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

Burney Co. reduced its stake in Fortinet, Inc. (NASDAQ:FTNT) by 2.3% in the fourth quarter, Holdings Channel.com reports. The fund owned 361,908 shares of the software maker’s stock after selling 8,611 shares during the period. Fortinet makes up approximately 1.2% of Burney Co.’s portfolio, making the stock its 15th biggest position. Burney Co.’s holdings in Fortinet were worth $34,193,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in FTNT. First Hawaiian Bank purchased a new position in Fortinet in the 4th quarter worth approximately $670,000. LVM Capital Management Ltd. MI raised its stake 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 acquiring an additional 8,707 shares in the last quarter. Apollon Wealth Management LLC boosted its stake in shares of Fortinet by 7.6% during the third quarter. Apollon Wealth Management LLC now owns 15,296 shares of the software maker’s stock valued at $1,186,000 after purchasing an additional 1,081 shares during the period. Forsta AP Fonden boosted its position 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 buying an additional 14,300 shares during the period. Finally, Quadrature Capital Ltd bought a new stake in Fortinet in the 3rd quarter worth $10,343,000. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Fortinet Trading Up 0.5 %

Shares of FTNT stock opened at $92.99 on Wednesday. The company has a debt-to-equity ratio of 1.09, a quick ratio of 1.25 and a current ratio of 1.34. The stock has a fifty day simple moving average of $94.89 and a two-hundred day simple moving average of $79.68. The firm has a market capitalization of $71.27 billion, a PE ratio of 46.96, 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.

Insider Buying and Selling

In related news, CEO Ken Xie sold 22,916 shares of the business’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 in the company, valued at approximately $4,796,972,076.19. The trade was a 0.05 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Keith Jensen sold 17,650 shares of the stock in a transaction dated Tuesday, November 26th. The shares were sold at an average price of $95.66, for a total transaction of $1,688,399.00. Following the completion of the transaction, the chief financial officer now directly owns 4,689 shares of the company’s stock, valued at approximately $448,549.74. The trade was a 79.01 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 44,816 shares of company stock worth $4,318,590. 18.00% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on FTNT shares. Stifel Nicolaus upped their price target on Fortinet from $90.00 to $103.00 and gave the company a “hold” rating in a research report on Wednesday, December 18th. TD Cowen raised their price target on Fortinet from $90.00 to $105.00 and gave the stock a “buy” rating in a research note on Tuesday, November 19th. Scotiabank boosted their price objective on shares of Fortinet from $85.00 to $110.00 and gave the company a “sector outperform” rating in a research report on Wednesday, November 20th. HSBC raised shares of Fortinet from a “hold” rating to a “buy” rating and raised their target price for the stock from $83.00 to $111.00 in a research report on Monday, November 11th. Finally, Robert W. Baird increased their target price on Fortinet from $95.00 to $100.00 and gave the stock an “outperform” rating in a research report on Tuesday, November 19th. 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. According to MarketBeat, the company has an average rating of “Hold” and a consensus target price 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.