This afternoon we watched Fortinet rise 1.4% to a price of $53.52 per share. The large-cap None company is now trading -6.25% below its average target price of $57.08. Analysts have set target prices ranging from $49.0 to $78.9 per share for Fortinet, and have given the stock an average rating of buy.
Fortinet's short interest — meaning the percentage of the share float that is being shorted — is lower than average at 1.8%. The stock's short ratio is 1.35. The company's insiders own 17.02% of its outstanding shares, which indicates a strong alignment between management and shareholder interests.
Another number to watch is the company's rate of institutional share ownership, which now stands at 70.3%. In conclusion, we believe there is None regarding Fortinet.
Institutions Invested in Fortinet
| Date Reported | Holder | Percentage | Shares | Value |
|---|---|---|---|---|
| 2023-09-30 | Vanguard Group Inc | 9% | 67,842,473 | $3,630,589,901 |
| 2023-09-30 | Blackrock Inc. | 7% | 50,282,415 | $2,690,863,408 |
| 2023-09-30 | Alliancebernstein L.P. | 4% | 29,134,891 | $1,559,153,674 |
| 2023-09-30 | State Street Corporation | 3% | 25,560,742 | $1,367,883,092 |
| 2023-09-30 | Bank Of New York Mellon Corporation | 2% | 18,650,504 | $998,081,710 |
| 2023-09-30 | Geode Capital Management, LLC | 2% | 14,119,990 | $755,631,256 |
| 2023-09-30 | Nordea Investment Management AB | 1% | 9,441,059 | $505,238,266 |
| 2023-09-30 | Ameriprise Financial, Inc. | 1% | 8,853,461 | $473,792,960 |
| 2023-09-30 | FMR, LLC | 1% | 8,774,011 | $469,541,193 |
| 2023-09-30 | Morgan Stanley | 1% | 8,664,124 | $463,660,590 |
