Burney Co. Sells 8,611 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Burney Co. reduced its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 2.3% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 361,908 shares of the software maker’s stock after selling 8,611 shares during the quarter. Fortinet makes up approximately 1.2% of Burney Co.’s holdings, making the stock its 15th biggest position. Burney Co.’s holdings in Fortinet were worth $34,193,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Brendel Financial Advisors LLC bought a new position in Fortinet in the 4th quarter valued at about $257,000. Thurston Springer Miller Herd & Titak Inc. grew its position in shares of Fortinet by 2,602.1% during the 4th quarter. Thurston Springer Miller Herd & Titak Inc. now owns 1,297 shares of the software maker’s stock worth $123,000 after purchasing an additional 1,249 shares in the last quarter. Park Avenue Securities LLC boosted its stake in shares of Fortinet by 75.0% in the fourth quarter. Park Avenue Securities LLC now owns 18,886 shares of the software maker’s stock valued at $1,784,000 after buying an additional 8,092 shares during the period. Assenagon Asset Management S.A. lifted its position in shares of Fortinet by 6.8% during the 4th quarter. Assenagon Asset Management S.A. now owns 17,062 shares of the software maker’s stock valued at $1,612,000 after acquiring an additional 1,085 shares during the period. Finally, Board of the Pension Protection Fund bought a new position in Fortinet in the 4th quarter valued at about $1,049,000. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Fortinet

In other Fortinet news, CFO Keith Jensen sold 4,250 shares of the company’s stock in a transaction 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 $425,901.87. This represents a 47.54 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Ken Xie sold 22,916 shares of Fortinet stock in a transaction on 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 owns 48,983,683 shares in the company, valued at $4,796,972,076.19. The trade was a 0.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 44,816 shares of company stock worth $4,318,590 in the last 90 days. Insiders own 18.00% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the stock. StockNews.com upgraded shares of Fortinet from a “hold” rating to a “buy” rating in a research report on Friday, October 25th. Truist Financial reiterated a “buy” rating and issued a $105.00 price target (up previously from $85.00) on shares of Fortinet in a research note on Wednesday, November 20th. Needham & Company LLC restated a “hold” rating on shares of Fortinet in a research report on Friday, November 22nd. Morgan Stanley raised their price target on shares of Fortinet from $105.00 to $106.00 and gave the company an “overweight” rating in a research note on Tuesday, November 19th. Finally, Scotiabank upped their price objective on shares of Fortinet from $85.00 to $110.00 and gave the stock a “sector outperform” rating in a research report on Wednesday, November 20th. One analyst has rated the stock with a sell rating, nineteen have issued a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $94.35.

Fortinet Stock Up 0.5 %

Shares of NASDAQ:FTNT opened at $92.99 on Wednesday. The business’s 50 day moving average is $94.89 and its 200 day moving average is $79.68. Fortinet, Inc. has a 12-month low of $54.57 and a 12-month high of $101.00. The stock has a market cap of $71.27 billion, a price-to-earnings ratio of 46.96, a PEG ratio of 2.76 and a beta of 1.00. The company has a quick ratio of 1.25, a current ratio of 1.34 and a debt-to-equity ratio of 1.09.

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.