M&R Capital Management Inc. raised its holdings in Fortinet Inc (NASDAQ:FTNT) by 76.4% during the third quarter, Holdings Channel reports. The institutional investor owned 3,880 shares of the software maker’s stock after buying an additional 1,680 shares during the period. M&R Capital Management Inc.’s holdings in Fortinet were worth $457,000 as of its most recent SEC filing.
A number of other institutional investors have also bought and sold shares of FTNT. Verus Capital Partners LLC purchased a new position in shares of Fortinet during the first quarter worth about $31,000. Bartlett & Co. LLC purchased a new stake in Fortinet in the 2nd quarter valued at approximately $41,000. Private Capital Group LLC boosted its holdings in Fortinet by 171.2% in the 2nd quarter. Private Capital Group LLC now owns 301 shares of the software maker’s stock valued at $41,000 after purchasing an additional 190 shares in the last quarter. Jaffetilchin Investment Partners LLC acquired a new position in Fortinet during the 2nd quarter worth approximately $44,000. Finally, Farmers & Merchants Investments Inc. raised its stake in shares of Fortinet by 34.5% during the 2nd quarter. Farmers & Merchants Investments Inc. now owns 335 shares of the software maker’s stock worth $46,000 after buying an additional 86 shares in the last quarter. Institutional investors own 68.37% of the company’s stock.
Shares of FTNT traded up $2.44 during trading hours on Thursday, reaching $120.25. 1,253,264 shares of the company traded hands, compared to its average volume of 1,745,111. The stock has a market capitalization of $19.46 billion, a PE ratio of 50.10, a price-to-earnings-growth ratio of 3.87 and a beta of 0.85. Fortinet Inc has a fifty-two week low of $70.20 and a fifty-two week high of $151.95. The stock has a fifty day simple moving average of $123.24 and a 200 day simple moving average of $123.46.
In other Fortinet news, VP Michael Xie sold 30,000 shares of the firm’s stock in a transaction dated Monday, August 24th. The stock was sold at an average price of $131.57, for a total value of $3,947,100.00. Following the sale, the vice president now directly owns 6,130,393 shares of the company’s stock, valued at approximately $806,575,807.01. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, VP John Whittle sold 2,541 shares of the firm’s stock in a transaction dated Monday, September 21st. The stock was sold at an average price of $117.24, for a total value of $297,906.84. Following the completion of the sale, the vice president now directly owns 3,715 shares in the company, valued at $435,546.60. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 53,351 shares of company stock worth $6,979,883. Corporate insiders own 18.20% of the company’s stock.
A number of brokerages recently weighed in on FTNT. Citigroup upped their price objective on Fortinet from $92.00 to $102.00 and gave the stock a “sell” rating in a report on Monday, August 10th. Goldman Sachs Group cut Fortinet from a “buy” rating to a “neutral” rating and increased their price objective for the stock from $129.00 to $140.00 in a research report on Wednesday, July 15th. Piper Sandler increased their price objective on Fortinet from $125.00 to $146.00 and gave the stock an “overweight” rating in a research report on Tuesday, June 16th. BidaskClub cut Fortinet from a “buy” rating to a “hold” rating in a research report on Tuesday, September 1st. Finally, Wedbush increased their price objective on Fortinet from $150.00 to $170.00 and gave the stock an “outperform” rating in a research report on Wednesday, June 3rd. One investment analyst has rated the stock with a sell rating, seventeen have issued a hold rating and eleven have issued a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus price target of $130.35.
Fortinet Company Profile
Fortinet, Inc provides broad, integrated, and automated cybersecurity solutions worldwide. It offers FortiGate hardware and software licenses that provide various security and networking functions, including firewall, intrusion prevention, anti-malware, virtual private network, application control, Web filtering, anti-spam, and wide area network acceleration; FortiSandbox technology that delivers proactive detection and mitigation services; and FortiSIEM family of software solutions, which offers a cloud-ready security information and event management solutions.
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