CIBC Asset Management Inc Purchases 11,943 Shares of Fortinet, Inc. (NASDAQ:FTNT)

by · The Markets Daily

CIBC Asset Management Inc raised its holdings in Fortinet, Inc. (NASDAQ:FTNT – Free Report) by 5.7% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 222,191 shares of the software maker’s stock after buying an additional 11,943 shares during the quarter. CIBC Asset Management Inc’s holdings in Fortinet were worth $17,231,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in FTNT. Eastern Bank bought a new stake in Fortinet in the third quarter valued at $25,000. Ashton Thomas Securities LLC bought a new position in Fortinet during the 3rd quarter valued at about $26,000. Private Wealth Management Group LLC boosted its position in Fortinet by 73.3% in the third quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker’s stock valued at $32,000 after buying an additional 173 shares in the last quarter. City State Bank grew its stake in Fortinet by 900.0% during the third quarter. City State Bank now owns 500 shares of the software maker’s stock worth $39,000 after buying an additional 450 shares during the last quarter. Finally, Oakworth Capital Inc. bought a new position in Fortinet in the 2nd quarter worth approximately $33,000. Institutional investors and hedge funds own 83.71% of the company’s stock.

Analyst Upgrades and Downgrades

FTNT has been the subject of several research reports. StockNews.com raised Fortinet from a “hold” rating to a “buy” rating in a research note on Friday, October 25th. Mizuho downgraded shares of Fortinet from a “neutral” rating to an “underperform” rating and set a $68.00 target price on the stock. in a research report on Thursday, October 17th. Guggenheim cut shares of Fortinet from a “buy” rating to a “neutral” rating in a research report on Monday, July 29th. Royal Bank of Canada increased their price objective on shares of Fortinet from $68.00 to $72.00 and gave the company a “sector perform” rating in a report on Wednesday, August 7th. Finally, Wells Fargo & Company lifted their target price on shares of Fortinet from $62.00 to $64.00 and gave the stock an “equal weight” rating in a report on Wednesday, August 7th. One investment analyst has rated the stock with a sell rating, nineteen have issued a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $79.52.

Read Our Latest Research Report on FTNT

Fortinet Price Performance

NASDAQ FTNT opened at $94.20 on Friday. Fortinet, Inc. has a 12-month low of $49.97 and a 12-month high of $100.59. The firm’s 50 day moving average is $80.76 and its 200-day moving average is $69.24. The company has a market capitalization of $72.20 billion, a PE ratio of 47.58, a price-to-earnings-growth ratio of 2.93 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.

Insider Buying and Selling at Fortinet

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

About Fortinet

(Free Report)

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.

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