Knuff & Co LLC bought a new position in shares of Fortinet, Inc. (NASDAQ:FTNT – Free Report) during the 2nd quarter, HoldingsChannel reports. The institutional investor bought 105,607 shares of the software maker’s stock, valued at approximately $16,223,000. Fortinet comprises approximately 4.1% of Knuff & Co LLC’s portfolio, making the stock its 7th largest position.
A number of other institutional investors and hedge funds also recently bought and sold shares of the business. Elevation Wealth Partners LLC increased its stake in Fortinet by 53.6% during the 2nd quarter. Elevation Wealth Partners LLC now owns 215 shares of the software maker’s stock worth $33,000 after buying an additional 75 shares during the period. Florida Financial Advisors LLC boosted its position in Fortinet by 3.0% in the 1st quarter. Florida Financial Advisors LLC now owns 3,780 shares of the software maker’s stock valued at $309,000 after buying an additional 109 shares during the period. Optimist Retirement Group LLC boosted its position in Fortinet by 2.5% in the 4th quarter. Optimist Retirement Group LLC now owns 5,010 shares of the software maker’s stock valued at $398,000 after buying an additional 122 shares during the period. GW&K Investment Management LLC grew its stake in shares of Fortinet by 31.4% in the fourth quarter. GW&K Investment Management LLC now owns 515 shares of the software maker’s stock worth $41,000 after acquiring an additional 123 shares in the last quarter. Finally, Delta Investment Management LLC grew its stake in shares of Fortinet by 2.4% in the fourth quarter. Delta Investment Management LLC now owns 5,250 shares of the software maker’s stock worth $417,000 after acquiring an additional 125 shares in the last quarter. 83.71% of the stock is currently owned by hedge funds and other institutional investors.
Fortinet Stock Performance
NASDAQ:FTNT opened at $152.85 on Thursday. Fortinet, Inc. has a 12 month low of $73.55 and a 12 month high of $172.09. The company has a debt-to-equity ratio of 0.32, a current ratio of 1.28 and a quick ratio of 1.19. The firm has a market capitalization of $112.15 billion, a PE ratio of 53.82, a price-to-earnings-growth ratio of 3.00 and a beta of 1.07. The business’s fifty day moving average price is $155.98 and its 200 day moving average price is $116.87.
Insider Buying and Selling at Fortinet
In other news, CEO Ken Xie sold 161,482 shares of the stock in a transaction dated Monday, August 3rd. The shares were sold at an average price of $162.66, for a total transaction of $26,266,662.12. Following the completion of the sale, the chief executive officer owned 52,972,372 shares in the company, valued at approximately $8,616,486,029.52. This represents a 0.30% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, VP Michael Xie sold 3,907 shares of the stock in a transaction that occurred on Wednesday, June 3rd. The stock was sold at an average price of $146.44, for a total value of $572,141.08. Following the sale, the vice president directly owned 9,923,610 shares of the company’s stock, valued at $1,453,213,448.40. The trade was a 0.04% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 329,142 shares of company stock worth $50,731,178 over the last three months. 17.60% of the stock is currently owned by insiders.
Analyst Upgrades and Downgrades
Several brokerages have recently issued reports on FTNT. JPMorgan Chase & Co. increased their price objective on Fortinet from $73.00 to $75.00 and gave the company an “underweight” rating in a research note on Thursday, May 7th. HSBC cut Fortinet from a “hold” rating to a “reduce” rating and set a $102.00 target price for the company. in a research note on Monday, June 29th. BTIG Research increased their price target on Fortinet from $186.00 to $203.00 and gave the company a “buy” rating in a research report on Thursday, July 30th. Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and issued a $160.00 price target on shares of Fortinet in a research report on Thursday, July 30th. Finally, William Blair reissued a “market perform” rating on shares of Fortinet in a research report on Tuesday, July 21st. Two research analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating, eighteen have issued a Hold rating and five have issued a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $150.91.
Check Out Our Latest Analysis on Fortinet
About Fortinet
Fortinet, Inc (NASDAQ: FTNT) is a multinational cybersecurity company that develops and delivers integrated security solutions for enterprise, service provider and government customers worldwide. Founded in 2000 and headquartered in Sunnyvale, California, the company was co‑founded by Ken Xie and Michael Xie. Ken Xie serves as chairman and chief executive officer, and the company operates through a global sales, channel and services organization to support customers across the Americas, EMEA and Asia‑Pacific.
Fortinet’s product portfolio centers on network security appliances and software, with its FortiGate next‑generation firewalls and the FortiOS operating system forming a core platform.
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