Range Financial Group LLC Boosts Stock Position in Fortinet, Inc. (NASDAQ:FTNT)

Range Financial Group LLC grew its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 316.3% in the fourth quarter, Holdings Channel reports. The institutional investor owned 27,500 shares of the software maker’s stock after acquiring an additional 20,894 shares during the quarter. Fortinet accounts for 1.2% of Range Financial Group LLC’s holdings, making the stock its 18th largest holding. Range Financial Group LLC’s holdings in Fortinet were worth $2,598,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also made changes to their positions in FTNT. Versant Capital Management Inc boosted its stake in shares of Fortinet by 13.1% in the fourth quarter. Versant Capital Management Inc now owns 1,106 shares of the software maker’s stock worth $104,000 after acquiring an additional 128 shares during the last quarter. Diversified Trust Co boosted its stake in shares of Fortinet by 0.6% in the fourth quarter. Diversified Trust Co now owns 23,852 shares of the software maker’s stock worth $2,254,000 after acquiring an additional 135 shares during the last quarter. Eagle Capital Management LLC boosted its stake in shares of Fortinet by 0.6% in the third quarter. Eagle Capital Management LLC now owns 25,772 shares of the software maker’s stock worth $1,999,000 after acquiring an additional 141 shares during the last quarter. OneDigital Investment Advisors LLC boosted its stake in shares of Fortinet by 3.9% in the third quarter. OneDigital Investment Advisors LLC now owns 3,782 shares of the software maker’s stock worth $293,000 after acquiring an additional 141 shares during the last quarter. Finally, Parallel Advisors LLC boosted its stake in shares of Fortinet by 2.0% in the second quarter. Parallel Advisors LLC now owns 7,504 shares of the software maker’s stock worth $452,000 after acquiring an additional 148 shares during the last quarter. 83.71% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, CEO Ken Xie sold 22,916 shares of Fortinet stock in a transaction on Tuesday, December 17th. The stock was sold at an average price of $97.93, for a total transaction of $2,244,163.88. Following the completion of the transaction, the chief executive officer now directly owns 48,983,683 shares of the company’s stock, valued at approximately $4,796,972,076.19. The trade was a 0.05 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director William H. Neukom acquired 355 shares of Fortinet stock in a transaction that occurred on Friday, December 6th. The shares were purchased at an average cost of $98.50 per share, with a total value of $34,967.50. Following the completion of the acquisition, the director now owns 150,245 shares of the company’s stock, valued at $14,799,132.50. The trade was a 0.24 % increase in their position. The disclosure for this purchase can be found here. Insiders have sold 68,123 shares of company stock worth $6,227,201 in the last quarter. 18.00% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on FTNT shares. Wedbush boosted their price objective on Fortinet from $90.00 to $105.00 and gave the stock an “outperform” rating in a research note on Tuesday, November 19th. Hsbc Global Res raised Fortinet from a “hold” rating to a “strong-buy” rating in a research note on Monday, November 11th. Morgan Stanley boosted their price objective on Fortinet from $105.00 to $106.00 and gave the stock an “overweight” rating in a research note on Tuesday, November 19th. Truist Financial reissued a “buy” rating and set a $105.00 price objective (up previously from $85.00) on shares of Fortinet in a research note on Wednesday, November 20th. Finally, Bank of America lifted their target price on Fortinet from $87.00 to $104.00 and gave the company a “buy” rating in a research report on Tuesday, November 19th. One research analyst has rated the stock with a sell rating, eighteen have given a hold rating, fifteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $94.35.

Fortinet Stock Performance

NASDAQ:FTNT traded down $2.01 during mid-day trading on Tuesday, reaching $95.93. 4,006,431 shares of the stock were exchanged, compared to its average volume of 3,785,391. The company has a 50 day simple moving average of $93.25 and a 200-day simple moving average of $78.40. The stock has a market capitalization of $73.53 billion, a P/E ratio of 48.45, a P/E/G ratio of 2.76 and a beta of 1.00. The company has a quick ratio of 1.25, a current ratio of 1.34 and a debt-to-equity ratio of 1.09. Fortinet, Inc. has a 1 year low of $54.57 and a 1 year high of $101.00.

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.