KCM Investment Advisors LLC Sells 1,017 Shares of Fortinet, Inc. (NASDAQ:FTNT)

KCM Investment Advisors LLC lowered its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 2.5% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 39,613 shares of the software maker’s stock after selling 1,017 shares during the quarter. KCM Investment Advisors LLC’s holdings in Fortinet were worth $3,743,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Edmond DE Rothschild Holding S.A. purchased a new stake in shares of Fortinet in the fourth quarter worth approximately $27,000. Graney & King LLC purchased a new stake in Fortinet in the 4th quarter valued at $43,000. Golden State Wealth Management LLC purchased a new stake in Fortinet in the 4th quarter valued at $46,000. Runnymede Capital Advisors Inc. purchased a new position in Fortinet during the 4th quarter worth $56,000. Finally, LFA Lugano Financial Advisors SA grew its stake in shares of Fortinet by 445.5% in the 4th quarter. LFA Lugano Financial Advisors SA now owns 600 shares of the software maker’s stock worth $57,000 after acquiring an additional 490 shares in the last quarter. Institutional investors own 83.71% of the company’s stock.

Insider Transactions at Fortinet

In related news, Director William H. Neukom purchased 328 shares of the business’s stock in a transaction on Thursday, March 6th. The stock was acquired at an average price of $106.33 per share, with a total value of $34,876.24. Following the purchase, the director now directly owns 300,006 shares in the company, valued at approximately $31,899,637.98. This represents a 0.11 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Kenneth A. Goldman sold 2,000 shares of the stock in a transaction on Wednesday, March 12th. The stock was sold at an average price of $100.00, for a total transaction of $200,000.00. Following the completion of the transaction, the director now directly owns 18,612 shares in the company, valued at $1,861,200. The trade was a 9.70 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 599,988 shares of company stock valued at $59,094,530. 18.00% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of research firms recently weighed in on FTNT. Mizuho raised their price target on shares of Fortinet from $68.00 to $78.00 and gave the company an “underperform” rating in a research report on Friday, December 13th. Piper Sandler reiterated an “overweight” rating and issued a $135.00 price objective (up previously from $120.00) on shares of Fortinet in a research note on Friday, February 7th. Cantor Fitzgerald boosted their target price on Fortinet from $95.00 to $110.00 and gave the stock a “neutral” rating in a research note on Tuesday, February 4th. Scotiabank increased their price target on Fortinet from $115.00 to $135.00 and gave the company a “sector outperform” rating in a research report on Friday, February 7th. Finally, Stephens assumed coverage on Fortinet in a report on Tuesday, April 1st. They set an “equal weight” rating and a $108.00 price target on the stock. One analyst has rated the stock with a sell rating, twenty have given a hold rating, eleven have assigned a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, Fortinet currently has an average rating of “Hold” and a consensus price target of $105.77.

Fortinet Stock Down 5.3 %

Shares of NASDAQ FTNT opened at $84.71 on Friday. The business has a 50-day simple moving average of $102.59 and a two-hundred day simple moving average of $93.87. Fortinet, Inc. has a 52 week low of $54.57 and a 52 week high of $114.82. The company has a market cap of $65.14 billion, a P/E ratio of 37.48, a P/E/G ratio of 4.19 and a beta of 1.09. The company has a quick ratio of 1.39, a current ratio of 1.47 and a debt-to-equity ratio of 0.67.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings data on Thursday, February 6th. The software maker reported $0.67 EPS for the quarter, beating the consensus estimate of $0.60 by $0.07. Fortinet had a net margin of 29.30% and a return on equity of 256.53%. Research analysts anticipate that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

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.