Access Financial Services Inc. Sells 1,164 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Access Financial Services Inc. trimmed its position in Fortinet, Inc. (NASDAQ:FTNT) by 4.6% during the fourth quarter, Holdings Channel reports. The institutional investor owned 23,992 shares of the software maker’s stock after selling 1,164 shares during the quarter. Fortinet makes up about 1.0% of Access Financial Services Inc.’s investment portfolio, making the stock its 19th biggest holding. Access Financial Services Inc.’s holdings in Fortinet were worth $2,267,000 as of its most recent filing with the SEC.

Other hedge funds have also recently bought and sold shares of the company. Eastern Bank acquired a new position in shares of Fortinet in the 3rd quarter valued at $25,000. Ashton Thomas Securities LLC acquired a new position in shares of Fortinet in the 3rd quarter valued at $26,000. Private Wealth Management Group LLC lifted its stake in shares of Fortinet by 73.3% in the 3rd 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 lifted its stake in shares of 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 during the period. Finally, Paladin Wealth LLC acquired a new position in shares of Fortinet in the 3rd quarter valued at $46,000. 83.71% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, CEO Ken Xie sold 23,044 shares of Fortinet stock in a transaction dated Wednesday, January 15th. The stock was sold at an average price of $93.32, for a total transaction of $2,150,466.08. Following the completion of the transaction, the chief executive officer now owns 49,039,698 shares in the company, valued at approximately $4,576,384,617.36. This trade represents a 0.05 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director William H. Neukom purchased 355 shares of Fortinet stock in a transaction that occurred on Friday, December 6th. The shares were acquired at an average price of $98.50 per share, with a total value of $34,967.50. Following the acquisition, the director now directly owns 150,245 shares of the company’s stock, valued at $14,799,132.50. This trade represents a 0.24 % increase in their position. The disclosure for this purchase can be found here. Over the last 90 days, insiders sold 67,860 shares of company stock worth $6,469,056. Company insiders own 18.00% of the company’s stock.

Fortinet Price Performance

Shares of NASDAQ FTNT opened at $94.23 on Monday. The stock has a market capitalization of $72.22 billion, a price-to-earnings ratio of 47.59, a PEG ratio of 2.51 and a beta of 1.00. The business has a 50-day moving average of $95.68 and a 200-day moving average of $80.61. The company has a debt-to-equity ratio of 1.09, a current ratio of 1.34 and a quick ratio of 1.25. Fortinet, Inc. has a fifty-two week low of $54.57 and a fifty-two week high of $101.00.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on the company. HSBC raised Fortinet from a “hold” rating to a “buy” rating and increased their price target for the company from $83.00 to $111.00 in a research note on Monday, November 11th. Stifel Nicolaus raised their price objective on Fortinet from $90.00 to $103.00 and gave the stock a “hold” rating in a research note on Wednesday, December 18th. Royal Bank of Canada raised their price objective on Fortinet from $82.00 to $97.00 and gave the stock a “sector perform” rating in a research note on Tuesday, November 19th. Piper Sandler raised Fortinet from a “neutral” rating to an “overweight” rating and raised their price objective for the stock from $100.00 to $120.00 in a research note on Monday, January 6th. Finally, Morgan Stanley raised their price objective on Fortinet from $105.00 to $106.00 and gave the stock an “overweight” rating in a research note on Tuesday, November 19th. One equities research analyst has rated the stock with a sell rating, seventeen have issued a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $96.17.

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.