Graypoint LLC Purchases 369 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Graypoint LLC grew its position in Fortinet, Inc. (NASDAQ:FTNT) by 11.1% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 3,699 shares of the software maker’s stock after acquiring an additional 369 shares during the quarter. Graypoint LLC’s holdings in Fortinet were worth $349,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of the company. State Street Corp lifted its position in Fortinet by 2.9% in the third quarter. State Street Corp now owns 27,281,279 shares of the software maker’s stock worth $2,115,663,000 after purchasing an additional 766,135 shares during the period. Geode Capital Management LLC lifted its holdings in shares of Fortinet by 2.4% during the 3rd quarter. Geode Capital Management LLC now owns 14,883,012 shares of the software maker’s stock worth $1,151,097,000 after acquiring an additional 354,692 shares during the period. Marshall Wace LLP boosted its position in shares of Fortinet by 198.5% during the 2nd quarter. Marshall Wace LLP now owns 6,238,856 shares of the software maker’s stock valued at $376,016,000 after acquiring an additional 4,148,520 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in Fortinet by 10.3% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,787,931 shares of the software maker’s stock valued at $448,854,000 after acquiring an additional 542,727 shares during the period. Finally, Renaissance Technologies LLC raised its position in Fortinet by 15.0% in the second quarter. Renaissance Technologies LLC now owns 5,026,394 shares of the software maker’s stock worth $302,941,000 after purchasing an additional 657,400 shares in the last quarter. Institutional investors and hedge funds own 83.71% of the company’s stock.

Fortinet Stock Performance

Shares of FTNT stock opened at $94.56 on Friday. The stock has a market cap of $72.48 billion, a PE ratio of 47.76, a price-to-earnings-growth ratio of 2.76 and a beta of 1.00. The stock has a 50-day moving average of $94.59 and a 200-day moving average of $79.30. The company has a debt-to-equity ratio of 1.09, a current ratio of 1.34 and a quick ratio of 1.25. Fortinet, Inc. has a one year low of $54.57 and a one year high of $101.00.

Insider Activity at Fortinet

In other Fortinet news, CEO Ken Xie sold 23,307 shares of the business’s stock in a transaction dated Wednesday, October 16th. The stock was sold at an average price of $81.89, for a total value of $1,908,610.23. Following the completion of the transaction, the chief executive officer now directly owns 48,915,530 shares of the company’s stock, valued at approximately $4,005,692,751.70. The trade was a 0.05 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director William H. Neukom purchased 355 shares of the company’s stock in a transaction dated Friday, December 6th. The shares were acquired at an average cost of $98.50 per share, for a total transaction of $34,967.50. Following the transaction, the director now owns 150,245 shares of the company’s stock, valued at $14,799,132.50. This trade represents a 0.24 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last 90 days, insiders sold 68,123 shares of company stock worth $6,227,201. 18.00% of the stock is currently owned by company insiders.

Analyst Ratings Changes

FTNT has been the subject of a number of recent research reports. StockNews.com raised Fortinet from a “hold” rating to a “buy” rating in a report on Friday, October 25th. Wells Fargo & Company lifted their price objective on Fortinet from $80.00 to $85.00 and gave the company an “equal weight” rating in a report on Tuesday, November 19th. Piper Sandler raised shares of Fortinet from a “neutral” rating to an “overweight” rating and upped their target price for the stock from $100.00 to $120.00 in a report on Monday, January 6th. Needham & Company LLC reissued a “hold” rating on shares of Fortinet in a report on Friday, November 22nd. Finally, Cantor Fitzgerald upped their price objective on shares of Fortinet from $88.00 to $95.00 and gave the stock a “neutral” rating in a research note on Tuesday, November 19th. One investment analyst has rated the stock with a sell rating, eighteen have given a hold rating, fifteen have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $94.35.

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.