Fortinet, Inc. (NASDAQ:FTNT) Shares Bought by LVM Capital Management Ltd. MI

LVM Capital Management Ltd. MI lifted its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 10.7% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 89,827 shares of the software maker’s stock after purchasing an additional 8,707 shares during the period. LVM Capital Management Ltd. MI’s holdings in Fortinet were worth $8,487,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in the business. Eastern Bank acquired a new stake in Fortinet during the 3rd quarter worth about $25,000. Ashton Thomas Securities LLC purchased a new stake in shares of Fortinet in the 3rd quarter valued at approximately $26,000. Private Wealth Management Group LLC boosted its stake in Fortinet by 73.3% in the 3rd quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker’s stock worth $32,000 after purchasing an additional 173 shares during the period. City State Bank grew its position in Fortinet by 900.0% during the 3rd quarter. City State Bank now owns 500 shares of the software maker’s stock worth $39,000 after purchasing an additional 450 shares in the last quarter. Finally, Paladin Wealth LLC purchased a new stake in shares of Fortinet in the third quarter valued at $46,000. 83.71% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on the company. Scotiabank raised their price objective on Fortinet from $85.00 to $110.00 and gave the stock a “sector outperform” rating in a research report on Wednesday, November 20th. Bank of America raised their price target on shares of Fortinet from $87.00 to $104.00 and gave the stock a “buy” rating in a report on Tuesday, November 19th. Deutsche Bank Aktiengesellschaft increased their target price on shares of Fortinet from $77.00 to $90.00 and gave the stock a “hold” rating in a research report on Tuesday, November 19th. Raymond James boosted their price target on shares of Fortinet from $85.00 to $95.00 and gave the company an “outperform” rating in a report on Friday, November 8th. Finally, Cantor Fitzgerald boosted their price target on Fortinet from $88.00 to $95.00 and gave the company a “neutral” rating in a research note on Tuesday, November 19th. One research analyst has rated the stock with a sell rating, eighteen have assigned a hold rating, fifteen have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $94.35.

Insider Activity

In other Fortinet news, CEO Ken Xie sold 23,307 shares of the 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 transaction, the chief executive officer now owns 48,915,530 shares of the company’s stock, valued at approximately $4,005,692,751.70. This represents a 0.05 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Keith Jensen sold 17,650 shares of the firm’s stock in a transaction dated Tuesday, November 26th. The stock was sold at an average price of $95.66, for a total value of $1,688,399.00. Following the transaction, the chief financial officer now owns 4,689 shares in the company, valued at approximately $448,549.74. This trade represents a 79.01 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 68,123 shares of company stock valued at $6,227,201 over the last 90 days. 18.00% of the stock is owned by company insiders.

Fortinet Trading Down 0.9 %

NASDAQ:FTNT traded down $0.85 during trading hours on Friday, hitting $95.19. 1,758,927 shares of the stock were exchanged, compared to its average volume of 3,623,198. The company’s 50 day moving average is $94.28 and its two-hundred day moving average is $78.90. The company has a market capitalization of $72.96 billion, a P/E ratio of 48.08, a price-to-earnings-growth ratio of 2.76 and a beta of 1.00. Fortinet, Inc. has a twelve month low of $54.57 and a twelve month high of $101.00. The company has a quick ratio of 1.25, a current ratio of 1.34 and a debt-to-equity ratio of 1.09.

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.