Tidal Investments LLC Grows Stake in Fortinet, Inc. (NASDAQ:FTNT)

Tidal Investments LLC increased its stake in Fortinet, Inc. (NASDAQ:FTNT) by 311.3% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 133,226 shares of the software maker’s stock after acquiring an additional 100,832 shares during the period. Tidal Investments LLC’s holdings in Fortinet were worth $10,332,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Eagle Capital Management LLC grew its position in Fortinet by 0.6% in the third quarter. Eagle Capital Management LLC now owns 25,772 shares of the software maker’s stock worth $1,999,000 after acquiring an additional 141 shares in the last quarter. OneDigital Investment Advisors LLC grew its position in Fortinet by 3.9% in the third quarter. OneDigital Investment Advisors LLC now owns 3,782 shares of the software maker’s stock worth $293,000 after acquiring an additional 141 shares in the last quarter. Parallel Advisors LLC grew its position in Fortinet by 2.0% in the second quarter. Parallel Advisors LLC now owns 7,504 shares of the software maker’s stock worth $452,000 after acquiring an additional 148 shares in the last quarter. Crewe Advisors LLC boosted its position in shares of Fortinet by 8.8% during the third quarter. Crewe Advisors LLC now owns 1,958 shares of the software maker’s stock valued at $152,000 after buying an additional 158 shares during the period. Finally, Private Wealth Management Group LLC boosted its position in shares of Fortinet by 73.3% during 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 during the period. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Fortinet Price Performance

NASDAQ FTNT opened at $98.60 on Friday. 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 stock’s fifty day moving average price is $87.98 and its 200 day moving average price is $73.80. Fortinet, Inc. has a 1 year low of $54.57 and a 1 year high of $100.59. The company has a market cap of $75.57 billion, a price-to-earnings ratio of 49.80, a PEG ratio of 2.77 and a beta of 1.00.

Insider Activity at Fortinet

In other Fortinet news, CFO Keith Jensen sold 4,250 shares of the company’s stock in a transaction on Tuesday, November 19th. The shares were sold at an average price of $90.83, for a total value of $386,027.50. Following the sale, the chief financial officer now directly owns 4,689 shares of the company’s stock, valued at approximately $425,901.87. This represents a 47.54 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director William H. Neukom purchased 355 shares of the stock in a transaction on Friday, December 6th. The stock was acquired at an average cost of $98.50 per share, for a total transaction of $34,967.50. Following the completion of the acquisition, the director now owns 150,245 shares of the company’s stock, valued at $14,799,132.50. The trade was a 0.24 % increase in their position. The disclosure for this purchase can be found here. Insiders have sold a total of 68,745 shares of company stock valued at $5,746,974 in the last ninety days. Company insiders own 18.00% of the company’s stock.

Wall Street Analyst Weigh In

FTNT has been the subject of several recent analyst reports. Wedbush boosted their target price on Fortinet from $90.00 to $105.00 and gave the company an “outperform” rating in a research report on Tuesday, November 19th. Piper Sandler boosted their target price on Fortinet from $80.00 to $100.00 and gave the company a “neutral” rating in a research report on Tuesday, November 19th. TD Cowen boosted their target price on Fortinet from $90.00 to $105.00 and gave the company a “buy” rating in a research report on Tuesday, November 19th. Needham & Company LLC restated a “hold” rating on shares of Fortinet in a research report on Friday, November 22nd. Finally, Citigroup boosted their price target on Fortinet from $66.00 to $76.00 and gave the company a “neutral” rating in a report on Friday, September 13th. One equities research analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Fortinet has an average rating of “Hold” and a consensus target price of $88.93.

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.