Avestar Capital LLC Purchases 283 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Avestar Capital LLC grew its position in Fortinet, Inc. (NASDAQ:FTNT) by 4.6% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 6,425 shares of the software maker’s stock after acquiring an additional 283 shares during the period. Avestar Capital LLC’s holdings in Fortinet were worth $498,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Eastern Bank bought a new position in Fortinet during the third quarter worth about $25,000. Ashton Thomas Securities LLC bought a new position in shares of Fortinet during the 3rd quarter worth approximately $26,000. Private Wealth Management Group LLC increased its holdings 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 worth $32,000 after acquiring an additional 173 shares during the last quarter. City State Bank raised its stake 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 acquiring an additional 450 shares during the period. Finally, Oakworth Capital Inc. acquired a new stake in Fortinet during the 2nd quarter valued at $33,000. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Fortinet Stock Performance

NASDAQ:FTNT opened at $96.44 on Wednesday. The company has a market capitalization of $73.92 billion, a PE ratio of 48.71, a P/E/G ratio of 2.70 and a beta of 1.00. Fortinet, Inc. has a fifty-two week low of $50.65 and a fifty-two week high of $100.59. 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 company has a 50 day simple moving average of $82.79 and a two-hundred day simple moving average of $70.69.

Insider Activity at Fortinet

In other news, CEO Ken Xie sold 23,538 shares of the company’s stock in a transaction dated Wednesday, September 18th. The shares were sold at an average price of $74.94, for a total transaction of $1,763,937.72. Following the transaction, the chief executive officer now owns 48,878,806 shares in the company, valued at approximately $3,662,977,721.64. This represents a 0.05 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Keith Jensen sold 4,250 shares of the stock in a transaction that occurred on Tuesday, November 19th. The stock was sold at an average price of $90.83, for a total value of $386,027.50. Following the completion of 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 position. The disclosure for this sale can be found here. Insiders have sold a total of 51,095 shares of company stock worth $4,058,575 over the last quarter. Company insiders own 18.00% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have commented on the stock. Piper Sandler upped their price objective on shares of Fortinet from $80.00 to $100.00 and gave the company a “neutral” rating in a report on Tuesday, November 19th. UBS Group boosted their price objective on Fortinet from $70.00 to $83.00 and gave the stock a “neutral” rating in a report on Friday, November 8th. Deutsche Bank Aktiengesellschaft lifted their price target on shares of Fortinet from $77.00 to $90.00 and gave the company a “hold” rating in a research report on Tuesday, November 19th. Cantor Fitzgerald raised their price objective on Fortinet from $88.00 to $95.00 and gave the stock a “neutral” rating in a research note on Tuesday, November 19th. Finally, TD Cowen upped their target price on Fortinet from $90.00 to $105.00 and gave the company a “buy” rating in a research report on Tuesday, November 19th. One investment analyst has rated the stock with a sell rating, nineteen have issued a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, Fortinet has an average rating of “Hold” and a consensus price target of $88.93.

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.