Sheaff Brock Investment Advisors LLC Lowers Position in Fortinet, Inc. (NASDAQ:FTNT)

Sheaff Brock Investment Advisors LLC lessened its stake in Fortinet, Inc. (NASDAQ:FTNT) by 79.0% during the 3rd quarter, according to the company in its most recent filing with the Securities and 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 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of FTNT. Eastern Bank purchased a new position in shares of Fortinet during the 3rd quarter valued at approximately $25,000. Ashton Thomas Securities LLC purchased a new position in shares of Fortinet during the 3rd quarter valued at approximately $26,000. Private Wealth Management Group LLC lifted its position in shares of Fortinet by 73.3% during the 3rd quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker’s stock valued at $32,000 after buying an additional 173 shares in the last quarter. City State Bank lifted its holdings in Fortinet by 900.0% in 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. purchased a new position in Fortinet in the 2nd quarter valued at $33,000. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Insiders Place Their Bets

In other Fortinet news, CEO Ken Xie sold 23,307 shares of the business’s stock in a transaction dated Wednesday, October 16th. The stock was 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 owns 48,915,530 shares of the company’s stock, valued at $4,005,692,751.70. The trade was a 0.05 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 18.00% of the company’s stock.

Fortinet Stock Performance

Shares of NASDAQ FTNT opened at $94.20 on Friday. Fortinet, Inc. has a one year low of $49.97 and a one year high of $100.59. The business’s 50-day moving average price is $80.76 and its two-hundred day moving average price is $69.24. The company has a market capitalization of $72.20 billion, a P/E ratio of 47.58, a price-to-earnings-growth ratio of 2.93 and a beta of 1.00. The company has a debt-to-equity ratio of 1.09, a current ratio of 1.34 and a quick ratio of 1.25.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on FTNT. Guggenheim lowered Fortinet from a “buy” rating to a “neutral” rating in a report on Monday, July 29th. Rosenblatt Securities raised their price objective on Fortinet from $85.00 to $90.00 and gave the company a “buy” rating in a report on Friday, November 8th. BMO Capital Markets raised their price objective on Fortinet from $70.00 to $76.00 and gave the company a “market perform” rating in a report on Wednesday, August 7th. JPMorgan Chase & Co. raised their price objective on Fortinet from $63.00 to $70.00 and gave the company a “neutral” rating in a report on Wednesday, August 7th. Finally, Wells Fargo & Company raised their target price on Fortinet from $62.00 to $64.00 and gave the stock an “equal weight” rating in a research note on Wednesday, August 7th. One analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price 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.