Cooper Financial Group Trims Holdings in Fortinet, Inc. (NASDAQ:FTNT)

Cooper Financial Group reduced its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 8.6% in the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 32,333 shares of the software maker’s stock after selling 3,044 shares during the period. Cooper Financial Group’s holdings in Fortinet were worth $3,055,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. Wedmont Private Capital boosted its stake in shares of Fortinet by 7.4% during the 4th quarter. Wedmont Private Capital now owns 5,809 shares of the software maker’s stock valued at $549,000 after buying an additional 402 shares during the last quarter. Capital Investment Advisors LLC acquired a new stake in shares of Fortinet during the 4th quarter valued at approximately $603,000. Czech National Bank raised its position in shares of Fortinet by 6.7% during the 4th quarter. Czech National Bank now owns 137,932 shares of the software maker’s stock valued at $13,032,000 after acquiring an additional 8,602 shares in the last quarter. Graypoint LLC raised its position in shares of Fortinet by 11.1% during the 4th quarter. Graypoint LLC now owns 3,699 shares of the software maker’s stock valued at $349,000 after acquiring an additional 369 shares in the last quarter. Finally, LVM Capital Management Ltd. MI raised its position in shares of Fortinet by 10.7% during the 4th quarter. LVM Capital Management Ltd. MI now owns 89,827 shares of the software maker’s stock valued at $8,487,000 after acquiring an additional 8,707 shares in the last quarter. 83.71% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Fortinet

In other Fortinet news, 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 transaction of $1,688,399.00. Following the completion of the sale, the chief financial officer now directly owns 4,689 shares in the company, valued at approximately $448,549.74. This trade represents a 79.01 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Ken Xie sold 22,916 shares of the firm’s stock in a transaction dated Tuesday, December 17th. The stock was sold at an average price of $97.93, for a total value of $2,244,163.88. Following the sale, the chief executive officer now directly owns 48,983,683 shares of the company’s stock, valued at $4,796,972,076.19. This trade represents a 0.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 68,123 shares of company stock worth $6,227,201 in the last quarter. 18.00% of the stock is owned by company insiders.

Fortinet Trading Down 1.3 %

Shares of NASDAQ:FTNT traded down $1.22 during midday trading on Monday, reaching $93.34. The company had a trading volume of 1,673,633 shares, compared to its average volume of 3,675,903. The company has a debt-to-equity ratio of 1.09, a quick ratio of 1.25 and a current ratio of 1.34. Fortinet, Inc. has a 1-year low of $54.57 and a 1-year high of $101.00. The firm has a market cap of $71.54 billion, a price-to-earnings ratio of 47.14, a price-to-earnings-growth ratio of 2.76 and a beta of 1.00. The company has a fifty day simple moving average of $94.59 and a two-hundred day simple moving average of $79.44.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on the company. Piper Sandler raised Fortinet from a “neutral” rating to an “overweight” rating and upped their price target for the company from $100.00 to $120.00 in a research report on Monday, January 6th. Jefferies Financial Group increased their target price on Fortinet from $95.00 to $105.00 and gave the stock a “hold” rating in a research report on Thursday, December 19th. Raymond James increased their target price on Fortinet from $85.00 to $95.00 and gave the stock an “outperform” rating in a research report on Friday, November 8th. BMO Capital Markets increased their target price on Fortinet from $88.00 to $100.00 and gave the stock a “market perform” rating in a research report on Tuesday, November 19th. Finally, 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 research report on Tuesday, November 19th. One research analyst has rated the stock with a sell rating, eighteen have issued a hold rating, fifteen have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $94.35.

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.