Peak Asset Management LLC lifted its stake in Fortinet, Inc. (NASDAQ:FTNT – Free Report) by 3.3% in the third quarter, HoldingsChannel.com reports. The fund owned 130,606 shares of the software maker’s stock after purchasing an additional 4,118 shares during the period. Fortinet accounts for 1.9% of Peak Asset Management LLC’s holdings, making the stock its 21st biggest position. Peak Asset Management LLC’s holdings in Fortinet were worth $10,128,000 at the end of the most recent reporting period.
Other hedge funds have also added to or reduced their stakes in the company. Eastern Bank bought a new position in Fortinet in the third quarter worth approximately $25,000. Ashton Thomas Securities LLC bought a new position in shares of Fortinet in the third quarter worth about $26,000. Private Wealth Management Group LLC lifted its position in shares of Fortinet by 73.3% during the 3rd 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. City State Bank grew its stake in shares of Fortinet by 900.0% during the 3rd 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 in the 2nd quarter worth approximately $33,000. 83.71% of the stock is currently owned by hedge funds and other institutional investors.
Insider Transactions at Fortinet
In related news, CEO Ken Xie sold 23,307 shares of the 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 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Corporate insiders own 18.00% of the company’s stock.
Analyst Upgrades and Downgrades
Read Our Latest Research Report on Fortinet
Fortinet Stock Down 1.3 %
Fortinet stock opened at $97.88 on Thursday. Fortinet, Inc. has a 52 week low of $49.97 and a 52 week high of $100.59. The firm has a market cap of $75.02 billion, a price-to-earnings ratio of 49.43, a price-to-earnings-growth ratio of 2.96 and a beta of 1.00. The business’s 50-day moving average price is $80.01 and its 200 day moving average price is $68.85. 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 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.
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