Fortinet, Inc. (NASDAQ:FTNT) Shares Sold by Sanibel Captiva Trust Company Inc.

Sanibel Captiva Trust Company Inc. trimmed its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 6.3% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 125,400 shares of the software maker’s stock after selling 8,494 shares during the quarter. Sanibel Captiva Trust Company Inc.’s holdings in Fortinet were worth $11,848,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of FTNT. First Hawaiian Bank acquired a new position in Fortinet in the fourth quarter valued at $670,000. LVM Capital Management Ltd. MI grew its holdings in shares of Fortinet by 10.7% during the fourth quarter. LVM Capital Management Ltd. MI now owns 89,827 shares of the software maker’s stock worth $8,487,000 after buying an additional 8,707 shares during the last quarter. Apollon Wealth Management LLC increased its position in Fortinet by 7.6% in the 3rd quarter. Apollon Wealth Management LLC now owns 15,296 shares of the software maker’s stock valued at $1,186,000 after acquiring an additional 1,081 shares during the period. Forsta AP Fonden raised its stake in Fortinet by 11.8% during the 3rd quarter. Forsta AP Fonden now owns 135,500 shares of the software maker’s stock valued at $10,508,000 after acquiring an additional 14,300 shares during the last quarter. Finally, Quadrature Capital Ltd acquired a new stake in Fortinet during the 3rd quarter worth approximately $10,343,000. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Fortinet Price Performance

Shares of FTNT opened at $94.23 on Friday. The company’s 50-day moving average is $95.68 and its 200-day moving average is $80.34. The firm has a market capitalization of $72.22 billion, a PE ratio of 47.59, a PEG ratio of 2.51 and a beta of 1.00. Fortinet, Inc. has a fifty-two week low of $54.57 and a fifty-two week high of $101.00. The company has a debt-to-equity ratio of 1.09, a current ratio of 1.34 and a quick ratio of 1.25.

Insider Transactions at Fortinet

In other news, CFO Keith Jensen sold 4,250 shares of Fortinet stock in a transaction on 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 sale, the chief financial officer now directly owns 4,689 shares of the company’s stock, valued at approximately $425,901.87. The trade was a 47.54 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director William H. Neukom purchased 355 shares of Fortinet stock in a transaction that occurred on Friday, December 6th. The shares were bought at an average price of $98.50 per share, for a total transaction of $34,967.50. Following the completion of the transaction, the director now owns 150,245 shares in the company, valued at $14,799,132.50. The trade was a 0.24 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last three months, insiders have sold 67,860 shares of company stock worth $6,469,056. Insiders own 18.00% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on the company. TD Cowen boosted their target price on Fortinet from $90.00 to $105.00 and gave the company a “buy” rating in a report on Tuesday, November 19th. The Goldman Sachs Group boosted their price objective on shares of Fortinet from $100.00 to $114.00 and gave the company a “buy” rating in a research note on Thursday, January 2nd. Piper Sandler upgraded shares of Fortinet from a “neutral” rating to an “overweight” rating and raised their target price for the stock from $100.00 to $120.00 in a research note on Monday, January 6th. BMO Capital Markets lifted their target price on shares of Fortinet from $88.00 to $100.00 and gave the company a “market perform” rating in a report on Tuesday, November 19th. Finally, Wedbush increased their price target on shares of Fortinet from $90.00 to $105.00 and gave the stock an “outperform” rating in a report on Tuesday, November 19th. One research analyst has rated the stock with a sell rating, eighteen have given a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Fortinet presently has a consensus rating of “Hold” and a consensus price target of $95.16.

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.