Huntington National Bank Grows Holdings in Fortinet, Inc. (NASDAQ:FTNT)

Huntington National Bank increased its stake in Fortinet, Inc. (NASDAQ:FTNT) by 12.1% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 2,395 shares of the software maker’s stock after buying an additional 258 shares during the period. Huntington National Bank’s holdings in Fortinet were worth $186,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Price T Rowe Associates Inc. MD increased its position in shares of Fortinet by 664.8% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 35,137,089 shares of the software maker’s stock worth $2,400,215,000 after purchasing an additional 30,542,551 shares during the last quarter. Swedbank AB bought a new stake in Fortinet in the first quarter valued at about $548,013,000. Marshall Wace LLP raised its stake in Fortinet by 198.5% during the second quarter. Marshall Wace LLP now owns 6,238,856 shares of the software maker’s stock valued at $376,016,000 after buying an additional 4,148,520 shares in the last quarter. Van ECK Associates Corp lifted its holdings in Fortinet by 94.9% during the 2nd quarter. Van ECK Associates Corp now owns 5,755,599 shares of the software maker’s stock worth $346,890,000 after buying an additional 2,802,446 shares during the last quarter. Finally, Bessemer Group Inc. boosted its holdings in Fortinet by 102.5% in the first quarter. Bessemer Group Inc. now owns 3,284,203 shares of the software maker’s stock worth $224,344,000 after purchasing an additional 1,662,156 shares during the period. 83.71% of the stock is owned by institutional investors and hedge funds.

Fortinet Trading Down 0.3 %

Shares of NASDAQ FTNT opened at $94.20 on Monday. The business has a fifty day simple moving average of $80.76 and a 200-day simple moving average of $69.32. The company has a market cap of $72.20 billion, a price-to-earnings ratio of 47.58, a P/E/G ratio of 2.82 and a beta of 1.00. Fortinet, Inc. has a 12 month low of $49.97 and a 12 month high of $100.59. The company has a quick ratio of 1.25, a current ratio of 1.34 and a debt-to-equity ratio of 1.09.

Insider Buying and Selling at Fortinet

In other news, 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 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 ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 18.00% of the company’s stock.

Analyst Upgrades and Downgrades

FTNT has been the subject of a number of research reports. Wedbush lifted their target price on Fortinet from $78.00 to $90.00 and gave the company an “outperform” rating in a research note on Friday, November 8th. Cantor Fitzgerald upped their price objective on Fortinet from $65.00 to $88.00 and gave the stock a “neutral” rating in a research note on Tuesday, October 29th. Barclays upped their price target on shares of Fortinet from $85.00 to $95.00 and gave the stock an “equal weight” rating in a research report on Friday, November 8th. Hsbc Global Res upgraded shares of Fortinet from a “hold” rating to a “strong-buy” rating in a research report on Monday, November 11th. Finally, HSBC upgraded shares of Fortinet from a “hold” rating to a “buy” rating and upped their target price for the stock from $83.00 to $111.00 in a research report on Monday, November 11th. One investment analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus 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.