Brendel Financial Advisors LLC Invests $257,000 in Fortinet, Inc. (NASDAQ:FTNT)

Brendel Financial Advisors LLC purchased a new position in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 2,720 shares of the software maker's stock, valued at approximately $257,000.

Several other institutional investors and hedge funds also recently made changes to their positions in FTNT. Thurston Springer Miller Herd & Titak Inc. increased its stake in Fortinet by 2,602.1% during the 4th quarter. Thurston Springer Miller Herd & Titak Inc. now owns 1,297 shares of the software maker's stock worth $123,000 after purchasing an additional 1,249 shares in the last quarter. Park Avenue Securities LLC grew its holdings in shares of Fortinet by 75.0% in the 4th quarter. Park Avenue Securities LLC now owns 18,886 shares of the software maker's stock valued at $1,784,000 after acquiring an additional 8,092 shares in the last quarter. Assenagon Asset Management S.A. increased its position in shares of Fortinet by 6.8% during the 4th quarter. Assenagon Asset Management S.A. now owns 17,062 shares of the software maker's stock worth $1,612,000 after purchasing an additional 1,085 shares during the last quarter. Board of the Pension Protection Fund bought a new position in shares of Fortinet in the 4th quarter valued at about $1,049,000. Finally, Fifth Third Wealth Advisors LLC grew its holdings in Fortinet by 1.6% during the fourth quarter. Fifth Third Wealth Advisors LLC now owns 6,833 shares of the software maker's stock worth $646,000 after purchasing an additional 107 shares during the period. Institutional investors and hedge funds own 83.71% of the company's stock.

Fortinet Stock Performance

Shares of Fortinet stock traded up $0.61 on Wednesday, reaching $93.10. 2,828,697 shares of the company traded hands, compared to its average volume of 4,043,311. The company has a 50 day moving average of $95.18 and a 200 day moving average of $79.91. The company has a debt-to-equity ratio of 1.09, a current ratio of 1.34 and a quick ratio of 1.25. Fortinet, Inc. has a 52 week low of $54.57 and a 52 week high of $101.00. The firm has a market capitalization of $71.36 billion, a PE ratio of 47.02, a PEG ratio of 2.76 and a beta of 1.00.

Insider Buying and Selling at Fortinet

In related news, CEO Ken Xie sold 22,916 shares of the company's 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 sale, the chief executive officer now directly owns 48,983,683 shares in the company, valued at approximately $4,796,972,076.19. This represents a 0.05 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CFO Keith Jensen sold 17,650 shares of the firm's stock in a transaction on Tuesday, November 26th. The stock was sold at an average price of $95.66, for a total value of $1,688,399.00. Following the completion of the transaction, the chief financial officer now directly owns 4,689 shares of the company's stock, valued at $448,549.74. The trade was a 79.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 44,816 shares of company stock valued at $4,318,590. Company insiders own 18.00% of the company's stock.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the stock. Hsbc Global Res raised shares of Fortinet from a "hold" rating to a "strong-buy" rating in a research report on Monday, November 11th. Needham & Company LLC reiterated a "hold" rating on shares of Fortinet in a research note on Friday, November 22nd. Deutsche Bank Aktiengesellschaft lifted their price target on Fortinet from $77.00 to $90.00 and gave the company a "hold" rating in a research note on Tuesday, November 19th. The Goldman Sachs Group upped their price objective on shares of Fortinet from $100.00 to $114.00 and gave the stock a "buy" rating in a research report on Thursday, January 2nd. Finally, Barclays upped their target price on Fortinet from $85.00 to $95.00 and gave the stock an "equal weight" rating in a report on Friday, November 8th. One investment analyst has rated the stock with a sell rating, nineteen have issued a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average price target of $94.35.

About Fortinet

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.