Pine Valley Investments Ltd Liability Co Has $2.76 Million Stake in Fortinet, Inc. (NASDAQ:FTNT)

Pine Valley Investments Ltd Liability Co lifted its holdings in shares of Fortinet, Inc. (NASDAQ:FTNTFree Report) by 25.6% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 47,047 shares of the software maker’s stock after buying an additional 9,597 shares during the quarter. Pine Valley Investments Ltd Liability Co’s holdings in Fortinet were worth $2,761,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. GeoWealth Management LLC acquired a new position in Fortinet during the second quarter valued at approximately $30,000. Retirement Group LLC acquired a new position in Fortinet during the fourth quarter valued at approximately $30,000. Resurgent Financial Advisors LLC acquired a new position in Fortinet during the fourth quarter valued at approximately $31,000. Grove Bank & Trust grew its holdings in Fortinet by 40.5% during the second quarter. Grove Bank & Trust now owns 461 shares of the software maker’s stock valued at $35,000 after purchasing an additional 133 shares during the period. Finally, ST Germain D J Co. Inc. acquired a new position in Fortinet during the second quarter valued at approximately $40,000. Institutional investors and hedge funds own 65.00% of the company’s stock.

Analyst Ratings Changes

A number of brokerages recently issued reports on FTNT. Piper Sandler decreased their price objective on shares of Fortinet from $65.00 to $50.00 and set a “neutral” rating for the company in a report on Friday, November 3rd. HSBC reiterated a “hold” rating and issued a $49.00 price target (down previously from $75.00) on shares of Fortinet in a report on Monday, November 6th. JPMorgan Chase & Co. upped their price target on shares of Fortinet from $52.00 to $56.00 and gave the company a “neutral” rating in a report on Monday, December 11th. Rosenblatt Securities reduced their price target on shares of Fortinet from $75.00 to $65.00 and set a “buy” rating for the company in a report on Friday, November 3rd. Finally, Jefferies Financial Group cut shares of Fortinet from a “buy” rating to a “hold” rating and reduced their price target for the company from $85.00 to $65.00 in a report on Thursday, October 19th. Twenty-four equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $64.64.

Get Our Latest Research Report on FTNT

Fortinet Trading Up 0.6 %

Shares of NASDAQ FTNT traded up $0.42 during midday trading on Tuesday, reaching $66.51. The stock had a trading volume of 7,510,288 shares, compared to its average volume of 6,821,779. The firm has a market cap of $51.07 billion, a price-to-earnings ratio of 46.01, a price-to-earnings-growth ratio of 2.73 and a beta of 1.09. Fortinet, Inc. has a twelve month low of $44.12 and a twelve month high of $81.24. The company has a debt-to-equity ratio of 13.38, a quick ratio of 1.17 and a current ratio of 1.30. The company’s 50 day moving average price is $59.25 and its 200 day moving average price is $59.48.

Insider Transactions at Fortinet

In other news, CFO Keith Jensen sold 5,100 shares of the business’s stock in a transaction that occurred on Friday, November 17th. The shares were sold at an average price of $51.00, for a total value of $260,100.00. Following the transaction, the chief financial officer now owns 4,586 shares in the company, valued at approximately $233,886. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, Director William H. Neukom acquired 664 shares of the stock in a transaction dated Wednesday, December 6th. The stock was bought at an average price of $52.62 per share, for a total transaction of $34,939.68. Following the purchase, the director now directly owns 293,041 shares of the company’s stock, valued at approximately $15,419,817.42. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Keith Jensen sold 5,100 shares of Fortinet stock in a transaction on Friday, November 17th. The shares were sold at an average price of $51.00, for a total transaction of $260,100.00. Following the completion of the sale, the chief financial officer now owns 4,586 shares of the company’s stock, valued at approximately $233,886. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 148,332 shares of company stock worth $8,704,410. Company insiders own 17.54% of the company’s stock.

Fortinet Company Profile

(Free Report)

Fortinet, Inc provides cybersecurity and networking 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.

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Institutional Ownership by Quarter for Fortinet (NASDAQ:FTNT)

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