Chesapeake Capital Corp IL Acquires Shares of 4,750 Fortinet, Inc. (NASDAQ:FTNT)

Chesapeake Capital Corp IL purchased a new position in shares of Fortinet, Inc. (NASDAQ:FTNT) during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 4,750 shares of the software maker’s stock, valued at approximately $368,000.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Price T Rowe Associates Inc. MD grew its holdings in Fortinet by 664.8% during the first 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 acquiring an additional 30,542,551 shares during the period. Swedbank AB boosted its stake in shares of Fortinet by 1.7% in the second quarter. Swedbank AB now owns 8,156,797 shares of the software maker’s stock worth $491,610,000 after acquiring an additional 134,366 shares during the last quarter. Marshall Wace LLP boosted its stake in Fortinet by 198.5% during the second quarter. Marshall Wace LLP now owns 6,238,856 shares of the software maker’s stock worth $376,016,000 after buying an additional 4,148,520 shares during the last quarter. Van ECK Associates Corp boosted its stake in Fortinet by 94.9% during the second quarter. Van ECK Associates Corp now owns 5,755,599 shares of the software maker’s stock worth $346,890,000 after buying an additional 2,802,446 shares during the last quarter. Finally, Renaissance Technologies LLC lifted its stake in shares of Fortinet by 15.0% in the 2nd quarter. Renaissance Technologies LLC now owns 5,026,394 shares of the software maker’s stock valued at $302,941,000 after purchasing an additional 657,400 shares during the last quarter. Institutional investors own 83.71% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on the company. Wells Fargo & Company boosted their price objective on Fortinet from $62.00 to $64.00 and gave the company an “equal weight” rating in a report on Wednesday, August 7th. Royal Bank of Canada upped their target price on Fortinet from $68.00 to $72.00 and gave the company a “sector perform” rating in a research report on Wednesday, August 7th. Barclays increased their price objective on Fortinet from $85.00 to $95.00 and gave the stock an “equal weight” rating in a research report on Friday, November 8th. JPMorgan Chase & Co. increased their target price on Fortinet from $63.00 to $70.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 7th. Finally, TD Cowen raised their price objective on Fortinet from $75.00 to $90.00 and gave the company a “buy” rating in a research note on Wednesday, October 9th. One research analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Fortinet has an average rating of “Hold” and an average target price of $79.52.

Insider Activity at Fortinet

In other Fortinet news, CEO Ken Xie sold 23,307 shares of the business’s 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 sale, the chief executive officer now owns 48,915,530 shares of the company’s stock, valued at approximately $4,005,692,751.70. The trade was a 0.05 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 18.00% of the stock is currently owned by company insiders.

Fortinet Stock Performance

Shares of NASDAQ:FTNT opened at $94.20 on Monday. Fortinet, Inc. has a 52 week low of $49.97 and a 52 week high of $100.59. The stock has a market capitalization of $72.20 billion, a P/E ratio of 47.58, a PEG ratio of 2.82 and a beta of 1.00. The firm has a fifty day simple moving average of $80.76 and a two-hundred day simple moving average of $69.32. 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 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.