Fortinet, Inc. (NASDAQ:FTNT) Shares Acquired by Capital Market Strategies LLC

Capital Market Strategies LLC increased its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 2.1% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 7,475 shares of the software maker’s stock after purchasing an additional 153 shares during the quarter. Capital Market Strategies LLC’s holdings in Fortinet were worth $706,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of FTNT. Apollon Wealth Management LLC lifted its stake in shares of Fortinet by 7.6% in the 3rd quarter. Apollon Wealth Management LLC now owns 15,296 shares of the software maker’s stock worth $1,186,000 after acquiring an additional 1,081 shares during the period. Forsta AP Fonden lifted its position in Fortinet by 11.8% in the third quarter. Forsta AP Fonden now owns 135,500 shares of the software maker’s stock valued at $10,508,000 after purchasing an additional 14,300 shares during the period. Quadrature Capital Ltd purchased a new stake in Fortinet in the 3rd quarter valued at approximately $10,343,000. Empower Advisory Group LLC increased its position in Fortinet by 4.2% during the 3rd quarter. Empower Advisory Group LLC now owns 1,008,224 shares of the software maker’s stock worth $78,188,000 after purchasing an additional 40,277 shares during the period. Finally, Allspring Global Investments Holdings LLC raised its stake in shares of Fortinet by 29.5% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 152,532 shares of the software maker’s stock worth $11,829,000 after buying an additional 34,727 shares in the last quarter. 83.71% of the stock is currently owned by hedge funds and other institutional investors.

Fortinet Stock Up 0.3 %

FTNT stock traded up $0.32 during midday trading on Monday, hitting $97.79. 2,032,871 shares of the company’s stock were exchanged, compared to its average volume of 3,041,598. The stock has a market capitalization of $74.95 billion, a price-to-earnings ratio of 49.39, a price-to-earnings-growth ratio of 2.76 and a beta of 1.00. The company has a current ratio of 1.34, a quick ratio of 1.25 and a debt-to-equity ratio of 1.09. The firm has a 50 day moving average price of $92.91 and a 200-day moving average price of $78.11. Fortinet, Inc. has a 12-month low of $54.57 and a 12-month high of $101.00.

Analyst Upgrades and Downgrades

FTNT has been the topic of a number of recent analyst reports. Jefferies Financial Group upped their price objective on Fortinet from $95.00 to $105.00 and gave the stock a “hold” rating in a report on Thursday, December 19th. Stifel Nicolaus increased their price target on shares of Fortinet from $90.00 to $103.00 and gave the company a “hold” rating in a report on Wednesday, December 18th. Barclays boosted their price objective on shares of Fortinet from $85.00 to $95.00 and gave the stock an “equal weight” rating in a report on Friday, November 8th. The Goldman Sachs Group upped their target price on Fortinet from $100.00 to $114.00 and gave the company a “buy” rating in a report on Thursday. Finally, Royal Bank of Canada raised their price objective on shares of Fortinet from $82.00 to $97.00 and gave the stock a “sector perform” rating in a research note on Tuesday, November 19th. One equities research analyst has rated the stock with a sell rating, eighteen have given a hold rating, fifteen have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Fortinet currently has a consensus rating of “Hold” and an average target price of $94.35.

Insiders Place Their Bets

In other news, CEO Ken Xie sold 23,307 shares of Fortinet stock in a transaction dated Wednesday, October 16th. The shares were 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 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 filing with the SEC, which is accessible through this hyperlink. Also, CFO Keith Jensen sold 17,650 shares of the stock in a transaction dated Tuesday, November 26th. The stock was sold at an average price of $95.66, for a total transaction of $1,688,399.00. Following the sale, the chief financial officer now owns 4,689 shares in the company, valued at approximately $448,549.74. This trade represents a 79.01 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 68,123 shares of company stock valued at $6,227,201 in the last ninety days. Corporate insiders own 18.00% of the company’s stock.

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.