Knuff & Co LLC Increases Stock Position in Fortinet, Inc. (NASDAQ:FTNT)

Knuff & Co LLC increased its position in Fortinet, Inc. (NASDAQ:FTNT) by 1.1% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 122,795 shares of the software maker’s stock after purchasing an additional 1,296 shares during the period. Fortinet makes up approximately 2.6% of Knuff & Co LLC’s holdings, making the stock its 7th biggest position. Knuff & Co LLC’s holdings in Fortinet were worth $7,187,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the company. Headinvest LLC bought a new position in Fortinet during the 3rd quarter valued at about $29,000. Atwood & Palmer Inc. bought a new position in shares of Fortinet in the 4th quarter worth approximately $29,000. Annis Gardner Whiting Capital Advisors LLC bought a new position in shares of Fortinet in the 3rd quarter worth approximately $37,000. Rakuten Securities Inc. bought a new position in shares of Fortinet in the 4th quarter worth approximately $43,000. Finally, CVA Family Office LLC bought a new position in shares of Fortinet in the 4th quarter worth approximately $46,000. Institutional investors own 83.71% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the stock. Rosenblatt Securities reiterated a “buy” rating and issued a $85.00 price objective on shares of Fortinet in a research note on Friday. JPMorgan Chase & Co. reduced their target price on shares of Fortinet from $67.00 to $63.00 and set a “neutral” rating for the company in a report on Friday. DZ Bank lowered shares of Fortinet from a “hold” rating to a “sell” rating and set a $60.00 target price for the company. in a report on Thursday, February 8th. StockNews.com raised shares of Fortinet from a “hold” rating to a “buy” rating in a report on Friday. Finally, Barclays reduced their target price on shares of Fortinet from $80.00 to $75.00 and set an “equal weight” rating for the company in a report on Friday. Two analysts have rated the stock with a sell rating, twenty have issued a hold rating and twelve have issued a buy rating to the stock. Based on data from MarketBeat.com, Fortinet currently has an average rating of “Hold” and an average target price of $70.68.

Insider Buying and Selling at Fortinet

In other news, CEO Ken Xie sold 23,694 shares of the business’s stock in a transaction dated Tuesday, March 12th. The stock was sold at an average price of $71.40, for a total transaction of $1,691,751.60. Following the sale, the chief executive officer now owns 48,625,005 shares in the company, valued at $3,471,825,357. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, VP Michael Xie sold 24,710 shares of the business’s stock in a transaction dated Thursday, May 2nd. The stock was sold at an average price of $64.48, for a total transaction of $1,593,300.80. Following the sale, the vice president now owns 10,867,018 shares in the company, valued at $700,705,320.64. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Ken Xie sold 23,694 shares of Fortinet stock in a transaction dated Tuesday, March 12th. The stock was sold at an average price of $71.40, for a total value of $1,691,751.60. Following the sale, the chief executive officer now directly owns 48,625,005 shares of the company’s stock, valued at approximately $3,471,825,357. The disclosure for this sale can be found here. Insiders have sold 118,480 shares of company stock worth $8,021,556 over the last quarter. Insiders own 17.54% of the company’s stock.

Fortinet Stock Down 9.7 %

FTNT traded down $6.32 on Friday, hitting $58.88. The company had a trading volume of 15,896,615 shares, compared to its average volume of 4,338,557. The stock has a fifty day moving average price of $67.53 and a 200-day moving average price of $61.92. Fortinet, Inc. has a 12-month low of $44.12 and a 12-month high of $81.24. The company has a debt-to-equity ratio of 13.38, a quick ratio of 1.06 and a current ratio of 1.19. The stock has a market capitalization of $44.94 billion, a price-to-earnings ratio of 38.48, a P/E/G ratio of 2.61 and a beta of 1.08.

Fortinet (NASDAQ:FTNT) last posted its earnings results on Thursday, May 2nd. The software maker reported $0.43 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.38 by $0.05. Fortinet had a negative return on equity of 5,061.85% and a net margin of 22.23%. The company had revenue of $1.35 billion for the quarter, compared to analyst estimates of $1.34 billion. During the same quarter in the previous year, the firm earned $0.29 earnings per share. The firm’s quarterly revenue was up 7.2% compared to the same quarter last year. Analysts predict that Fortinet, Inc. will post 1.4 EPS 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.