Fortinet, Inc. (NASDAQ:FTNT) Stock Holdings Increased by Crewe Advisors LLC

Crewe Advisors LLC grew its position in shares of Fortinet, Inc. (NASDAQ:FTNT) by 8.8% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 1,958 shares of the software maker’s stock after buying an additional 158 shares during the period. Crewe Advisors LLC’s holdings in Fortinet were worth $152,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in the company. Swedbank AB bought a new position in Fortinet during the first quarter worth $548,013,000. Marshall Wace LLP lifted its position in shares of Fortinet by 198.5% in the 2nd quarter. Marshall Wace LLP now owns 6,238,856 shares of the software maker’s stock worth $376,016,000 after buying an additional 4,148,520 shares during the last quarter. Van ECK Associates Corp lifted its position in shares of Fortinet by 94.9% in the 2nd quarter. Van ECK Associates Corp now owns 5,755,599 shares of the software maker’s stock worth $346,890,000 after buying an additional 2,802,446 shares during the last quarter. AQR Capital Management LLC grew its position in shares of Fortinet by 89.7% during the 2nd quarter. AQR Capital Management LLC now owns 2,675,644 shares of the software maker’s stock valued at $161,261,000 after buying an additional 1,265,162 shares during the last quarter. Finally, Los Angeles Capital Management LLC raised its stake in Fortinet by 3,155.6% during the third quarter. Los Angeles Capital Management LLC now owns 1,237,244 shares of the software maker’s stock worth $95,948,000 after acquiring an additional 1,199,241 shares during the period. Institutional investors and hedge funds own 83.71% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on the company. DZ Bank upgraded Fortinet from a “sell” rating to a “hold” rating and set a $65.00 target price for the company in a research note on Thursday, August 8th. Scotiabank boosted their price objective on Fortinet from $85.00 to $110.00 and gave the company a “sector outperform” rating in a research report on Wednesday. Raymond James increased their target price on Fortinet from $85.00 to $95.00 and gave the stock an “outperform” rating in a research report on Friday, November 8th. Morgan Stanley boosted their price target on shares of Fortinet from $105.00 to $106.00 and gave the company an “overweight” rating in a report on Tuesday, November 19th. Finally, Guggenheim cut shares of Fortinet from a “buy” rating to a “neutral” rating in a report on Monday, July 29th. One analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $88.93.

Fortinet Price Performance

NASDAQ:FTNT opened at $92.77 on Friday. The company has a market capitalization of $71.10 billion, a price-to-earnings ratio of 46.85, a PEG ratio of 2.73 and a beta of 1.00. The company has a 50-day moving average of $82.45 and a 200-day moving average of $70.37. Fortinet, Inc. has a 52 week low of $50.65 and a 52 week high of $100.59. The company has a debt-to-equity ratio of 1.09, a quick ratio of 1.25 and a current ratio of 1.34.

Insiders Place Their Bets

In related news, CFO Keith Jensen sold 4,250 shares of the stock in a transaction dated Tuesday, November 19th. The shares were sold at an average price of $90.83, for a total transaction of $386,027.50. Following the completion of the sale, 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 sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Ken Xie sold 23,538 shares of Fortinet stock in a transaction dated Wednesday, September 18th. The shares were sold at an average price of $74.94, for a total transaction of $1,763,937.72. Following the transaction, the chief executive officer now directly owns 48,878,806 shares of the company’s stock, valued at $3,662,977,721.64. This 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 over the last quarter. Company insiders own 18.00% of the company’s stock.

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.