Meridian Management Co. Invests $3.37 Million in Fortinet, Inc. (NASDAQ:FTNT)

Meridian Management Co. bought a new position in shares of Fortinet, Inc. (NASDAQ:FTNT) during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm bought 43,481 shares of the software maker’s stock, valued at approximately $3,372,000.

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

Wall Street Analyst Weigh In

Several research firms have commented on FTNT. Barclays lifted their price target on Fortinet from $85.00 to $95.00 and gave the stock an “equal weight” rating in a research report on Friday. Raymond James lifted their price target on Fortinet from $85.00 to $95.00 and gave the stock an “outperform” rating in a research report on Friday. Wedbush lifted their price target on Fortinet from $78.00 to $90.00 and gave the stock an “outperform” rating in a research report on Friday. UBS Group lifted their price target on Fortinet from $70.00 to $83.00 and gave the stock a “neutral” rating in a research report on Friday. Finally, Truist Financial lifted their target price on Fortinet from $70.00 to $85.00 and gave the company a “buy” rating in a research note on Wednesday, October 23rd. One investment analyst has rated the stock with a sell rating, nineteen have issued a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $79.52.

Fortinet Stock Performance

Fortinet stock opened at $97.18 on Tuesday. The firm has a market capitalization of $74.33 billion, a P/E ratio of 49.08, a PEG ratio of 3.24 and a beta of 1.00. The stock has a fifty day moving average price of $79.15 and a 200 day moving average price of $68.40. Fortinet, Inc. has a 52 week low of $49.70 and a 52 week high of $97.35. The company has a current ratio of 1.32, a quick ratio of 1.22 and a debt-to-equity ratio of 3.45.

Insider Activity at Fortinet

In related news, CEO Ken Xie sold 23,307 shares of the company’s stock in a transaction on Wednesday, October 16th. The stock was sold at an average price of $81.89, for a total value of $1,908,610.23. Following the completion of the transaction, the chief executive officer now directly owns 48,915,530 shares in the company, valued at approximately $4,005,692,751.70. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Over the last ninety days, insiders sold 70,538 shares of company stock worth $5,403,559. 18.00% of the stock is currently owned by insiders.

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.