Fortinet, Inc. (NASDAQ:FTNT) Shares Sold by Cooper Financial Group

Cooper Financial Group reduced its position in shares of Fortinet, Inc. (NASDAQ:FTNT) by 8.6% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 32,333 shares of the software maker’s stock after selling 3,044 shares during the period. Cooper Financial Group’s holdings in Fortinet were worth $3,055,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of FTNT. Eastern Bank purchased a new position in Fortinet during the third quarter worth about $25,000. Ashton Thomas Securities LLC purchased a new position in shares of Fortinet in the third quarter valued at approximately $26,000. Private Wealth Management Group LLC boosted its stake in shares of Fortinet by 73.3% in the third quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker’s stock valued at $32,000 after purchasing an additional 173 shares during the period. City State Bank boosted its stake in shares of Fortinet by 900.0% in the third quarter. City State Bank now owns 500 shares of the software maker’s stock valued at $39,000 after purchasing an additional 450 shares during the period. Finally, Paladin Wealth LLC acquired a new stake in Fortinet in the third quarter valued at approximately $46,000. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on FTNT. TD Cowen raised their price objective on shares of Fortinet from $90.00 to $105.00 and gave the stock a “buy” rating in a report on Tuesday, November 19th. KeyCorp raised shares of Fortinet from a “sector weight” rating to an “overweight” rating and set a $115.00 price objective on the stock in a report on Thursday, December 19th. Morgan Stanley lifted their target price on shares of Fortinet from $105.00 to $106.00 and gave the company an “overweight” rating in a report on Tuesday, November 19th. Cantor Fitzgerald lifted their target price on shares of Fortinet from $88.00 to $95.00 and gave the company a “neutral” rating in a report on Tuesday, November 19th. Finally, Deutsche Bank Aktiengesellschaft lifted their target price on shares of Fortinet from $77.00 to $90.00 and gave the company a “hold” rating in a report 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 assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $94.35.

Insider Buying and Selling

In related news, CEO Ken Xie sold 22,916 shares of the stock in a transaction that occurred on 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 completion of the sale, the chief executive officer now owns 48,983,683 shares of the company’s stock, valued at approximately $4,796,972,076.19. This represents a 0.05 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director William H. Neukom purchased 355 shares of the firm’s stock in a transaction on Friday, December 6th. The stock was bought at an average price of $98.50 per share, with a total value of $34,967.50. Following the acquisition, the director now owns 150,245 shares in the company, valued at $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 quarter, insiders sold 68,123 shares of company stock valued at $6,227,201. 18.00% of the stock is currently owned by corporate insiders.

Fortinet Trading Down 1.3 %

Shares of NASDAQ FTNT traded down $1.22 on Monday, reaching $93.34. 1,673,633 shares of the company traded hands, compared to its average volume of 3,675,903. The company has a 50 day moving average of $94.59 and a 200 day moving average of $79.44. The stock has a market capitalization of $71.54 billion, a PE ratio of 47.14, a P/E/G ratio of 2.76 and a beta of 1.00. Fortinet, Inc. has a fifty-two week low of $54.57 and a fifty-two week high of $101.00. The company has a current ratio of 1.34, a quick ratio of 1.25 and a debt-to-equity ratio of 1.09.

Fortinet Company 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.