Axxcess Wealth Management LLC lowered its stake in Fortinet, Inc. (NASDAQ:FTNT – Free Report) by 21.1% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 3,000 shares of the software maker’s stock after selling 800 shares during the period. Axxcess Wealth Management LLC’s holdings in Fortinet were worth $205,000 as of its most recent filing with the SEC.
Other hedge funds also recently modified their holdings of the company. Vima LLC bought a new position in Fortinet in the fourth quarter valued at about $25,000. Winthrop Capital Management LLC bought a new position in Fortinet in the first quarter valued at about $25,000. Rise Advisors LLC grew its holdings in shares of Fortinet by 135.6% during the first quarter. Rise Advisors LLC now owns 377 shares of the software maker’s stock worth $26,000 after purchasing an additional 217 shares during the last quarter. Creekmur Asset Management LLC bought a new stake in shares of Fortinet during the fourth quarter worth about $32,000. Finally, American National Bank grew its holdings in shares of Fortinet by 443.6% during the fourth quarter. American National Bank now owns 598 shares of the software maker’s stock worth $35,000 after purchasing an additional 488 shares during the last quarter. Institutional investors own 83.71% of the company’s stock.
Fortinet Stock Performance
Shares of FTNT opened at $57.00 on Friday. The stock’s 50-day simple moving average is $59.57 and its 200 day simple moving average is $63.84. The stock has a market capitalization of $43.54 billion, a price-to-earnings ratio of 37.26, a price-to-earnings-growth ratio of 2.78 and a beta of 0.98. Fortinet, Inc. has a 52-week low of $44.12 and a 52-week high of $78.58.
Analyst Ratings Changes
Several analysts have recently weighed in on the company. Susquehanna reduced their price target on Fortinet from $80.00 to $65.00 and set a “neutral” rating on the stock in a report on Monday, May 6th. JPMorgan Chase & Co. cut their price objective on Fortinet from $67.00 to $63.00 and set a “neutral” rating on the stock in a research note on Friday, May 3rd. HSBC cut their price objective on Fortinet from $57.00 to $54.00 and set a “reduce” rating on the stock in a research note on Friday, May 3rd. BMO Capital Markets cut their price objective on Fortinet from $82.00 to $70.00 and set a “market perform” rating on the stock in a research note on Friday, May 3rd. Finally, Cantor Fitzgerald cut their price objective on Fortinet from $65.00 to $55.00 and set a “neutral” rating on the stock in a research note on Friday, May 3rd. Two investment analysts have rated the stock with a sell rating, nineteen have assigned a hold rating and twelve have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $69.90.
Read Our Latest Stock Report on Fortinet
Insider Buying and Selling
In other Fortinet news, Director William H. Neukom purchased 586 shares of the stock in a transaction on Thursday, June 6th. The shares were purchased at an average price of $59.55 per share, with a total value of $34,896.30. Following the acquisition, the director now directly owns 295,778 shares in the company, valued at approximately $17,613,579.90. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other Fortinet news, Director William H. Neukom purchased 586 shares of the stock in a transaction on Thursday, June 6th. The shares were purchased at an average price of $59.55 per share, with a total value of $34,896.30. Following the acquisition, the director now directly owns 295,778 shares in the company, valued at approximately $17,613,579.90. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO Ken Xie sold 24,267 shares of the firm’s stock in a transaction dated Monday, July 15th. The shares were sold at an average price of $60.01, for a total value of $1,456,262.67. Following the completion of the sale, the chief executive officer now directly owns 48,777,294 shares in the company, valued at approximately $2,927,125,412.94. The disclosure for this sale can be found here. In the last quarter, insiders have sold 91,913 shares of company stock valued at $5,608,349. Corporate insiders own 18.00% of the company’s stock.
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.
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