Sanibel Captiva Trust Company Inc. Sells 8,494 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Sanibel Captiva Trust Company Inc. reduced its stake in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 6.3% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 125,400 shares of the software maker's stock after selling 8,494 shares during the quarter. Sanibel Captiva Trust Company Inc.'s holdings in Fortinet were worth $11,848,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of the stock. First Hawaiian Bank acquired a new position in Fortinet during the fourth quarter valued at approximately $670,000. LVM Capital Management Ltd. MI increased its stake in shares of Fortinet by 10.7% in the 4th quarter. LVM Capital Management Ltd. MI now owns 89,827 shares of the software maker's stock valued at $8,487,000 after purchasing an additional 8,707 shares during the last quarter. Apollon Wealth Management LLC raised its holdings in shares of Fortinet by 7.6% during the 3rd quarter. Apollon Wealth Management LLC now owns 15,296 shares of the software maker's stock worth $1,186,000 after buying an additional 1,081 shares in the last quarter. Forsta AP Fonden lifted its position in shares of Fortinet by 11.8% during the 3rd quarter. Forsta AP Fonden now owns 135,500 shares of the software maker's stock worth $10,508,000 after buying an additional 14,300 shares during the last quarter. Finally, Quadrature Capital Ltd acquired a new stake in Fortinet in the third quarter valued at about $10,343,000. Institutional investors own 83.71% of the company's stock.

Insider Transactions at Fortinet

In other news, CEO Ken Xie sold 22,916 shares of the business's stock in a transaction that occurred on 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 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 position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director William H. Neukom purchased 355 shares of the firm's stock in a transaction that occurred on Friday, December 6th. The shares were acquired at an average cost of $98.50 per share, with a total value of $34,967.50. Following the completion of the transaction, the director now directly owns 150,245 shares of the company's stock, valued at $14,799,132.50. The trade was a 0.24 % increase in their position. The disclosure for this purchase can be found here. Insiders have sold 67,860 shares of company stock valued at $6,469,056 in the last 90 days. 18.00% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several research analysts have commented on the company. Raymond James reissued a "market perform" rating on shares of Fortinet in a research note on Tuesday, January 14th. Deutsche Bank Aktiengesellschaft increased their price objective on shares of Fortinet from $77.00 to $90.00 and gave the company a "hold" rating in a research note on Tuesday, November 19th. Robert W. Baird boosted their target price on shares of Fortinet from $95.00 to $100.00 and gave the stock an "outperform" rating in a research note on Tuesday, November 19th. Morgan Stanley upped their price target on shares of Fortinet from $105.00 to $106.00 and gave the stock an "overweight" rating in a report on Tuesday, November 19th. Finally, Truist Financial reissued a "buy" rating and set a $105.00 price objective (up previously from $85.00) on shares of Fortinet in a report on Wednesday, November 20th. One research analyst has rated the stock with a sell rating, seventeen have assigned a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Fortinet presently has an average rating of "Hold" and a consensus price target of $96.17.

Fortinet Stock Up 0.2 %

NASDAQ FTNT traded up $0.18 on Friday, hitting $94.23. 4,915,554 shares of the company were exchanged, compared to its average volume of 3,418,023. 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 company has a market cap of $72.22 billion, a PE ratio of 47.59, a PEG ratio of 2.51 and a beta of 1.00. The stock has a fifty day moving average of $95.68 and a 200-day moving average of $80.47. Fortinet, Inc. has a 12 month low of $54.57 and a 12 month high of $101.00.

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.