Capital Investment Advisors LLC Buys New Holdings in Fortinet, Inc. (NASDAQ:FTNT)

Capital Investment Advisors LLC acquired a new stake in Fortinet, Inc. (NASDAQ:FTNT - Free Report) during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 6,385 shares of the software maker's stock, valued at approximately $603,000.

A number of other institutional investors and hedge funds have also made changes to their positions in FTNT. Czech National Bank raised its position in shares of Fortinet by 6.7% during the 4th quarter. Czech National Bank now owns 137,932 shares of the software maker's stock worth $13,032,000 after purchasing an additional 8,602 shares during the last quarter. Graypoint LLC raised its holdings in shares of Fortinet by 11.1% during the fourth quarter. Graypoint LLC now owns 3,699 shares of the software maker's stock valued at $349,000 after acquiring an additional 369 shares during the last quarter. LVM Capital Management Ltd. MI lifted its position in shares of Fortinet by 10.7% in the fourth quarter. LVM Capital Management Ltd. MI now owns 89,827 shares of the software maker's stock valued at $8,487,000 after acquiring an additional 8,707 shares in the last quarter. Harbor Capital Advisors Inc. boosted its stake in shares of Fortinet by 2.5% in the fourth quarter. Harbor Capital Advisors Inc. now owns 7,262 shares of the software maker's stock worth $686,000 after acquiring an additional 180 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC increased its position in shares of Fortinet by 2.2% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 76,961 shares of the software maker's stock worth $7,271,000 after purchasing an additional 1,638 shares in the last quarter. 83.71% of the stock is currently owned by hedge funds and other institutional investors.

Fortinet Trading Up 1.1 %

FTNT traded up $0.99 during mid-day trading on Thursday, hitting $94.05. 2,905,867 shares of the stock were exchanged, compared to its average volume of 4,143,487. The company has a market cap of $72.08 billion, a PE ratio of 47.50, a PEG ratio of 2.51 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's fifty day moving average is $95.43 and its two-hundred day moving average is $80.00. Fortinet, Inc. has a 1-year low of $54.57 and a 1-year high of $101.00.

Insider Transactions at Fortinet

In other Fortinet news, CEO Ken Xie sold 22,916 shares of the business's stock in a transaction on Tuesday, December 17th. The shares were sold at an average price of $97.93, for a total value of $2,244,163.88. Following the completion of the transaction, the chief executive officer now owns 48,983,683 shares in the company, valued at $4,796,972,076.19. The trade was a 0.05 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CFO Keith Jensen sold 17,650 shares of the stock in a transaction on Tuesday, November 26th. The shares were sold at an average price of $95.66, for a total value of $1,688,399.00. Following the completion of the sale, the chief financial officer now owns 4,689 shares in the company, valued at approximately $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 quarter, insiders have sold 67,860 shares of company stock valued at $6,469,056. 18.00% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

FTNT has been the topic of a number of research reports. Hsbc Global Res upgraded Fortinet from a "hold" rating to a "strong-buy" rating in a report on Monday, November 11th. Needham & Company LLC reissued a "hold" rating on shares of Fortinet in a research note on Friday, November 22nd. Scotiabank upped their price objective on shares of Fortinet from $85.00 to $110.00 and gave the company a "sector outperform" rating in a research note on Wednesday, November 20th. JPMorgan Chase & Co. raised their target price on shares of Fortinet from $99.00 to $105.00 and gave the stock a "neutral" rating in a research note on Monday, December 16th. Finally, The Goldman Sachs Group upped their price target on Fortinet from $100.00 to $114.00 and gave the company a "buy" rating in a research report on Thursday, January 2nd. One equities 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 assigned a strong buy rating to the stock. According to 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.