Kaydan Wealth Management Inc. Reduces Position in Fortinet, Inc. (NASDAQ:FTNT)

Kaydan Wealth Management Inc. reduced its stake in Fortinet, Inc. (NASDAQ:FTNT) by 5.7% during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 7,327 shares of the software maker’s stock after selling 445 shares during the quarter. Kaydan Wealth Management Inc.’s holdings in Fortinet were worth $692,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in FTNT. Fifth Third Wealth Advisors LLC lifted its holdings in Fortinet by 1.6% in the 4th quarter. Fifth Third Wealth Advisors LLC now owns 6,833 shares of the software maker’s stock valued at $646,000 after purchasing an additional 107 shares in the last quarter. Versant Capital Management Inc lifted its stake in shares of Fortinet by 13.1% during the fourth quarter. Versant Capital Management Inc now owns 1,106 shares of the software maker’s stock valued at $104,000 after buying an additional 128 shares during the period. Diversified Trust Co boosted its position in Fortinet by 0.6% during the fourth quarter. Diversified Trust Co now owns 23,852 shares of the software maker’s stock worth $2,254,000 after acquiring an additional 135 shares during the last quarter. Eagle Capital Management LLC grew its stake in Fortinet by 0.6% in the 3rd quarter. Eagle Capital Management LLC now owns 25,772 shares of the software maker’s stock worth $1,999,000 after acquiring an additional 141 shares during the period. Finally, OneDigital Investment Advisors LLC lifted its stake in shares of Fortinet by 3.9% during the 3rd quarter. OneDigital Investment Advisors LLC now owns 3,782 shares of the software maker’s stock worth $293,000 after purchasing an additional 141 shares during the period. Institutional investors and hedge funds own 83.71% of the company’s stock.

Fortinet Price Performance

Shares of NASDAQ FTNT opened at $94.23 on Monday. The company has a debt-to-equity ratio of 1.09, a current ratio of 1.34 and a quick ratio of 1.25. The firm has a market capitalization of $72.22 billion, a PE ratio of 47.59, a P/E/G ratio of 2.51 and a beta of 1.00. Fortinet, Inc. has a 1-year low of $54.57 and a 1-year high of $101.00. The business’s fifty day moving average price is $95.68 and its two-hundred day moving average price is $80.61.

Insiders Place Their Bets

In other news, CFO Keith Jensen sold 4,250 shares of the business’s stock in a transaction on Tuesday, November 19th. The stock was sold at an average price of $90.83, for a total value of $386,027.50. Following the sale, the chief financial officer now 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 filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director William H. Neukom bought 355 shares of the firm’s stock in a transaction that occurred on Friday, December 6th. The shares were purchased at an average cost of $98.50 per share, with a total value of $34,967.50. Following the purchase, the director now directly owns 150,245 shares of the company’s stock, valued at approximately $14,799,132.50. This represents a 0.24 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last 90 days, insiders sold 67,860 shares of company stock worth $6,469,056. Insiders own 18.00% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on the company. BMO Capital Markets lifted their price objective on Fortinet from $88.00 to $100.00 and gave the company a “market perform” rating in a research report on Tuesday, November 19th. TD Cowen upped their price objective on shares of Fortinet from $90.00 to $105.00 and gave the company a “buy” rating in a research note on Tuesday, November 19th. 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. The Goldman Sachs Group upped their price target on shares of Fortinet from $100.00 to $114.00 and gave the stock a “buy” rating in a research report on Thursday, January 2nd. Finally, Scotiabank lifted their price target on shares of Fortinet from $85.00 to $110.00 and gave the company a “sector outperform” rating in a report on Wednesday, November 20th. One analyst has rated the stock with a sell rating, seventeen have given a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $96.17.

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.