Claro Advisors LLC Makes New Investment in Fortinet, Inc. (NASDAQ:FTNT)

by · The Markets Daily

Claro Advisors LLC purchased a new stake in shares of Fortinet, Inc. (NASDAQ:FTNT – Free Report) in the third quarter, according to its most recent 13F filing with the SEC. The fund purchased 6,275 shares of the software maker’s stock, valued at approximately $487,000.

Other institutional investors have also recently made changes to their positions in the company. Chesapeake Capital Corp IL purchased a new position in Fortinet during the third quarter worth about $368,000. Natixis Advisors LLC grew its holdings in shares of Fortinet by 2.2% during the third quarter. Natixis Advisors LLC now owns 175,073 shares of the software maker’s stock worth $13,577,000 after purchasing an additional 3,836 shares in the last quarter. Ipswich Investment Management Co. Inc. bought a new position in shares of Fortinet in the third quarter worth approximately $237,000. Valley Wealth Managers Inc. raised its stake in Fortinet by 22.8% in the third quarter. Valley Wealth Managers Inc. now owns 6,318 shares of the software maker’s stock valued at $490,000 after purchasing an additional 1,174 shares in the last quarter. Finally, Empirical Finance LLC grew its stake in Fortinet by 2.1% in the 3rd quarter. Empirical Finance LLC now owns 21,657 shares of the software maker’s stock worth $1,680,000 after buying an additional 450 shares in the last quarter. Institutional investors own 83.71% of the company’s stock.

Fortinet Price Performance

Shares of NASDAQ FTNT opened at $91.88 on Tuesday. Fortinet, Inc. has a 1 year low of $50.65 and a 1 year high of $100.59. The stock has a market capitalization of $70.42 billion, a P/E ratio of 46.40, a P/E/G ratio of 2.82 and a beta of 1.00. The company’s 50-day moving average is $81.10 and its 200 day moving average is $69.51. The company has a debt-to-equity ratio of 1.09, a current ratio of 1.34 and a quick ratio of 1.25.

Analysts Set New Price Targets

FTNT has been the topic of several research reports. BMO Capital Markets raised their price objective on shares of Fortinet from $70.00 to $76.00 and gave the company a “market perform” rating in a research report on Wednesday, August 7th. Cantor Fitzgerald upped their price objective on Fortinet from $65.00 to $88.00 and gave the stock a “neutral” rating in a report on Tuesday, October 29th. TD Cowen raised their price objective on Fortinet from $75.00 to $90.00 and gave the company a “buy” rating in a report on Wednesday, October 9th. JPMorgan Chase & Co. boosted their target price on Fortinet from $63.00 to $70.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 7th. Finally, Piper Sandler lifted their price target on shares of Fortinet from $70.00 to $80.00 and gave the stock a “neutral” rating in a research note on Friday, November 8th. One research analyst has rated the stock with a sell rating, nineteen have given a hold rating, twelve have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $79.52.

Check Out Our Latest Research Report on FTNT

Insider Buying and Selling at Fortinet

In other Fortinet news, CEO Ken Xie sold 23,538 shares of the firm’s stock in a transaction on Wednesday, September 18th. The stock was sold at an average price of $74.94, for a total transaction of $1,763,937.72. Following the completion of the transaction, the chief executive officer now owns 48,878,806 shares of the company’s stock, valued at approximately $3,662,977,721.64. This trade represents a 0.05 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 18.00% of the company’s stock.

Fortinet Profile

(Free Report)

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.

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