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

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

Several other large investors have also recently made changes to their positions in the business. Edmond DE Rothschild Holding S.A. purchased a new position in shares of Fortinet in the fourth quarter worth about $27,000. Graney & King LLC purchased a new position in Fortinet in the 4th quarter worth approximately $43,000. Golden State Wealth Management LLC bought a new stake in Fortinet in the fourth quarter valued at approximately $46,000. Runnymede Capital Advisors Inc. purchased a new stake in shares of Fortinet during the fourth quarter valued at approximately $56,000. Finally, LFA Lugano Financial Advisors SA grew its holdings in shares of Fortinet by 445.5% in the fourth quarter. LFA Lugano Financial Advisors SA now owns 600 shares of the software maker’s stock worth $57,000 after purchasing an additional 490 shares during the last quarter. 83.71% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, Director William H. Neukom acquired 328 shares of the business’s stock in a transaction that occurred on Thursday, March 6th. The stock was bought at an average price of $106.33 per share, with a total value of $34,876.24. Following the completion of the acquisition, the director now directly owns 300,006 shares of the company’s stock, valued at approximately $31,899,637.98. The trade was a 0.11 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Michael Xie sold 326,784 shares of the company’s stock in a transaction on Tuesday, March 11th. The shares were sold at an average price of $98.17, for a total value of $32,080,385.28. Following the sale, the vice president now owns 11,000,068 shares of the company’s stock, valued at approximately $1,079,876,675.56. This trade represents a 2.89 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 599,988 shares of company stock valued at $59,094,530 over the last three months. Insiders own 18.00% of the company’s stock.

Wall Street Analyst Weigh In

FTNT has been the subject of a number of recent analyst reports. Scotiabank upped their price target on shares of Fortinet from $115.00 to $135.00 and gave the company a “sector outperform” rating in a report on Friday, February 7th. Cantor Fitzgerald increased their target price on shares of Fortinet from $95.00 to $110.00 and gave the stock a “neutral” rating in a report on Tuesday, February 4th. Needham & Company LLC reissued a “hold” rating on shares of Fortinet in a research note on Friday, February 7th. Piper Sandler reaffirmed 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. Finally, Stephens assumed coverage on Fortinet in a research report on Tuesday, April 1st. They issued an “equal weight” rating and a $108.00 price objective on the stock. One investment analyst has rated the stock with a sell rating, twenty have assigned a hold rating, eleven have assigned a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $105.77.

Fortinet Stock Performance

Shares of FTNT opened at $84.71 on Friday. Fortinet, Inc. has a 12 month low of $54.57 and a 12 month high of $114.82. The business’s fifty day simple moving average is $102.59 and its two-hundred day simple moving average is $93.87. The company has a current ratio of 1.47, a quick ratio of 1.39 and a debt-to-equity ratio of 0.67. The company has a market cap of $65.14 billion, a price-to-earnings ratio of 37.48, a P/E/G ratio of 4.19 and a beta of 1.09.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings data on Thursday, February 6th. The software maker reported $0.67 EPS for the quarter, topping the consensus estimate of $0.60 by $0.07. Fortinet had a return on equity of 256.53% and a net margin of 29.30%. 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.