Fortinet, Inc. (NASDAQ:FTNT) Shares Acquired by Pallas Capital Advisors LLC

Pallas Capital Advisors LLC increased its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 0.8% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 22,692 shares of the software maker’s stock after acquiring an additional 177 shares during the quarter. Pallas Capital Advisors LLC’s holdings in Fortinet were worth $2,144,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently bought and sold shares of FTNT. Eastern Bank purchased a new stake in shares of Fortinet in the 3rd quarter valued at about $25,000. Ashton Thomas Securities LLC acquired a new position in Fortinet during the third quarter worth approximately $26,000. Private Wealth Management Group LLC lifted its stake 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 during the last quarter. City State Bank boosted its holdings in shares of 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 acquiring an additional 450 shares during the period. Finally, Paladin Wealth LLC purchased a new position in shares of Fortinet during the third quarter worth approximately $46,000. 83.71% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Fortinet

In other Fortinet news, CFO Keith Jensen sold 17,650 shares of Fortinet stock in a transaction that occurred on Tuesday, November 26th. The shares were sold at an average price of $95.66, for a total value of $1,688,399.00. Following the completion of the sale, the chief financial officer now directly owns 4,689 shares of the company’s stock, valued at approximately $448,549.74. The trade was a 79.01 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Ken Xie sold 22,916 shares of the stock in a transaction on Tuesday, December 17th. The stock was sold at an average price of $97.93, for a total value of $2,244,163.88. Following the transaction, the chief executive officer now directly owns 48,983,683 shares in the company, valued at approximately $4,796,972,076.19. This represents a 0.05 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 68,123 shares of company stock valued at $6,227,201 over the last three months. 18.00% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on the stock. Bank of America increased their price target on shares of Fortinet from $87.00 to $104.00 and gave the stock a “buy” rating in a research note on Tuesday, November 19th. Wells Fargo & Company raised their price target on Fortinet from $80.00 to $85.00 and gave the stock an “equal weight” rating in a report on Tuesday, November 19th. Mizuho boosted their price target on Fortinet from $68.00 to $78.00 and gave the company an “underperform” rating in a research report on Friday, December 13th. Morgan Stanley lifted their target price on Fortinet from $105.00 to $106.00 and gave the company an “overweight” rating in a research note on Tuesday, November 19th. Finally, BMO Capital Markets upped their price target on Fortinet from $88.00 to $100.00 and gave the stock a “market perform” rating in a research note on Tuesday, November 19th. One research analyst has rated the stock with a sell rating, eighteen have assigned a hold rating, fifteen have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $94.35.

Fortinet Trading Down 0.8 %

Shares of Fortinet stock opened at $93.83 on Tuesday. Fortinet, Inc. has a 1 year low of $54.57 and a 1 year high of $101.00. 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 business has a 50 day moving average price of $94.89 and a 200 day moving average price of $79.68. The company has a market capitalization of $71.92 billion, a P/E ratio of 47.39, a P/E/G ratio of 2.76 and a beta of 1.00.

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.