Fortinet, Inc. (NASDAQ:FTNT) Position Trimmed by Sheaff Brock Investment Advisors LLC

Sheaff Brock Investment Advisors LLC lowered its holdings in Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 79.0% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 8,232 shares of the software maker's stock after selling 30,876 shares during the period. Sheaff Brock Investment Advisors LLC's holdings in Fortinet were worth $638,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in the business. Eastern Bank purchased a new position in Fortinet in the 3rd quarter worth approximately $25,000. Ashton Thomas Securities LLC acquired a new position in shares of Fortinet during the third quarter worth $26,000. Private Wealth Management Group LLC boosted its stake in shares of Fortinet by 73.3% in the third quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker's stock valued at $32,000 after purchasing an additional 173 shares during the period. City State Bank grew its holdings in Fortinet by 900.0% during the 3rd quarter. City State Bank now owns 500 shares of the software maker's stock valued at $39,000 after purchasing an additional 450 shares in the last quarter. Finally, Oakworth Capital Inc. acquired a new position in Fortinet in the 2nd quarter worth $33,000. Hedge funds and other institutional investors own 83.71% of the company's stock.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the company. Scotiabank lifted their target price on Fortinet from $75.00 to $85.00 and gave the stock a "sector outperform" rating in a research report on Friday, November 8th. HSBC raised shares of Fortinet from a "hold" rating to a "buy" rating and raised their price target for the stock from $83.00 to $111.00 in a research report on Monday, November 11th. Robert W. Baird increased their price objective on shares of Fortinet from $80.00 to $88.00 and gave the company an "outperform" rating in a research note on Friday, November 8th. Mizuho downgraded shares of Fortinet from a "neutral" rating to an "underperform" rating and set a $68.00 target price for the company. in a research report on Thursday, October 17th. Finally, StockNews.com raised shares of Fortinet from a "hold" rating to a "buy" rating in a research report on Friday, October 25th. One analyst has rated the stock with a sell rating, nineteen have given a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of "Hold" and an average price target of $79.52.

Insider Buying and Selling

In related news, CEO Ken Xie sold 23,538 shares of the firm's stock in a transaction that occurred on Wednesday, September 18th. The shares were sold at an average price of $74.94, for a total value of $1,763,937.72. Following the completion of the transaction, the chief executive officer now owns 48,878,806 shares of the company's stock, valued at approximately $3,662,977,721.64. This trade represents a 0.05 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 18.00% of the stock is currently owned by company insiders.

Fortinet Trading Down 0.3 %

Shares of Fortinet stock traded down $0.26 on Friday, reaching $94.20. 5,916,022 shares of the company were exchanged, compared to its average volume of 5,497,884. Fortinet, Inc. has a fifty-two week low of $49.97 and a fifty-two week high of $100.59. The firm has a market capitalization of $72.20 billion, a price-to-earnings ratio of 47.58, a price-to-earnings-growth ratio of 2.93 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 stock has a fifty day moving average price of $80.76 and a 200-day moving average price of $69.28.

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.