Fortinet, Inc. (NASDAQ:FTNT) Shares Sold by Kovack Advisors Inc.

Kovack Advisors Inc. lessened its position in shares of Fortinet, Inc. (NASDAQ:FTNT) by 11.9% in the 3rd quarter, HoldingsChannel reports. The institutional investor owned 12,919 shares of the software maker’s stock after selling 1,741 shares during the period. Kovack Advisors Inc.’s holdings in Fortinet were worth $1,002,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in FTNT. Forsta AP Fonden raised its position in Fortinet by 11.8% during the third quarter. Forsta AP Fonden now owns 135,500 shares of the software maker’s stock worth $10,508,000 after acquiring an additional 14,300 shares during the last quarter. Sarasin & Partners LLP raised its position in shares of Fortinet by 22.4% during the 2nd quarter. Sarasin & Partners LLP now owns 2,163,093 shares of the software maker’s stock worth $130,370,000 after purchasing an additional 395,477 shares during the last quarter. Cetera Investment Advisers lifted its stake in Fortinet by 543.5% in the 1st quarter. Cetera Investment Advisers now owns 157,319 shares of the software maker’s stock valued at $10,765,000 after buying an additional 132,871 shares in the last quarter. Sei Investments Co. grew its holdings in Fortinet by 10.5% during the 1st quarter. Sei Investments Co. now owns 138,893 shares of the software maker’s stock valued at $9,488,000 after buying an additional 13,178 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC increased its position in Fortinet by 29.5% during the third quarter. Allspring Global Investments Holdings LLC now owns 152,532 shares of the software maker’s stock worth $11,829,000 after buying an additional 34,727 shares in the last quarter. 83.71% of the stock is currently owned by hedge funds and other institutional investors.

Fortinet Trading Down 1.3 %

Shares of FTNT opened at $97.88 on Thursday. Fortinet, Inc. has a 12 month low of $49.97 and a 12 month high of $100.59. The stock’s 50-day moving average is $80.01 and its two-hundred day moving average is $68.85. The company has a debt-to-equity ratio of 1.09, a current ratio of 1.34 and a quick ratio of 1.25. The stock has a market cap of $75.02 billion, a PE ratio of 49.43, a P/E/G ratio of 2.96 and a beta of 1.00.

Wall Street Analysts Forecast Growth

FTNT has been the topic of a number of analyst reports. JPMorgan Chase & Co. increased their price objective on Fortinet from $63.00 to $70.00 and gave the company a “neutral” rating in a research note on Wednesday, August 7th. Susquehanna raised their price target on shares of Fortinet from $65.00 to $70.00 and gave the stock a “neutral” rating in a research note on Thursday, August 8th. Morgan Stanley cut their price objective on shares of Fortinet from $73.00 to $69.00 and set an “overweight” rating for the company in a research report on Wednesday, July 17th. DZ Bank raised shares of Fortinet from a “sell” rating to a “hold” rating and set a $65.00 price objective on the stock in a research note on Thursday, August 8th. Finally, Cantor Fitzgerald lifted their target price on shares of Fortinet from $65.00 to $88.00 and gave the stock a “neutral” rating in a research note on Tuesday, October 29th. One investment analyst has rated the stock with a sell rating, nineteen have issued a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $79.52.

Insider Buying and Selling

In other news, CEO Ken Xie sold 23,307 shares of Fortinet stock in a transaction that occurred on Wednesday, October 16th. The shares were sold at an average price of $81.89, for a total transaction of $1,908,610.23. Following the sale, the chief executive officer now owns 48,915,530 shares in the company, valued at $4,005,692,751.70. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 18.00% of the stock is currently owned by corporate insiders.

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.