Ipswich Investment Management Co. Inc. Buys New Holdings in Fortinet, Inc. (NASDAQ:FTNT)

Ipswich Investment Management Co. Inc. purchased a new position in shares of Fortinet, Inc. (NASDAQ:FTNT) in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 3,050 shares of the software maker’s stock, valued at approximately $237,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in FTNT. Price T Rowe Associates Inc. MD lifted its position in shares of Fortinet by 664.8% during 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 purchased a new stake in Fortinet during the 1st quarter worth about $548,013,000. Marshall Wace LLP boosted its position in shares of Fortinet by 198.5% during the 2nd quarter. Marshall Wace LLP now owns 6,238,856 shares of the software maker’s stock worth $376,016,000 after acquiring an additional 4,148,520 shares in the last quarter. Van ECK Associates Corp raised its position in shares of 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 acquiring an additional 2,802,446 shares in the last quarter. Finally, Bessemer Group Inc. lifted its stake in Fortinet by 102.5% during 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 last quarter. Institutional investors and hedge funds own 83.71% of the company’s stock.

Insider Buying and Selling at Fortinet

In other Fortinet news, CEO Ken Xie sold 23,307 shares of Fortinet stock in a transaction that occurred on Wednesday, October 16th. The shares were sold at an average price of $81.89, for a total transaction of $1,908,610.23. Following the transaction, the chief executive officer now directly owns 48,915,530 shares of the company’s stock, valued at $4,005,692,751.70. The trade was a 0.05 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. 18.00% of the stock is owned by company insiders.

Fortinet Trading Down 0.3 %

FTNT stock opened at $94.20 on Friday. The company has a quick ratio of 1.25, a current ratio of 1.34 and a debt-to-equity ratio of 1.09. The company has a market cap of $72.20 billion, a price-to-earnings ratio of 47.58, a PEG ratio of 2.93 and a beta of 1.00. The business has a fifty day simple moving average of $80.76 and a 200-day simple moving average of $69.24. Fortinet, Inc. has a 52 week low of $49.97 and a 52 week high of $100.59.

Analyst Ratings Changes

A number of research analysts recently issued reports on FTNT shares. Truist Financial raised their price target on Fortinet from $70.00 to $85.00 and gave the stock a “buy” rating in a research note on Wednesday, October 23rd. Deutsche Bank Aktiengesellschaft increased their target price on shares of Fortinet from $71.00 to $75.00 and gave the stock a “hold” rating in a research note on Wednesday, August 7th. HSBC raised Fortinet from a “hold” rating to a “buy” rating and upped their price objective for the company from $83.00 to $111.00 in a research note on Monday, November 11th. Citigroup boosted their target price on Fortinet from $66.00 to $76.00 and gave the company a “neutral” rating in a report on Friday, September 13th. Finally, StockNews.com upgraded shares of Fortinet from a “hold” rating to a “buy” rating in a research report on Friday, October 25th. One analyst has rated the stock with a sell rating, nineteen have issued a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $79.52.

Fortinet Company Profile

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.