KCM Investment Advisors LLC Sells 2,440 Shares of Fortinet, Inc. (NASDAQ:FTNT)

KCM Investment Advisors LLC cut its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 5.7% in the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 40,630 shares of the software maker’s stock after selling 2,440 shares during the quarter. KCM Investment Advisors LLC’s holdings in Fortinet were worth $3,151,000 at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of the business. Eastern Bank purchased a new position in shares of Fortinet during the 3rd quarter worth about $25,000. Ashton Thomas Securities LLC bought a new position in shares of Fortinet during the third quarter valued at approximately $26,000. Private Wealth Management Group LLC lifted its stake in shares of Fortinet by 73.3% during the 3rd quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker’s stock worth $32,000 after acquiring an additional 173 shares during the last quarter. City State Bank boosted its holdings in Fortinet by 900.0% during the 3rd quarter. City State Bank now owns 500 shares of the software maker’s stock valued at $39,000 after acquiring an additional 450 shares during the period. Finally, Oakworth Capital Inc. purchased a new stake in Fortinet in the second quarter worth $33,000. Institutional investors own 83.71% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have recently commented on FTNT. DZ Bank upgraded shares of Fortinet from a “sell” rating to a “hold” rating and set a $65.00 price target on the stock in a report on Thursday, August 8th. Guggenheim cut Fortinet from a “buy” rating to a “neutral” rating in a research note on Monday, July 29th. Piper Sandler upped their target price on Fortinet from $70.00 to $80.00 and gave the stock a “neutral” rating in a report on Friday, November 8th. Wedbush upped their price target on shares of Fortinet from $78.00 to $90.00 and gave the stock an “outperform” rating in a research report on Friday, November 8th. Finally, Raymond James increased their target price on shares of Fortinet from $85.00 to $95.00 and gave the company an “outperform” rating in a research report on Friday, November 8th. One research analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $79.52.

Fortinet Price Performance

Shares of NASDAQ FTNT opened at $94.20 on Friday. The stock has a market capitalization of $72.20 billion, a price-to-earnings ratio of 47.58, a price-to-earnings-growth ratio of 2.93 and a beta of 1.00. Fortinet, Inc. has a 52 week low of $49.97 and a 52 week high of $100.59. The firm has a 50-day simple moving average of $80.76 and a 200-day simple moving average of $69.24. The company has a quick ratio of 1.25, a current ratio of 1.34 and a debt-to-equity ratio of 1.09.

Insiders Place Their Bets

In related news, CEO Ken Xie sold 23,307 shares of the stock in a transaction that occurred on Wednesday, October 16th. The stock was sold at an average price of $81.89, for a total value of $1,908,610.23. Following the completion of the transaction, the chief executive officer now directly owns 48,915,530 shares in the company, valued at approximately $4,005,692,751.70. This represents a 0.05 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 18.00% of the company’s stock.

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.