Kovack Advisors Inc. Has $1.35 Million Stock Holdings in Fortinet, Inc. (NASDAQ:FTNT)

Kovack Advisors Inc. increased its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 10.4% during the 4th quarter, Holdings Channel.com reports. The fund owned 14,263 shares of the software maker’s stock after acquiring an additional 1,344 shares during the period. Kovack Advisors Inc.’s holdings in Fortinet were worth $1,348,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in FTNT. Ashton Thomas Securities LLC acquired a new stake in shares of Fortinet in the 3rd quarter valued at $26,000. Private Wealth Management Group LLC lifted its holdings in Fortinet by 73.3% during the 3rd quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker’s stock valued at $32,000 after purchasing an additional 173 shares during the last quarter. Golden State Wealth Management LLC acquired a new position in Fortinet in the fourth quarter valued at about $46,000. R Squared Ltd bought a new stake in Fortinet during the fourth quarter worth about $65,000. Finally, Venturi Wealth Management LLC raised its stake in shares of Fortinet by 30.6% in the fourth quarter. Venturi Wealth Management LLC now owns 696 shares of the software maker’s stock valued at $66,000 after acquiring an additional 163 shares during the last quarter. Institutional investors own 83.71% of the company’s stock.

Insider Buying and Selling at Fortinet

In other news, CEO Ken Xie sold 23,044 shares of the stock in a transaction that occurred on Wednesday, January 15th. The stock was sold at an average price of $93.32, for a total value of $2,150,466.08. Following the completion of the sale, the chief executive officer now owns 49,039,698 shares of the company’s stock, valued at approximately $4,576,384,617.36. This represents a 0.05 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Keith Jensen sold 17,660 shares of the business’s stock in a transaction on Wednesday, February 26th. The stock was sold at an average price of $109.18, for a total transaction of $1,928,118.80. Following the transaction, the chief financial officer now owns 4,736 shares in the company, valued at approximately $517,076.48. The trade was a 78.85 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 87,120 shares of company stock worth $8,991,409. Corporate insiders own 18.00% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on the company. Citigroup raised their price target on Fortinet from $100.00 to $101.00 and gave the company a “neutral” rating in a report on Friday, January 17th. Barclays raised their target price on Fortinet from $85.00 to $95.00 and gave the company an “equal weight” rating in a research note on Friday, November 8th. Piper Sandler reiterated an “overweight” rating and set a $135.00 price target (up previously from $120.00) on shares of Fortinet in a research report on Friday, February 7th. Hsbc Global Res upgraded shares of Fortinet from a “hold” rating to a “strong-buy” rating in a research report on Monday, November 11th. Finally, Royal Bank of Canada upped their target price on shares of Fortinet from $97.00 to $115.00 and gave the stock a “sector perform” rating in a research report on Friday, February 7th. One research analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $103.72.

Fortinet Stock Performance

Shares of FTNT stock opened at $107.09 on Friday. The company has a market capitalization of $82.08 billion, a P/E ratio of 47.39, a price-to-earnings-growth ratio of 4.19 and a beta of 1.01. Fortinet, Inc. has a 52 week low of $54.57 and a 52 week high of $114.82. The company has a debt-to-equity ratio of 0.67, a quick ratio of 1.39 and a current ratio of 1.47. The company’s 50 day moving average price is $101.09 and its two-hundred day moving average price is $89.48.

Fortinet (NASDAQ:FTNT) last released its earnings results on Thursday, February 6th. The software maker reported $0.67 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.60 by $0.07. Fortinet had a return on equity of 256.53% and a net margin of 29.30%. On average, analysts expect that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

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.