Mercer Global Advisors Inc. ADV Makes New $309,000 Investment in Fortinet Inc (NASDAQ:FTNT)
Mercer Global Advisors Inc. ADV acquired a new position in Fortinet Inc (NASDAQ:FTNT) in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 3,054 shares of the software maker’s stock, valued at approximately $309,000.
Several other hedge funds and other institutional investors have also added to or reduced their stakes in FTNT. Farmers & Merchants Investments Inc. lifted its stake in shares of Fortinet by 260.9% in the 1st quarter. Farmers & Merchants Investments Inc. now owns 249 shares of the software maker’s stock valued at $25,000 after purchasing an additional 180 shares during the last quarter. Harwood Advisory Group LLC purchased a new stake in shares of Fortinet in the first quarter worth approximately $34,000. First Manhattan Co. purchased a new stake in shares of Fortinet in the first quarter worth approximately $51,000. Sunbelt Securities Inc. purchased a new stake in shares of Fortinet in the fourth quarter worth approximately $15,534,000. Finally, Benjamin F. Edwards & Company Inc. raised its holdings in shares of Fortinet by 15.2% in the first quarter. Benjamin F. Edwards & Company Inc. now owns 584 shares of the software maker’s stock worth $59,000 after buying an additional 77 shares during the period. 72.10% of the stock is owned by hedge funds and other institutional investors.
FTNT opened at $134.55 on Tuesday. Fortinet Inc has a one year low of $70.20 and a one year high of $149.69. The stock has a market capitalization of $21.75 billion, a PE ratio of 67.96, a P/E/G ratio of 4.98 and a beta of 1.00. The business’s 50 day moving average price is $138.52 and its 200 day moving average price is $115.28.
In other Fortinet news, CFO Keith Jensen sold 6,693 shares of the company’s stock in a transaction on Tuesday, May 26th. The stock was sold at an average price of $140.35, for a total transaction of $939,362.55. Following the transaction, the chief financial officer now directly owns 3,881 shares in the company, valued at $544,698.35. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP John Whittle sold 700 shares of the company’s stock in a transaction on Thursday, May 21st. The stock was sold at an average price of $144.83, for a total value of $101,381.00. Following the transaction, the vice president now owns 1,894 shares in the company, valued at $274,308.02. The disclosure for this sale can be found here. Insiders have sold 42,728 shares of company stock worth $5,900,055 over the last 90 days. 18.20% of the stock is owned by insiders.
FTNT has been the topic of several recent analyst reports. Robert W. Baird increased their price target on Fortinet from $105.00 to $120.00 and gave the stock a “neutral” rating in a report on Thursday, May 7th. Oppenheimer restated a “buy” rating and set a $160.00 price objective on shares of Fortinet in a report on Monday. DA Davidson raised their price objective on Fortinet from $90.00 to $110.00 and gave the stock a “neutral” rating in a report on Thursday, May 7th. Bank of America restated a “buy” rating and set a $140.00 price objective (up from $120.00) on shares of Fortinet in a report on Thursday, May 7th. Finally, BidaskClub upgraded Fortinet from a “hold” rating to a “buy” rating in a report on Wednesday, June 24th. One research analyst has rated the stock with a sell rating, fifteen have assigned a hold rating and thirteen have given a buy rating to the company. The stock has an average rating of “Hold” and a consensus price target of $123.88.
Fortinet, Inc provides broad, integrated, and automated cybersecurity solutions worldwide. It offers FortiGate hardware and software licenses that provide various security and networking functions, including firewall, intrusion prevention, anti-malware, virtual private network, application control, Web filtering, anti-spam, and wide area network acceleration; FortiSandbox technology that delivers proactive detection and mitigation services; and FortiSIEM family of software solutions, which offers a cloud-ready security information and event management solutions.
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