Fortinet, Inc. (NASDAQ:FTNT) Stake Increased by KPP Advisory Services LLC

KPP Advisory Services LLC boosted its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 19.4% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 12,293 shares of the software maker’s stock after buying an additional 1,999 shares during the period. KPP Advisory Services LLC’s holdings in Fortinet were worth $741,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently bought and sold shares of FTNT. Focus Financial Network Inc. ADV purchased a new position in Fortinet during the fourth quarter valued at approximately $260,000. California State Teachers Retirement System increased its stake in shares of Fortinet by 1.2% in the fourth quarter. California State Teachers Retirement System now owns 1,058,235 shares of the software maker’s stock worth $61,938,000 after acquiring an additional 12,944 shares during the last quarter. Jones Financial Companies Lllp increased its stake in shares of Fortinet by 18.6% in the fourth quarter. Jones Financial Companies Lllp now owns 72,310 shares of the software maker’s stock worth $4,232,000 after acquiring an additional 11,342 shares during the last quarter. NEOS Investment Management LLC raised its holdings in shares of Fortinet by 1.8% during the fourth quarter. NEOS Investment Management LLC now owns 34,327 shares of the software maker’s stock worth $2,009,000 after acquiring an additional 616 shares in the last quarter. Finally, Rafferty Asset Management LLC boosted its position in Fortinet by 23.4% during the fourth quarter. Rafferty Asset Management LLC now owns 404,401 shares of the software maker’s stock valued at $23,670,000 after purchasing an additional 76,722 shares during the last quarter. 83.71% of the stock is owned by hedge funds and other institutional investors.

Fortinet Stock Performance

NASDAQ:FTNT opened at $77.55 on Tuesday. The company has a quick ratio of 1.22, a current ratio of 1.32 and a debt-to-equity ratio of 3.45. The firm has a 50-day moving average price of $71.09 and a 200 day moving average price of $65.45. The firm has a market capitalization of $59.24 billion, a PE ratio of 50.69, a price-to-earnings-growth ratio of 2.77 and a beta of 1.00. Fortinet, Inc. has a 12-month low of $44.12 and a 12-month high of $78.18.

Fortinet (NASDAQ:FTNT) last announced its quarterly earnings results on Tuesday, August 6th. The software maker reported $0.57 EPS for the quarter, beating the consensus estimate of $0.41 by $0.16. Fortinet had a negative return on equity of 2,160.10% and a net margin of 23.71%. The business had revenue of $1.43 billion for the quarter, compared to analyst estimates of $1.40 billion. During the same quarter in the previous year, the firm earned $0.31 EPS. Fortinet’s quarterly revenue was up 10.9% on a year-over-year basis. Research analysts anticipate that Fortinet, Inc. will post 1.72 earnings per share for the current fiscal year.

Insider Buying and Selling at Fortinet

In other news, CEO Ken Xie sold 23,538 shares of the firm’s stock in a transaction that occurred on Wednesday, September 18th. The shares were sold at an average price of $74.94, for a total transaction of $1,763,937.72. Following the completion of the sale, the chief executive officer now owns 48,878,806 shares of the company’s stock, valued at $3,662,977,721.64. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. In other news, CEO Ken Xie sold 23,538 shares of the firm’s stock in a transaction on Wednesday, September 18th. The stock was sold at an average price of $74.94, for a total value of $1,763,937.72. Following the completion of the sale, the chief executive officer now directly owns 48,878,806 shares in the company, valued at $3,662,977,721.64. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, VP Michael Xie sold 24,712 shares of the company’s stock in a transaction dated Friday, August 2nd. The stock was sold at an average price of $56.11, for a total transaction of $1,386,590.32. Following the transaction, the vice president now owns 10,847,018 shares in the company, valued at approximately $608,626,179.98. The disclosure for this sale can be found here. Insiders have sold a total of 96,210 shares of company stock worth $6,337,801 over the last ninety days. Corporate insiders own 18.00% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on FTNT. Barclays reduced their price target on Fortinet from $75.00 to $70.00 and set an “equal weight” rating for the company in a report on Thursday, July 11th. Piper Sandler upgraded shares of Fortinet from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, August 7th. DZ Bank raised shares of Fortinet from a “sell” rating to a “hold” rating and set a $65.00 price objective for the company in a research note on Thursday, August 8th. Scotiabank upped their price objective on shares of Fortinet from $61.00 to $75.00 and gave the stock a “sector outperform” rating in a report on Wednesday, August 7th. Finally, Morgan Stanley cut their target price on Fortinet from $73.00 to $69.00 and set an “overweight” rating on the stock in a report on Wednesday, July 17th. Twenty-three equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Fortinet currently has an average rating of “Hold” and an average target price of $71.57.

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.