KCM Investment Advisors LLC Sells 2,440 Shares of Fortinet, Inc. (NASDAQ:FTNT)

KCM Investment Advisors LLC lessened its position in shares of Fortinet, Inc. (NASDAQ:FTNT) by 5.7% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 40,630 shares of the software maker’s stock after selling 2,440 shares during the period. KCM Investment Advisors LLC’s holdings in Fortinet were worth $3,151,000 at the end of the most recent reporting period.

A number of other institutional investors have also bought and sold shares of FTNT. Sei Investments Co. increased its stake in shares of Fortinet by 10.5% in the 1st quarter. Sei Investments Co. now owns 138,893 shares of the software maker’s stock valued at $9,488,000 after acquiring an additional 13,178 shares in the last quarter. Avantax Advisory Services Inc. raised its holdings in shares of Fortinet by 127.9% during the first quarter. Avantax Advisory Services Inc. now owns 20,815 shares of the software maker’s stock valued at $1,422,000 after purchasing an additional 11,680 shares during the period. Bleakley Financial Group LLC boosted its position in shares of Fortinet by 3.2% during the 1st quarter. Bleakley Financial Group LLC now owns 8,140 shares of the software maker’s stock worth $556,000 after purchasing an additional 252 shares in the last quarter. Dorsey & Whitney Trust CO LLC acquired a new stake in shares of Fortinet in the 1st quarter valued at about $351,000. Finally, Vanguard Group Inc. increased its position in Fortinet by 1.2% in the 1st quarter. Vanguard Group Inc. now owns 68,052,487 shares of the software maker’s stock valued at $4,648,665,000 after buying an additional 779,271 shares in the last quarter. Institutional investors own 83.71% of the company’s stock.

Fortinet Stock Down 0.3 %

FTNT opened at $94.20 on Friday. Fortinet, Inc. has a twelve month low of $49.97 and a twelve month high of $100.59. The company has a quick ratio of 1.25, a current ratio of 1.34 and a debt-to-equity ratio of 1.09. The firm has a 50 day moving average price of $80.76 and a 200-day moving average price of $69.24. The stock has a market capitalization of $72.20 billion, a price-to-earnings ratio of 47.58, a PEG ratio of 2.93 and a beta of 1.00.

Insider Transactions at Fortinet

In other news, CEO Ken Xie sold 23,307 shares of the stock in a transaction 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 $4,005,692,751.70. This represents a 0.05 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Company insiders own 18.00% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on FTNT shares. Citigroup upped their price objective on shares of Fortinet from $66.00 to $76.00 and gave the stock a “neutral” rating in a report on Friday, September 13th. Truist Financial increased their price target on Fortinet from $70.00 to $85.00 and gave the company a “buy” rating in a research report on Wednesday, October 23rd. Robert W. Baird lifted their price objective on shares of Fortinet from $80.00 to $88.00 and gave the stock an “outperform” rating in a report on Friday, November 8th. Piper Sandler raised their price target on shares of Fortinet from $70.00 to $80.00 and gave the company a “neutral” rating in a research report on Friday, November 8th. Finally, Scotiabank upped their price objective on shares of Fortinet from $75.00 to $85.00 and gave the stock a “sector outperform” rating in a research report on Friday, November 8th. One analyst has rated the stock with a sell rating, nineteen have given a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Fortinet has a consensus rating of “Hold” and an average price target of $79.52.

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.