Metis Global Partners LLC Increases Position in Fortinet, Inc. (NASDAQ:FTNT)

Metis Global Partners LLC lifted its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 3.7% in the 3rd quarter, Holdings Channel.com reports. The firm owned 25,521 shares of the software maker’s stock after purchasing an additional 900 shares during the quarter. Metis Global Partners LLC’s holdings in Fortinet were worth $1,979,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of the company. Eastern Bank acquired a new position in Fortinet in the third quarter valued at approximately $25,000. Ashton Thomas Securities LLC purchased a new position in Fortinet in the third quarter valued at $26,000. Private Wealth Management Group LLC boosted its stake in Fortinet by 73.3% in the third quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker’s stock valued at $32,000 after acquiring an additional 173 shares in the last quarter. Oakworth Capital Inc. acquired a new stake in shares of Fortinet during the second quarter worth about $33,000. Finally, Versant Capital Management Inc boosted its stake in shares of Fortinet by 61.2% during the second quarter. Versant Capital Management Inc now owns 627 shares of the software maker’s stock worth $38,000 after buying an additional 238 shares during the period. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, CEO Ken Xie sold 23,538 shares of the business’s 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 owns 48,878,806 shares in the company, valued at approximately $3,662,977,721.64. The trade was a 0.05 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 18.00% of the company’s stock.

Fortinet Stock Performance

Shares of FTNT opened at $94.20 on Friday. The company has a market capitalization of $72.20 billion, a PE ratio of 47.58, a price-to-earnings-growth ratio of 2.93 and a beta of 1.00. Fortinet, Inc. has a one year low of $49.97 and a one year high of $100.59. The company has a debt-to-equity ratio of 1.09, a current ratio of 1.34 and a quick ratio of 1.25. The company’s fifty day moving average price is $80.76 and its 200 day moving average price is $69.24.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the stock. Wedbush increased their target price on shares of Fortinet from $78.00 to $90.00 and gave the company an “outperform” rating in a report on Friday, November 8th. TD Cowen increased their price objective on shares of Fortinet from $75.00 to $90.00 and gave the stock a “buy” rating in a research note on Wednesday, October 9th. StockNews.com upgraded shares of Fortinet from a “hold” rating to a “buy” rating in a report on Friday, October 25th. BMO Capital Markets increased their price objective on shares of Fortinet from $70.00 to $76.00 and gave the company a “market perform” rating in a report on Wednesday, August 7th. Finally, Wells Fargo & Company increased their price objective on shares of Fortinet from $62.00 to $64.00 and gave the company an “equal weight” rating in a report on Wednesday, August 7th. One research analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and an average target price of $79.52.

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.