Cerity Partners LLC Boosts Stake in Fortinet, Inc. (NASDAQ:FTNT)

Cerity Partners LLC grew its position in shares of Fortinet, Inc. (NASDAQ:FTNT) by 26.8% during the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 274,158 shares of the software maker’s stock after purchasing an additional 57,888 shares during the period. Cerity Partners LLC’s holdings in Fortinet were worth $21,261,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of FTNT. Swedbank AB purchased a new stake in Fortinet during the 1st quarter worth about $548,013,000. Marshall Wace LLP raised its stake in Fortinet by 198.5% during the 2nd quarter. Marshall Wace LLP now owns 6,238,856 shares of the software maker’s stock valued at $376,016,000 after acquiring an additional 4,148,520 shares during the last quarter. Van ECK Associates Corp lifted its holdings in shares of Fortinet by 94.9% during the second quarter. Van ECK Associates Corp now owns 5,755,599 shares of the software maker’s stock worth $346,890,000 after purchasing an additional 2,802,446 shares during the period. AQR Capital Management LLC boosted its holdings in shares of Fortinet by 89.7% in the second quarter. AQR Capital Management LLC now owns 2,675,644 shares of the software maker’s stock valued at $161,261,000 after acquiring an additional 1,265,162 shares in the last quarter. Finally, Los Angeles Capital Management LLC increased its position in Fortinet by 3,155.6% during the 3rd quarter. Los Angeles Capital Management LLC now owns 1,237,244 shares of the software maker’s stock worth $95,948,000 after purchasing an additional 1,199,241 shares during the period. 83.71% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on the stock. Royal Bank of Canada increased their price target on shares of Fortinet from $82.00 to $97.00 and gave the company a “sector perform” rating in a report on Tuesday, November 19th. Morgan Stanley upped their price objective on shares of Fortinet from $105.00 to $106.00 and gave the company an “overweight” rating in a research note on Tuesday, November 19th. Susquehanna increased their price objective on shares of Fortinet from $65.00 to $70.00 and gave the stock a “neutral” rating in a report on Thursday, August 8th. Wells Fargo & Company upped their price target on Fortinet from $80.00 to $85.00 and gave the stock an “equal weight” rating in a research note on Tuesday, November 19th. Finally, Scotiabank increased their target price on shares of Fortinet from $85.00 to $110.00 and gave the stock a “sector outperform” rating in a research report on Wednesday, November 20th. One analyst has rated the stock with a sell rating, nineteen have issued a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Fortinet currently has a consensus rating of “Hold” and a consensus target price of $88.93.

Insider Buying and Selling

In related news, CFO Keith Jensen sold 4,250 shares of the stock in a transaction on Tuesday, November 19th. The stock was sold at an average price of $90.83, for a total value of $386,027.50. Following the completion of the transaction, the chief financial officer now owns 4,689 shares in the company, valued at $425,901.87. This trade represents a 47.54 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Ken Xie sold 23,307 shares of Fortinet stock in a transaction that occurred on 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 transaction, the chief executive officer now directly owns 48,915,530 shares in the company, valued at approximately $4,005,692,751.70. This trade represents a 0.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 51,095 shares of company stock worth $4,058,575 in the last three months. 18.00% of the stock is owned by insiders.

Fortinet Trading Down 1.3 %

NASDAQ FTNT opened at $92.77 on Monday. The company has a debt-to-equity ratio of 1.09, a quick ratio of 1.25 and a current ratio of 1.34. The company has a 50-day simple moving average of $82.45 and a 200-day simple moving average of $70.45. The firm has a market capitalization of $71.10 billion, a PE ratio of 46.85, a price-to-earnings-growth ratio of 2.73 and a beta of 1.00. Fortinet, Inc. has a one year low of $50.65 and a one year high of $100.59.

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.