Fortinet, Inc. $FTNT Stock: King Luther Capital Management Corp Trims Position

King Luther Capital Management Corp trimmed its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 4.1% during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 744,619 shares of the software maker’s stock after selling 31,588 shares during the quarter. King Luther Capital Management Corp’s holdings in Fortinet were worth $133,108,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of the business. Puff Wealth Management LLC increased its stake in Fortinet by 3.4% in the third quarter. Puff Wealth Management LLC now owns 1,660 shares of the software maker’s stock worth $297,000 after purchasing an additional 54 shares during the period. Columbus Macro LLC boosted its stake in shares of Fortinet by 1.9% during the third quarter. Columbus Macro LLC now owns 2,981 shares of the software maker’s stock valued at $533,000 after purchasing an additional 55 shares during the period. Signaturefd LLC boosted its stake in shares of Fortinet by 0.3% during the third quarter. Signaturefd LLC now owns 19,581 shares of the software maker’s stock valued at $3,500,000 after purchasing an additional 59 shares during the period. Hutchens & Kramer Investment Management Group LLC boosted its stake in shares of Fortinet by 1.9% during the third quarter. Hutchens & Kramer Investment Management Group LLC now owns 3,525 shares of the software maker’s stock valued at $630,000 after purchasing an additional 66 shares during the period. Finally, Kintegral Advisory LLC grew its holdings in shares of Fortinet by 0.6% in the third quarter. Kintegral Advisory LLC now owns 12,648 shares of the software maker’s stock worth $2,261,000 after purchasing an additional 71 shares during the last quarter. Institutional investors own 83.71% of the company’s stock.

Insiders Place Their Bets

In other Fortinet news, CEO Ken Xie sold 161,483 shares of the firm’s stock in a transaction dated Monday, November 2nd. The shares were sold at an average price of $129.31, for a total transaction of $20,881,366.73. Following the transaction, the chief executive officer owned 52,972,372 shares of the company’s stock, valued at approximately $6,849,857,423.32. This trade represents a 0.30% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 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, COO John Whittle sold 53,865 shares of the business’s stock in a transaction dated Monday, September 14th. The shares were sold at an average price of $165.44, for a total transaction of $8,911,425.60. Following the completion of the sale, the chief operating officer owned 96,987 shares of the company’s stock, valued at approximately $16,045,529.28. This represents a 35.71% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 221,304 shares of company stock worth $30,675,309 in the last three months. Corporate insiders own 17.60% of the company’s stock.

Analysts Set New Price Targets

FTNT has been the topic of several recent analyst reports. HSBC raised their price target on shares of Fortinet from $102.00 to $107.00 in a research note on Friday, July 31st. Scotiabank lowered their price objective on shares of Fortinet from $163.00 to $140.00 and set a “sector perform” rating for the company in a research report on Thursday, October 29th. Robert W. Baird set a $165.00 price objective on shares of Fortinet and gave the company a “neutral” rating in a research report on Thursday, July 30th. Truist Financial set a $175.00 target price on shares of Fortinet and gave the stock a “buy” rating in a research note on Thursday, October 29th. Finally, Barclays reduced their target price on shares of Fortinet from $210.00 to $155.00 and set an “equal weight” rating on the stock in a research report on Thursday, October 29th. Eleven analysts have rated the stock with a Buy rating, twenty-four have issued a Hold rating and six have given a Sell rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $150.44.

Fortinet Price Performance

Shares of FTNT stock opened at $128.10 on Thursday. Fortinet, Inc. has a twelve month low of $73.55 and a twelve month high of $197.13. The stock has a market capitalization of $94.12 billion, a price-to-earnings ratio of 41.59, a P/E/G ratio of 2.37 and a beta of 1.04. The stock has a fifty day simple moving average of $165.56 and a two-hundred day simple moving average of $130.19. The company has a current ratio of 1.40, a quick ratio of 1.28 and a debt-to-equity ratio of 0.22.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings results on Wednesday, October 28th. The software maker reported $0.91 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.86 by $0.05. The business had revenue of $2.08 billion for the quarter, compared to the consensus estimate of $2.06 billion. Fortinet had a return on equity of 152.72% and a net margin of 28.96%. The business’s revenue was up 20.5% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.74 EPS. On average, analysts predict that Fortinet, Inc. will post 3.21 EPS for the current fiscal year.

Fortinet Profile

Fortinet, Inc. is a cybersecurity and networking company that provides products and services to help organizations protect their networks, devices, applications, and cloud environments. Its offerings include FortiGate next-generation firewalls, the FortiOS operating system, and security, endpoint, cloud, and secure access service edge (SASE) solutions. The company’s Security Fabric platform is designed to integrate security and networking products and support centralized visibility and management.