Claro Advisors LLC Lowers Stake in Fortinet, Inc. (NASDAQ:FTNT)

Claro Advisors LLC trimmed its position in Fortinet, Inc. (NASDAQ:FTNT) by 6.9% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 5,842 shares of the software maker’s stock after selling 433 shares during the quarter. Claro Advisors LLC’s holdings in Fortinet were worth $552,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. First Hawaiian Bank acquired a new position in Fortinet during the fourth quarter valued at approximately $670,000. LVM Capital Management Ltd. MI lifted its holdings 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. Apollon Wealth Management LLC boosted its position in Fortinet by 7.6% during the 3rd quarter. Apollon Wealth Management LLC now owns 15,296 shares of the software maker’s stock worth $1,186,000 after purchasing an additional 1,081 shares during the period. Forsta AP Fonden increased its holdings in Fortinet by 11.8% in the 3rd quarter. Forsta AP Fonden now owns 135,500 shares of the software maker’s stock valued at $10,508,000 after purchasing an additional 14,300 shares in the last quarter. Finally, Quadrature Capital Ltd acquired a new position in shares of Fortinet during the third quarter worth about $10,343,000. 83.71% of the stock is owned by institutional investors and hedge funds.

Fortinet Price Performance

Shares of NASDAQ:FTNT opened at $92.49 on Wednesday. The company has a current ratio of 1.34, a quick ratio of 1.25 and a debt-to-equity ratio of 1.09. The firm’s 50 day moving average is $94.89 and its two-hundred day moving average is $79.68. The firm has a market capitalization of $70.89 billion, a P/E ratio of 46.71, a PEG ratio of 2.76 and a beta of 1.00. Fortinet, Inc. has a 52 week low of $54.57 and a 52 week high of $101.00.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the company. Jefferies Financial Group raised their target price on Fortinet from $95.00 to $105.00 and gave the company a “hold” rating in a report on Thursday, December 19th. The Goldman Sachs Group lifted 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. Wedbush upped their target price on shares of Fortinet from $90.00 to $105.00 and gave the company an “outperform” rating in a research note on Tuesday, November 19th. Morgan Stanley lifted their price target on shares of Fortinet from $105.00 to $106.00 and gave the stock an “overweight” rating in a research note on Tuesday, November 19th. Finally, Needham & Company LLC reissued a “hold” rating on shares of Fortinet in a research report on Friday, November 22nd. One investment analyst has rated the stock with a sell rating, nineteen have given a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $94.35.

Insider Activity at Fortinet

In other news, CEO Ken Xie sold 22,916 shares of the firm’s stock in a transaction on Tuesday, December 17th. The stock was sold at an average price of $97.93, for a total transaction of $2,244,163.88. Following the transaction, the chief executive officer now directly owns 48,983,683 shares of the company’s stock, valued at approximately $4,796,972,076.19. This trade represents a 0.05 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Keith Jensen sold 4,250 shares of the company’s stock in a transaction dated Tuesday, November 19th. The stock was 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 $425,901.87. The trade was a 47.54 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 44,816 shares of company stock worth $4,318,590 in the last three months. 18.00% of the stock is owned by company insiders.

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.