Fortinet from $70.00 to $76.00 and gave the company a “market perform” rating in a research report on Wednesday, August 7th. Finally, Guggenheim downgraded shares of Fortinet from a “buy” rating to a “neutral” rating in a report on Monday, July 29th. One equities research analyst has rated the stock with a sell rating, nineteen have given a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $79.52.

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.