Capital Investment Advisors LLC Invests $603,000 in Fortinet, Inc. (NASDAQ:FTNT)

Capital Investment Advisors LLC acquired a new position in shares of Fortinet, Inc. (NASDAQ:FTNT) during the 4th quarter, HoldingsChannel reports. The firm acquired 6,385 shares of the software maker’s stock, valued at approximately $603,000.

Several other institutional investors and hedge funds have also recently bought and sold shares of the business. Czech National Bank raised its stake in Fortinet by 6.7% during the fourth quarter. Czech National Bank now owns 137,932 shares of the software maker’s stock worth $13,032,000 after acquiring an additional 8,602 shares during the period. Graypoint LLC raised its stake in Fortinet by 11.1% during the fourth quarter. Graypoint LLC now owns 3,699 shares of the software maker’s stock worth $349,000 after acquiring an additional 369 shares during the period. LVM Capital Management Ltd. MI raised its stake in Fortinet by 10.7% during the fourth quarter. LVM Capital Management Ltd. MI now owns 89,827 shares of the software maker’s stock worth $8,487,000 after acquiring an additional 8,707 shares during the period. Harbor Capital Advisors Inc. raised its stake in Fortinet by 2.5% during the fourth quarter. Harbor Capital Advisors Inc. now owns 7,262 shares of the software maker’s stock worth $686,000 after acquiring an additional 180 shares during the period. Finally, Wealth Enhancement Advisory Services LLC raised its stake in Fortinet by 2.2% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 76,961 shares of the software maker’s stock worth $7,271,000 after acquiring an additional 1,638 shares during the period. Institutional investors and hedge funds own 83.71% of the company’s stock.

Insiders Place Their Bets

In other Fortinet news, CEO Ken Xie sold 23,044 shares of Fortinet stock in a transaction that occurred on Wednesday, January 15th. The shares were sold at an average price of $93.32, for a total transaction of $2,150,466.08. Following the transaction, the chief executive officer now directly owns 49,039,698 shares in the company, valued at approximately $4,576,384,617.36. The trade was a 0.05 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Keith Jensen sold 4,250 shares of Fortinet stock in a transaction that occurred on Tuesday, November 19th. The stock was sold at an average price of $90.83, for a total transaction of $386,027.50. Following the transaction, the chief financial officer now owns 4,689 shares in the company, valued at approximately $425,901.87. The trade was a 47.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 67,860 shares of company stock worth $6,469,056. 18.00% of the stock is owned by insiders.

Fortinet Trading Up 0.6 %

Fortinet stock opened at $93.06 on Thursday. The company has a debt-to-equity ratio of 1.09, a quick ratio of 1.25 and a current ratio of 1.34. The firm has a market cap of $71.33 billion, a price-to-earnings ratio of 47.00, a price-to-earnings-growth ratio of 2.76 and a beta of 1.00. Fortinet, Inc. has a 1 year low of $54.57 and a 1 year high of $101.00. The firm’s 50 day moving average price is $95.18 and its two-hundred day moving average price is $79.91.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the company. Morgan Stanley lifted their price target on Fortinet from $105.00 to $106.00 and gave the company an “overweight” rating in a report on Tuesday, November 19th. Barclays lifted their price target on Fortinet from $85.00 to $95.00 and gave the company an “equal weight” rating in a report on Friday, November 8th. Rosenblatt Securities lifted their price target on Fortinet from $90.00 to $100.00 and gave the company a “buy” rating in a report on Wednesday, November 20th. Jefferies Financial Group lifted their price target on Fortinet from $95.00 to $105.00 and gave the company a “hold” rating in a report on Thursday, December 19th. Finally, Piper Sandler raised Fortinet from a “neutral” rating to an “overweight” rating and lifted their price target for the company from $100.00 to $120.00 in a report on Monday, January 6th. One equities research analyst has rated the stock with a sell rating, nineteen have given a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Fortinet has a consensus rating of “Hold” and a consensus target price of $94.35.

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.