Essex Savings Bank Acquires New Holdings in Fortinet, Inc. (NASDAQ:FTNT)

Essex Savings Bank bought a new position in shares of Fortinet, Inc. (NASDAQ:FTNT) in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 2,155 shares of the software maker’s stock, valued at approximately $204,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Eastern Bank purchased a new position in shares of Fortinet during the 3rd quarter worth approximately $25,000. Ashton Thomas Securities LLC purchased a new position in Fortinet during the third quarter worth $26,000. Private Wealth Management Group LLC increased its position in Fortinet by 73.3% during the third quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker’s stock worth $32,000 after buying an additional 173 shares in the last quarter. City State Bank raised 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 worth $39,000 after acquiring an additional 450 shares during the last quarter. Finally, Paladin Wealth LLC purchased a new stake in shares of Fortinet in the third quarter valued at $46,000. Institutional investors and hedge funds own 83.71% of the company’s stock.

Analysts Set New Price Targets

Several research analysts recently weighed in on the stock. Hsbc Global Res raised shares of Fortinet from a “hold” rating to a “strong-buy” rating in a research note on Monday, November 11th. Needham & Company LLC reissued a “hold” rating on shares of Fortinet in a research note on Friday, November 22nd. Raymond James reaffirmed a “market perform” rating on shares of Fortinet in a research note on Tuesday. BMO Capital Markets increased 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. Finally, The Goldman Sachs Group lifted their price objective on Fortinet from $100.00 to $114.00 and gave the company a “buy” rating in a research report on Thursday, January 2nd. One equities research analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $94.35.

Fortinet Stock Up 1.1 %

Shares of NASDAQ:FTNT opened at $94.05 on Friday. The company has a 50 day moving average of $95.43 and a two-hundred day moving average of $80.00. Fortinet, Inc. has a 52-week low of $54.57 and a 52-week high of $101.00. The company has a quick ratio of 1.25, a current ratio of 1.34 and a debt-to-equity ratio of 1.09. The company has a market capitalization of $72.08 billion, a price-to-earnings ratio of 47.50, a price-to-earnings-growth ratio of 2.51 and a beta of 1.00.

Insider Activity at Fortinet

In other Fortinet news, Director William H. Neukom bought 355 shares of the stock in a transaction dated Friday, December 6th. The stock was bought at an average cost of $98.50 per share, for a total transaction of $34,967.50. Following the completion of the purchase, the director now directly owns 150,245 shares of the company’s stock, valued at approximately $14,799,132.50. The trade was a 0.24 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CFO Keith Jensen sold 17,650 shares of the business’s stock in a transaction dated Tuesday, November 26th. The stock was sold at an average price of $95.66, for a total value of $1,688,399.00. Following the completion of the transaction, the chief financial officer now owns 4,689 shares in the company, valued at approximately $448,549.74. This trade represents a 79.01 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 67,860 shares of company stock valued at $6,469,056. Corporate insiders own 18.00% of the company’s stock.

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.