Kingfisher Capital LLC Has $2.86 Million Position in Fortinet, Inc. (NASDAQ:FTNT)

Kingfisher Capital LLC trimmed its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 8.9% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 36,933 shares of the software maker’s stock after selling 3,617 shares during the quarter. Kingfisher Capital LLC’s holdings in Fortinet were worth $2,864,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the stock. Apollon Wealth Management LLC lifted its position in shares of Fortinet by 7.6% during the third quarter. Apollon Wealth Management LLC now owns 15,296 shares of the software maker’s stock worth $1,186,000 after purchasing an additional 1,081 shares in the last quarter. Forsta AP Fonden lifted its holdings in Fortinet by 11.8% during the 3rd quarter. Forsta AP Fonden now owns 135,500 shares of the software maker’s stock worth $10,508,000 after buying an additional 14,300 shares in the last quarter. Sarasin & Partners LLP boosted its position in Fortinet by 22.4% in the 2nd quarter. Sarasin & Partners LLP now owns 2,163,093 shares of the software maker’s stock valued at $130,370,000 after buying an additional 395,477 shares during the last quarter. Cetera Investment Advisers raised its position in shares of Fortinet by 543.5% during the first quarter. Cetera Investment Advisers now owns 157,319 shares of the software maker’s stock worth $10,765,000 after acquiring an additional 132,871 shares during the last quarter. Finally, Empower Advisory Group LLC lifted its stake in shares of Fortinet by 4.2% during the third quarter. Empower Advisory Group LLC now owns 1,008,224 shares of the software maker’s stock valued at $78,188,000 after acquiring an additional 40,277 shares during the period. Institutional investors and hedge funds own 83.71% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have issued reports on FTNT shares. HSBC upgraded shares of Fortinet from a “hold” rating to a “buy” rating and upped their target price for the company from $83.00 to $111.00 in a research report on Monday, November 11th. Truist Financial reaffirmed a “buy” rating and issued a $105.00 price objective (up from $85.00) on shares of Fortinet in a research note on Wednesday, November 20th. Robert W. Baird increased their price target on Fortinet from $95.00 to $100.00 and gave the company an “outperform” rating in a research note on Tuesday, November 19th. Susquehanna lifted their price objective on Fortinet from $65.00 to $70.00 and gave the stock a “neutral” rating in a research note on Thursday, August 8th. Finally, UBS Group raised their target price on Fortinet from $70.00 to $83.00 and gave the stock a “neutral” rating in a report on Friday, November 8th. One equities research analyst has rated the stock with a sell rating, nineteen have given a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Fortinet has an average rating of “Hold” and an average price target of $88.93.

Fortinet Stock Down 2.5 %

NASDAQ:FTNT opened at $94.06 on Friday. The company has a debt-to-equity ratio of 1.09, a current ratio of 1.34 and a quick ratio of 1.25. Fortinet, Inc. has a one year low of $50.65 and a one year high of $100.59. The firm’s 50 day simple moving average is $83.59 and its 200 day simple moving average is $71.12. The company has a market cap of $72.09 billion, a PE ratio of 47.51, a P/E/G ratio of 2.73 and a beta of 1.00.

Insiders Place Their Bets

In other Fortinet news, CFO Keith Jensen sold 4,250 shares of the stock in a transaction dated Tuesday, November 19th. The stock was sold at an average price of $90.83, for a total transaction of $386,027.50. Following the completion of the sale, the chief financial officer now directly owns 4,689 shares in the company, valued at approximately $425,901.87. This trade represents a 47.54 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Ken Xie sold 23,538 shares of Fortinet stock in a transaction dated 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 transaction, the chief executive officer now directly owns 48,878,806 shares of the company’s stock, valued at approximately $3,662,977,721.64. This trade represents a 0.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 68,745 shares of company stock valued at $5,746,974. 18.00% of the stock is currently owned by company insiders.

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.