Allen Mooney & Barnes Investment Advisors LLC Has $612,000 Stock Position in Fortinet, Inc. (NASDAQ:FTNT)

Allen Mooney & Barnes Investment Advisors LLC lessened its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 2.6% during the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 6,479 shares of the software maker’s stock after selling 176 shares during the period. Allen Mooney & Barnes Investment Advisors LLC’s holdings in Fortinet were worth $612,000 as of its most recent filing with the SEC.

Other hedge funds have also recently bought and sold shares of the company. Fifth Third Wealth Advisors LLC boosted its position in Fortinet by 1.6% in the fourth quarter. Fifth Third Wealth Advisors LLC now owns 6,833 shares of the software maker’s stock valued at $646,000 after buying an additional 107 shares in the last quarter. Versant Capital Management Inc lifted its stake in shares of Fortinet by 13.1% in the 4th quarter. Versant Capital Management Inc now owns 1,106 shares of the software maker’s stock valued at $104,000 after acquiring an additional 128 shares during the last quarter. Diversified Trust Co boosted its stake in shares of Fortinet by 0.6% during the fourth quarter. Diversified Trust Co now owns 23,852 shares of the software maker’s stock valued at $2,254,000 after purchasing an additional 135 shares in the last quarter. Eagle Capital Management LLC increased its stake in shares of Fortinet by 0.6% in the third quarter. Eagle Capital Management LLC now owns 25,772 shares of the software maker’s stock valued at $1,999,000 after buying an additional 141 shares during the period. Finally, OneDigital Investment Advisors LLC boosted its position in Fortinet by 3.9% during the 3rd quarter. OneDigital Investment Advisors LLC now owns 3,782 shares of the software maker’s stock worth $293,000 after buying an additional 141 shares during the period. 83.71% of the stock is currently owned by institutional investors.

Fortinet Stock Performance

Shares of FTNT stock opened at $92.49 on Wednesday. Fortinet, Inc. has a one year low of $54.57 and a one year high of $101.00. The company has a market cap of $70.89 billion, a P/E ratio of 46.71, a P/E/G ratio of 2.76 and a beta of 1.00. The firm has a 50-day moving average of $94.89 and a 200-day moving average of $79.68. The company has a debt-to-equity ratio of 1.09, a current ratio of 1.34 and a quick ratio of 1.25.

Insiders Place Their Bets

In other Fortinet news, CEO Ken Xie sold 22,916 shares of the company’s stock in a transaction dated Tuesday, December 17th. The shares were sold at an average price of $97.93, for a total transaction of $2,244,163.88. Following the sale, the chief executive officer now directly owns 48,983,683 shares of the company’s stock, valued at $4,796,972,076.19. This represents a 0.05 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director William H. Neukom bought 355 shares of the business’s stock in a transaction on Friday, December 6th. The shares were acquired at an average price of $98.50 per share, with a total value of $34,967.50. Following the transaction, the director now directly owns 150,245 shares of the company’s stock, valued at approximately $14,799,132.50. This trade represents a 0.24 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last ninety days, insiders sold 44,816 shares of company stock valued at $4,318,590. Corporate insiders own 18.00% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on FTNT. Bank of America upped their price target on shares of Fortinet from $87.00 to $104.00 and gave the company a “buy” rating in a research report on Tuesday, November 19th. Wells Fargo & Company increased their price target on Fortinet from $80.00 to $85.00 and gave the company an “equal weight” rating in a research note on Tuesday, November 19th. Raymond James reaffirmed a “market perform” rating on shares of Fortinet in a research note on Tuesday. Barclays raised their price target 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. Finally, TD Cowen upped their price objective on shares of Fortinet from $90.00 to $105.00 and gave the company a “buy” rating in a research note on Tuesday, November 19th. One research analyst has rated the stock with a sell rating, nineteen have given a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Fortinet presently has a consensus rating of “Hold” and an average target price of $94.35.

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.