Empower Advisory Group LLC Increases Holdings in Fortinet, Inc. (NASDAQ:FTNT)

Empower Advisory Group LLC raised its position in shares of Fortinet, Inc. (NASDAQ:FTNT) by 4.2% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,008,224 shares of the software maker’s stock after purchasing an additional 40,277 shares during the period. Empower Advisory Group LLC’s holdings in Fortinet were worth $78,188,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also recently made changes to their positions in the company. Eastern Bank bought a new stake in Fortinet during the 3rd quarter valued at $25,000. Ashton Thomas Securities LLC purchased a new stake in shares of Fortinet during the third quarter valued at about $26,000. Private Wealth Management Group LLC grew its position in shares of Fortinet by 73.3% in the 3rd quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker’s stock worth $32,000 after buying an additional 173 shares during the last quarter. Oakworth Capital Inc. purchased a new stake in Fortinet during the second quarter valued at approximately $33,000. Finally, Versant Capital Management Inc grew its holdings in Fortinet by 61.2% in the second quarter. Versant Capital Management Inc now owns 627 shares of the software maker’s stock worth $38,000 after purchasing an additional 238 shares during the last quarter. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Fortinet Price Performance

Fortinet stock opened at $99.15 on Wednesday. The stock has a market capitalization of $75.99 billion, a P/E ratio of 50.08, a P/E/G ratio of 2.99 and a beta of 1.00. The company’s fifty day moving average price is $79.59 and its 200 day moving average price is $68.65. The company has a debt-to-equity ratio of 1.09, a quick ratio of 1.25 and a current ratio of 1.34. Fortinet, Inc. has a 1 year low of $49.70 and a 1 year high of $99.51.

Analyst Ratings Changes

Several research analysts recently issued reports on FTNT shares. Cantor Fitzgerald upped their target price on Fortinet from $65.00 to $88.00 and gave the company a “neutral” rating in a research report on Tuesday, October 29th. Guggenheim cut shares of Fortinet from a “buy” rating to a “neutral” rating in a research note on Monday, July 29th. Hsbc Global Res upgraded shares of Fortinet from a “hold” rating to a “strong-buy” rating in a research note on Monday. Needham & Company LLC reiterated a “hold” rating on shares of Fortinet in a research note on Monday. Finally, Scotiabank upped their target price on Fortinet from $75.00 to $85.00 and gave the company a “sector outperform” rating in a research report on Friday, November 8th. One research analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, Fortinet currently has a consensus rating of “Hold” and an average price target of $79.52.

Insider Activity

In other Fortinet news, CEO Ken Xie sold 23,538 shares of the stock in a transaction that occurred 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 $3,662,977,721.64. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 18.00% of the company’s stock.

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.