Capital Market Strategies LLC Has $706,000 Stock Holdings in Fortinet, Inc. (NASDAQ:FTNT)

Capital Market Strategies LLC boosted its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 2.1% during the 4th quarter, Holdings Channel.com reports. The institutional investor owned 7,475 shares of the software maker’s stock after purchasing an additional 153 shares during the quarter. Capital Market Strategies LLC’s holdings in Fortinet were worth $706,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of FTNT. Eastern Bank purchased a new position in shares of Fortinet during the 3rd quarter valued at $25,000. Ashton Thomas Securities LLC acquired a new position in Fortinet during the third quarter valued at approximately $26,000. Private Wealth Management Group LLC boosted its holdings in Fortinet by 73.3% during the third quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker’s stock valued at $32,000 after acquiring an additional 173 shares during the period. City State Bank grew its holdings 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 buying an additional 450 shares during the last quarter. Finally, Paladin Wealth LLC bought a new stake in Fortinet in the 3rd quarter valued at $46,000. 83.71% of the stock is owned by hedge funds and other institutional investors.

Fortinet Trading Up 0.3 %

Shares of FTNT stock traded up $0.32 during mid-day trading on Monday, reaching $97.79. 2,032,871 shares of the stock traded hands, compared to its average volume of 3,041,598. The stock’s fifty day simple moving average is $92.91 and its two-hundred day simple moving average is $78.11. The company has a market cap of $74.95 billion, a price-to-earnings ratio of 49.39, a price-to-earnings-growth ratio of 2.76 and a beta of 1.00. Fortinet, Inc. has a 1-year low of $54.57 and a 1-year 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.

Insider Buying and Selling at Fortinet

In other news, CFO Keith Jensen sold 4,250 shares of Fortinet stock in a transaction dated Tuesday, November 19th. The shares were sold at an average price of $90.83, for a total transaction of $386,027.50. Following the completion of the transaction, the chief financial officer now directly owns 4,689 shares in the company, valued at $425,901.87. This trade represents a 47.54 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Ken Xie sold 23,307 shares of the business’s stock in a transaction that occurred on 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 sale, the chief executive officer now directly owns 48,915,530 shares of the company’s stock, valued at $4,005,692,751.70. This represents a 0.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 68,123 shares of company stock worth $6,227,201. 18.00% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

FTNT has been the subject of a number of analyst reports. JPMorgan Chase & Co. raised their price target on shares of Fortinet from $99.00 to $105.00 and gave the stock a “neutral” rating in a research note on Monday, December 16th. Wells Fargo & Company increased their target price on Fortinet from $80.00 to $85.00 and gave the stock an “equal weight” rating in a report on Tuesday, November 19th. Citigroup lifted their price target on Fortinet from $66.00 to $76.00 and gave the company a “neutral” rating in a report on Friday, September 13th. Rosenblatt Securities boosted their target price on shares of Fortinet from $90.00 to $100.00 and gave the stock a “buy” rating in a research note on Wednesday, November 20th. Finally, Mizuho lifted their price objective on Fortinet from $68.00 to $78.00 and gave the stock an “underperform” rating in a research report on Friday, December 13th. One investment analyst has rated the stock with a sell rating, eighteen have issued a hold rating, fifteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, Fortinet currently has a consensus rating of “Hold” and a consensus price target of $94.35.

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.