CreativeOne Wealth LLC Invests $953,000 in Fortinet, Inc. (NASDAQ:FTNT)

CreativeOne Wealth LLC acquired a new position in Fortinet, Inc. (NASDAQ:FTNT) in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 12,288 shares of the software maker’s stock, valued at approximately $953,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Marshall Wace LLP boosted its holdings in Fortinet by 198.5% in the second quarter. Marshall Wace LLP now owns 6,238,856 shares of the software maker’s stock worth $376,016,000 after acquiring an additional 4,148,520 shares in the last quarter. Van ECK Associates Corp boosted its stake in 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 purchasing an additional 2,802,446 shares in the last quarter. FMR LLC boosted its stake in Fortinet by 276.3% in the 3rd quarter. FMR LLC now owns 3,685,230 shares of the software maker’s stock worth $285,790,000 after purchasing an additional 2,705,767 shares in the last quarter. AQR Capital Management LLC increased its stake in 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 purchasing an additional 1,265,162 shares in the last quarter. Finally, Los Angeles Capital Management LLC increased its stake 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 valued at $95,948,000 after purchasing an additional 1,199,241 shares in the last quarter. 83.71% of the stock is currently owned by hedge funds and other institutional investors.

Fortinet Stock Up 1.1 %

NASDAQ FTNT opened at $95.05 on Friday. Fortinet, Inc. has a one year low of $50.65 and a one year 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. The business has a fifty day moving average price of $83.96 and a 200 day moving average price of $71.28. The company has a market cap of $72.85 billion, a P/E ratio of 48.01, a P/E/G ratio of 2.73 and a beta of 1.00.

Insider Activity

In other Fortinet news, CFO Keith Jensen sold 17,650 shares of the company’s stock in a transaction on 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 sale, the chief financial officer now directly owns 4,689 shares in the company, valued at $448,549.74. This represents a 79.01 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Ken Xie sold 23,538 shares of Fortinet stock in a transaction on Wednesday, September 18th. The stock was sold at an average price of $74.94, for a total value 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. This represents a 0.05 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 68,745 shares of company stock worth $5,746,974 over the last three months. Insiders own 18.00% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the stock. Hsbc Global Res raised shares of Fortinet from a “hold” rating to a “strong-buy” rating in a report on Monday, November 11th. Truist Financial reissued a “buy” rating and issued a $105.00 price objective (up from $85.00) on shares of Fortinet in a report on Wednesday, November 20th. Raymond James lifted their target price on Fortinet from $85.00 to $95.00 and gave the stock an “outperform” rating in a report on Friday, November 8th. Stifel Nicolaus increased their price target on shares of Fortinet from $84.00 to $90.00 and gave the stock a “hold” rating in a report on Tuesday, November 19th. Finally, StockNews.com raised shares of Fortinet from a “hold” rating to a “buy” rating in a research report on Friday, October 25th. One research analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Fortinet presently has an average rating of “Hold” and an average price target of $88.93.

Fortinet Company 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.