Allen Mooney & Barnes Investment Advisors LLC Has $612,000 Stake in Fortinet, Inc. (NASDAQ:FTNT)

Allen Mooney & Barnes Investment Advisors LLC lowered its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 2.6% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,479 shares of the software maker’s stock after selling 176 shares during the period. Allen Mooney & Barnes Investment Advisors LLC’s holdings in Fortinet were worth $612,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently bought and sold shares of the business. Eagle Capital Management LLC boosted its position in shares of Fortinet by 2.2% during the 2nd quarter. Eagle Capital Management LLC now owns 25,631 shares of the software maker’s stock valued at $1,545,000 after acquiring an additional 544 shares in the last quarter. American Century Companies Inc. boosted its holdings in Fortinet by 14.8% during the second quarter. American Century Companies Inc. now owns 480,525 shares of the software maker’s stock valued at $28,961,000 after purchasing an additional 61,948 shares in the last quarter. Parallel Advisors LLC raised its holdings in shares of Fortinet by 2.0% in the 2nd quarter. Parallel Advisors LLC now owns 7,504 shares of the software maker’s stock worth $452,000 after buying an additional 148 shares in the last quarter. Thoroughbred Financial Services LLC bought a new position in shares of Fortinet during the 2nd quarter worth approximately $310,000. Finally, J.W. Cole Advisors Inc. acquired a new stake in Fortinet in the 2nd quarter valued at $308,000. Institutional investors own 83.71% of the company’s stock.

Fortinet Stock Down 1.4 %

Fortinet stock opened at $92.49 on Wednesday. The company has a 50 day moving average of $94.89 and a 200-day moving average of $79.68. The company has a quick ratio of 1.25, a current ratio of 1.34 and a debt-to-equity ratio of 1.09. Fortinet, Inc. has a twelve month low of $54.57 and a twelve month high of $101.00. The stock has a market capitalization of $70.89 billion, a PE ratio of 46.71, a price-to-earnings-growth ratio of 2.76 and a beta of 1.00.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on the company. Needham & Company LLC reiterated a “hold” rating on shares of Fortinet in a research note on Friday, November 22nd. Scotiabank lifted their target price on shares of Fortinet from $85.00 to $110.00 and gave the company a “sector outperform” rating in a research note on Wednesday, November 20th. Cantor Fitzgerald upped their price target on shares of Fortinet from $88.00 to $95.00 and gave the stock a “neutral” rating in a research report on Tuesday, November 19th. Stifel Nicolaus raised their price objective on shares of Fortinet from $90.00 to $103.00 and gave the company a “hold” rating in a research report on Wednesday, December 18th. Finally, The Goldman Sachs Group upped their target price 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. One analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $94.35.

Insider Buying and Selling

In other news, Director William H. Neukom bought 355 shares of the company’s stock in a transaction that occurred on Friday, December 6th. The shares were acquired at an average price of $98.50 per share, with a total value of $34,967.50. Following the transaction, the director now owns 150,245 shares in the company, valued at $14,799,132.50. This represents a 0.24 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Keith Jensen sold 4,250 shares of the company’s stock in a transaction that occurred 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 transaction, the chief financial officer now directly owns 4,689 shares of the company’s stock, valued at approximately $425,901.87. This trade represents a 47.54 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 44,816 shares of company stock valued at $4,318,590. Company 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.