Fortinet, Inc. (NASDAQ:FTNT) Shares Sold by Palmer Knight Co

Palmer Knight Co trimmed its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 14.3% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 95,092 shares of the software maker’s stock after selling 15,879 shares during the period. Fortinet comprises about 4.0% of Palmer Knight Co’s holdings, making the stock its 5th biggest position. Palmer Knight Co’s holdings in Fortinet were worth $8,984,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of FTNT. FMR LLC raised its position in shares of Fortinet by 276.3% during the 3rd quarter. FMR LLC now owns 3,685,230 shares of the software maker’s stock worth $285,790,000 after purchasing an additional 2,705,767 shares during the last quarter. Los Angeles Capital Management LLC raised its position in shares of Fortinet by 3,155.6% during the 3rd quarter. Los Angeles Capital Management LLC now owns 1,237,244 shares of the software maker’s stock worth $95,948,000 after purchasing an additional 1,199,241 shares during the last quarter. State Street Corp raised its position in shares of Fortinet by 2.9% during the 3rd quarter. State Street Corp now owns 27,281,279 shares of the software maker’s stock worth $2,115,663,000 after purchasing an additional 766,135 shares during the last quarter. Worldquant Millennium Advisors LLC raised its position in shares of Fortinet by 98.9% during the 3rd quarter. Worldquant Millennium Advisors LLC now owns 1,457,858 shares of the software maker’s stock worth $113,057,000 after purchasing an additional 724,887 shares during the last quarter. Finally, Bank of Montreal Can grew its stake in Fortinet by 27.6% in the 3rd quarter. Bank of Montreal Can now owns 2,584,528 shares of the software maker’s stock worth $200,172,000 after acquiring an additional 558,807 shares during the period. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research firms have commented on FTNT. Bank of America lifted their target price on shares of Fortinet from $87.00 to $104.00 and gave the stock a “buy” rating in a research note on Tuesday, November 19th. StockNews.com raised shares of Fortinet from a “hold” rating to a “buy” rating in a research note on Friday, October 25th. HSBC raised shares of Fortinet from a “hold” rating to a “buy” rating and lifted their target price for the stock from $83.00 to $111.00 in a research note on Monday, November 11th. Cantor Fitzgerald lifted their target price on shares of Fortinet from $88.00 to $95.00 and gave the stock a “neutral” rating in a research note on Tuesday, November 19th. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of Fortinet in a research note on Friday, November 22nd. One equities research analyst has rated the stock with a sell rating, seventeen have assigned a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $96.83.

Fortinet Stock Performance

Shares of FTNT stock opened at $99.33 on Thursday. Fortinet, Inc. has a 12 month low of $54.57 and a 12 month high of $101.00. The company has a debt-to-equity ratio of 1.09, a current ratio of 1.34 and a quick ratio of 1.25. The firm has a market capitalization of $76.13 billion, a P/E ratio of 50.17, a P/E/G ratio of 2.58 and a beta of 1.00. The company’s fifty day moving average price is $96.12 and its two-hundred day moving average price is $82.56.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings data on Thursday, November 7th. The software maker reported $0.56 EPS for the quarter, topping analysts’ consensus estimates of $0.43 by $0.13. Fortinet had a net margin of 26.79% and a return on equity of 973.30%. The firm had revenue of $1.51 billion for the quarter, compared to analyst estimates of $1.48 billion. During the same quarter in the previous year, the business posted $0.35 EPS. On average, research analysts anticipate that Fortinet, Inc. will post 1.95 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Ken Xie sold 22,916 shares of the company’s stock in a transaction dated Tuesday, December 17th. The shares were sold at an average price of $97.93, for a total value of $2,244,163.88. Following the sale, the chief executive officer now owns 48,983,683 shares in the company, valued at approximately $4,796,972,076.19. This represents a 0.05 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director William H. Neukom bought 355 shares of the business’s stock in a transaction dated Friday, December 6th. The stock was bought at an average price of $98.50 per share, for a total transaction of $34,967.50. Following the purchase, the director now owns 150,245 shares in the company, valued at approximately $14,799,132.50. This represents a 0.24 % increase in their position. The disclosure for this purchase can be found here. Insiders have sold 67,860 shares of company stock worth $6,469,056 in the last quarter. 18.00% of the stock is owned by corporate insiders.

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.