L & S Advisors Inc decreased its holdings in shares of Fortinet Inc (NASDAQ:FTNT) by 20.3% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 14,235 shares of the software maker’s stock after selling 3,615 shares during the period. L & S Advisors Inc’s holdings in Fortinet were worth $1,003,000 as of its most recent SEC filing.
Other institutional investors and hedge funds have also made changes to their positions in the company. Tarbox Family Office Inc. bought a new position in Fortinet during the fourth quarter worth about $25,000. Sun Life Financial INC bought a new position in Fortinet during the fourth quarter worth about $28,000. Guardian Life Insurance Co. of America bought a new position in Fortinet during the fourth quarter worth about $29,000. Bremer Trust National Association bought a new position in Fortinet during the fourth quarter worth about $33,000. Finally, Gemmer Asset Management LLC lifted its stake in Fortinet by 145.6% during the fourth quarter. Gemmer Asset Management LLC now owns 641 shares of the software maker’s stock worth $45,000 after purchasing an additional 380 shares during the period. Hedge funds and other institutional investors own 73.78% of the company’s stock.
Shares of Fortinet stock traded down $0.64 during midday trading on Friday, reaching $83.74. The company had a trading volume of 391,661 shares, compared to its average volume of 1,938,655. The firm has a market cap of $14.40 billion, a P/E ratio of 74.11, a P/E/G ratio of 3.92 and a beta of 0.92. Fortinet Inc has a 1-year low of $51.97 and a 1-year high of $94.37.
In other Fortinet news, CFO Keith Jensen sold 11,251 shares of Fortinet stock in a transaction on Thursday, February 28th. The shares were sold at an average price of $86.95, for a total transaction of $978,274.45. Following the completion of the sale, the chief financial officer now owns 10,669 shares of the company’s stock, valued at approximately $927,669.55. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Michael Xie sold 60,000 shares of Fortinet stock in a transaction on Monday, March 4th. The stock was sold at an average price of $84.06, for a total transaction of $5,043,600.00. Following the sale, the vice president now directly owns 6,444,644 shares of the company’s stock, valued at approximately $541,736,774.64. The disclosure for this sale can be found here. Insiders have sold a total of 197,127 shares of company stock valued at $16,334,589 in the last ninety days. Company insiders own 17.70% of the company’s stock.
FTNT has been the subject of several recent analyst reports. Goldman Sachs Group lowered shares of Fortinet from a “buy” rating to a “sell” rating and dropped their price objective for the stock from $95.00 to $59.00 in a report on Friday, January 4th. Oppenheimer dropped their price objective on shares of Fortinet from $97.00 to $88.00 in a report on Monday, January 7th. Zacks Investment Research lowered shares of Fortinet from a “buy” rating to a “hold” rating in a report on Wednesday, February 6th. BMO Capital Markets lowered shares of Fortinet from an “outperform” rating to a “market perform” rating and dropped their price objective for the stock from $90.00 to $78.00 in a report on Tuesday, January 22nd. They noted that the move was a valuation call. Finally, OTR Global lowered shares of Fortinet to a “positive” rating in a report on Friday, January 18th. Two research analysts have rated the stock with a sell rating, sixteen have assigned a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the company. The stock presently has an average rating of “Hold” and an average target price of $80.86.
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Fortinet, Inc provides broad, automated, and integrated cybersecurity solutions worldwide. It offers FortiGate hardware and software licenses that provide various security and networking functions, including firewall, intrusion prevention, anti-malware, virtual private network, application control, Web filtering, anti-spam, and WAN acceleration; and FortiSandbox technology that delivers proactive detection and mitigation services; and FortiSIEM family of products, which offers a cloud-ready security information and event management solution for enterprises and service providers.
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