Fortinet, Inc. (NASDAQ:FTNT) Shares Sold by Kovack Advisors Inc.

Kovack Advisors Inc. decreased its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 11.9% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 12,919 shares of the software maker’s stock after selling 1,741 shares during the quarter. Kovack Advisors Inc.’s holdings in Fortinet were worth $1,002,000 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. Simmons Bank increased its position in shares of Fortinet by 7.7% in the 3rd quarter. Simmons Bank now owns 41,162 shares of the software maker’s stock valued at $3,192,000 after purchasing an additional 2,945 shares during the last quarter. Haverford Trust Co purchased a new stake in shares of Fortinet during the 3rd quarter worth $470,000. Empower Advisory Group LLC grew its stake in shares of Fortinet by 4.2% during the third quarter. Empower Advisory Group LLC now owns 1,008,224 shares of the software maker’s stock worth $78,188,000 after purchasing an additional 40,277 shares in the last quarter. RPG Investment Advisory LLC increased its holdings in Fortinet by 1.5% in the third quarter. RPG Investment Advisory LLC now owns 212,695 shares of the software maker’s stock valued at $16,494,000 after buying an additional 3,112 shares during the last quarter. Finally, Aptus Capital Advisors LLC raised its stake in Fortinet by 15.2% in the third quarter. Aptus Capital Advisors LLC now owns 6,157 shares of the software maker’s stock valued at $477,000 after buying an additional 813 shares in the last quarter. Institutional investors and hedge funds 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 on Wednesday, October 16th. The shares were sold at an average price of $81.89, for a total transaction of $1,908,610.23. Following the sale, the chief executive officer now directly owns 48,915,530 shares in the company, valued at approximately $4,005,692,751.70. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 18.00% of the stock is currently owned by company insiders.

Fortinet Stock Performance

Shares of FTNT stock opened at $97.88 on Thursday. The company has a current ratio of 1.34, a quick ratio of 1.25 and a debt-to-equity ratio of 1.09. Fortinet, Inc. has a 12-month low of $49.97 and a 12-month high of $100.59. The company has a market cap of $75.02 billion, a price-to-earnings ratio of 49.43, a price-to-earnings-growth ratio of 2.96 and a beta of 1.00. The stock has a 50 day simple moving average of $80.01 and a 200-day simple moving average of $68.85.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the company. Hsbc Global Res upgraded Fortinet from a “hold” rating to a “strong-buy” rating in a report on Monday. Guggenheim lowered shares of Fortinet from a “buy” rating to a “neutral” rating in a research note on Monday, July 29th. Scotiabank raised their price objective on shares of Fortinet from $75.00 to $85.00 and gave the stock a “sector outperform” rating in a report on Friday, November 8th. Morgan Stanley lowered their target price on shares of Fortinet from $73.00 to $69.00 and set an “overweight” rating for the company in a report on Wednesday, July 17th. Finally, StockNews.com upgraded shares of Fortinet from a “hold” rating to a “buy” rating in a research note on Friday, October 25th. One research analyst has rated the stock with a sell rating, nineteen have given a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $79.52.

Fortinet Company 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.