Burney Co. Sells 8,611 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Burney Co. decreased its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 2.3% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The firm owned 361,908 shares of the software maker's stock after selling 8,611 shares during the period. Fortinet makes up about 1.2% of Burney Co.'s holdings, making the stock its 15th largest holding. Burney Co.'s holdings in Fortinet were worth $34,193,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in FTNT. Eastern Bank bought a new stake in shares of Fortinet during the 3rd quarter worth $25,000. Ashton Thomas Securities LLC purchased a new stake in Fortinet during the third quarter valued at about $26,000. Private Wealth Management Group LLC lifted its stake in Fortinet by 73.3% during the third quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker's stock worth $32,000 after purchasing an additional 173 shares during the last quarter. City State Bank boosted its holdings in shares of Fortinet by 900.0% in the 3rd quarter. City State Bank now owns 500 shares of the software maker's stock worth $39,000 after purchasing an additional 450 shares in the last quarter. Finally, Paladin Wealth LLC bought a new position in shares of Fortinet during the 3rd quarter valued at about $46,000. 83.71% of the stock is currently owned by hedge funds and other institutional investors.

Fortinet Stock Up 0.6 %

Fortinet stock traded up $0.57 during mid-day trading on Wednesday, hitting $93.06. The company had a trading volume of 4,783,780 shares, compared to its average volume of 4,273,296. Fortinet, Inc. has a 12 month low of $54.57 and a 12 month high of $101.00. The company has a market capitalization of $71.33 billion, a PE ratio of 47.00, a price-to-earnings-growth ratio of 2.76 and a beta of 1.00. The stock's 50 day moving average price is $95.18 and its two-hundred day moving average price is $79.91. The company has a current ratio of 1.34, a quick ratio of 1.25 and a debt-to-equity ratio of 1.09.

Insider Transactions at Fortinet

In related news, CEO Ken Xie sold 22,916 shares of Fortinet stock in a transaction dated Tuesday, December 17th. The stock was sold at an average price of $97.93, for a total value of $2,244,163.88. Following the completion of 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 trade represents a 0.05 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Keith Jensen sold 4,250 shares of the business's stock in a transaction dated Tuesday, November 19th. The stock was sold at an average price of $90.83, for a total value of $386,027.50. Following the completion of the transaction, the chief financial officer now directly owns 4,689 shares of the company's stock, valued at approximately $425,901.87. This trade represents a 47.54 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 44,816 shares of company stock worth $4,318,590. Corporate insiders own 18.00% of the company's stock.

Wall Street Analyst Weigh In

FTNT has been the subject of several research reports. Royal Bank of Canada upped their target price on Fortinet from $82.00 to $97.00 and gave the stock a "sector perform" rating in a research note on Tuesday, November 19th. Cantor Fitzgerald upped their price objective on shares of Fortinet from $88.00 to $95.00 and gave the company a "neutral" rating in a research note on Tuesday, November 19th. KeyCorp upgraded shares of Fortinet from a "sector weight" rating to an "overweight" rating and set a $115.00 target price on the stock in a research report on Thursday, December 19th. JPMorgan Chase & Co. upped their price target on shares of Fortinet from $99.00 to $105.00 and gave the company a "neutral" rating in a research report on Monday, December 16th. Finally, Bank of America lifted their price objective on Fortinet from $87.00 to $104.00 and gave the stock a "buy" rating in a report on Tuesday, November 19th. One research analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of "Hold" and a consensus price target of $94.35.

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.