45,676 Shares in Fortinet, Inc. (NASDAQ:FTNT) Acquired by Tri Ri Asset Management Corp

Tri Ri Asset Management Corp purchased a new position in shares of Fortinet, Inc. (NASDAQ:FTNT) during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm purchased 45,676 shares of the software maker’s stock, valued at approximately $3,566,000. Fortinet makes up 1.8% of Tri Ri Asset Management Corp’s portfolio, making the stock its 21st largest position.

Several other large investors have also made changes to their positions in FTNT. Eastern Bank acquired a new stake in Fortinet in the third quarter valued at approximately $25,000. Ashton Thomas Securities LLC acquired a new stake in Fortinet in the third quarter valued at approximately $26,000. Private Wealth Management Group LLC boosted 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 buying an additional 173 shares in the last quarter. Oakworth Capital Inc. acquired a new stake in Fortinet in the second quarter valued at approximately $33,000. Finally, City State Bank boosted its position in Fortinet by 900.0% in the third quarter. City State Bank now owns 500 shares of the software maker’s stock valued at $39,000 after buying an additional 450 shares in the last quarter. Institutional investors and hedge funds own 83.71% of the company’s stock.

Insider Activity

In other news, Director William H. Neukom acquired 355 shares of Fortinet stock in a transaction on Friday, December 6th. The stock was acquired at an average cost of $98.50 per share, with a total value of $34,967.50. Following the transaction, the director now owns 150,245 shares of the company’s stock, valued at approximately $14,799,132.50. This trade represents a 0.24 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Ken Xie sold 23,307 shares of the company’s 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 completion of the sale, the chief executive officer now directly owns 48,915,530 shares of the company’s stock, valued at $4,005,692,751.70. The trade was a 0.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 68,745 shares of company stock worth $5,746,974 over the last three months. 18.00% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of analysts have weighed in on the stock. Needham & Company LLC restated a “hold” rating on shares of Fortinet in a research report on Friday, November 22nd. UBS Group lifted their price target on shares of Fortinet from $70.00 to $83.00 and gave the stock a “neutral” rating in a report on Friday, November 8th. Robert W. Baird lifted their price target on shares of Fortinet from $95.00 to $100.00 and gave the stock an “outperform” rating in a report on Tuesday, November 19th. Barclays lifted their price target on shares of Fortinet from $85.00 to $95.00 and gave the stock an “equal weight” rating in a report on Friday, November 8th. Finally, Hsbc Global Res upgraded shares of Fortinet from a “hold” rating to a “strong-buy” rating in a report on Monday, November 11th. One equities research analyst has rated the stock with a sell rating, nineteen have issued a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $89.27.

Fortinet Stock Up 0.6 %

Shares of NASDAQ FTNT opened at $98.60 on Friday. The stock has a market capitalization of $75.57 billion, a P/E ratio of 49.80, a P/E/G ratio of 2.77 and a beta of 1.00. The company has a 50-day moving average price of $87.98 and a 200-day moving average price of $73.80. Fortinet, Inc. has a 1 year low of $54.57 and a 1 year 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.

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.