International Assets Investment Management LLC Has $339,000 Holdings in Fortinet, Inc. (NASDAQ:FTNT)

International Assets Investment Management LLC reduced its position in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 98.7% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 3,581 shares of the software maker's stock after selling 273,738 shares during the period. International Assets Investment Management LLC's holdings in Fortinet were worth $339,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in the company. Eastern Bank acquired a new stake in shares of Fortinet during the 3rd quarter worth approximately $25,000. Ashton Thomas Securities LLC bought a new position in Fortinet during the 3rd quarter worth $26,000. Private Wealth Management Group LLC increased its position in Fortinet by 73.3% in the third quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker's stock worth $32,000 after buying an additional 173 shares during the period. City State Bank lifted its stake in 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 buying an additional 450 shares during the last quarter. Finally, Paladin Wealth LLC acquired a new position in shares of Fortinet during the third quarter valued at $46,000. 83.71% of the stock is currently owned by institutional investors.

Fortinet Trading Down 1.5 %

NASDAQ FTNT traded down $1.48 on Friday, hitting $94.56. 4,018,700 shares of the stock were exchanged, compared to its average volume of 4,016,648. The company's 50-day moving average price is $94.59 and its two-hundred day moving average price is $79.44. 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 company has a market capitalization of $72.48 billion, a price-to-earnings ratio of 47.76, a P/E/G ratio of 2.76 and a beta of 1.00.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on FTNT. Hsbc Global Res upgraded shares of Fortinet from a "hold" rating to a "strong-buy" rating in a research report on Monday, November 11th. Raymond James lifted their price target on Fortinet from $85.00 to $95.00 and gave the company an "outperform" rating in a report on Friday, November 8th. TD Cowen increased their price objective on Fortinet from $90.00 to $105.00 and gave the stock a "buy" rating in a report on Tuesday, November 19th. Robert W. Baird lifted their target price on Fortinet from $95.00 to $100.00 and gave the company an "outperform" rating in a research note on Tuesday, November 19th. Finally, Cantor Fitzgerald boosted their price target on Fortinet from $88.00 to $95.00 and gave the stock a "neutral" rating in a research report on Tuesday, November 19th. One research analyst has rated the stock with a sell rating, eighteen have issued a hold rating, fifteen have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Fortinet has an average rating of "Hold" and a consensus price target of $94.35.

Insider Transactions at Fortinet

In other news, CFO Keith Jensen sold 4,250 shares of the firm's stock in a transaction dated Tuesday, November 19th. The stock was sold at an average price of $90.83, for a total transaction of $386,027.50. Following the completion of the sale, the chief financial officer now directly owns 4,689 shares of the company's stock, valued at $425,901.87. This trade represents a 47.54 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Ken Xie sold 23,307 shares of the business's stock in a transaction that occurred on Wednesday, October 16th. The shares were sold at an average price of $81.89, for a total value of $1,908,610.23. Following the completion of the sale, the chief executive officer now directly owns 48,915,530 shares of the company's stock, valued at approximately $4,005,692,751.70. The trade was a 0.05 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 68,123 shares of company stock valued at $6,227,201 over the last quarter. Company insiders own 18.00% of the company's stock.

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.