KPP Advisory Services LLC Has $243,000 Position in Fortinet, Inc. (NASDAQ:FTNT)

KPP Advisory Services LLC lessened its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 74.5% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 3,132 shares of the software maker’s stock after selling 9,161 shares during the period. KPP Advisory Services LLC’s holdings in Fortinet were worth $243,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Apollon Wealth Management LLC raised its holdings in shares of Fortinet by 7.6% in the 3rd quarter. Apollon Wealth Management LLC now owns 15,296 shares of the software maker’s stock worth $1,186,000 after buying an additional 1,081 shares in the last quarter. Forsta AP Fonden lifted its holdings in shares of Fortinet by 11.8% during the third quarter. Forsta AP Fonden now owns 135,500 shares of the software maker’s stock valued at $10,508,000 after acquiring an additional 14,300 shares during the period. Sarasin & Partners LLP boosted its stake in shares of 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 purchasing an additional 395,477 shares in the last quarter. Cetera Investment Advisers boosted its stake in shares of Fortinet by 543.5% in the 1st quarter. Cetera Investment Advisers now owns 157,319 shares of the software maker’s stock valued at $10,765,000 after purchasing an additional 132,871 shares in the last quarter. Finally, Sei Investments Co. grew its holdings in shares of Fortinet by 10.5% in the 1st quarter. Sei Investments Co. now owns 138,893 shares of the software maker’s stock worth $9,488,000 after purchasing an additional 13,178 shares during the last quarter. Institutional investors own 83.71% of the company’s stock.

Insider Transactions at Fortinet

In other news, CEO Ken Xie sold 23,538 shares of the firm’s stock in a transaction dated Wednesday, September 18th. The stock was sold at an average price of $74.94, for a total transaction of $1,763,937.72. Following the sale, the chief executive officer now owns 48,878,806 shares of the company’s stock, valued at $3,662,977,721.64. This trade represents a 0.05 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 18.00% of the company’s stock.

Fortinet Stock Down 0.3 %

Shares of NASDAQ FTNT opened at $94.20 on Friday. Fortinet, Inc. has a 52-week low of $49.97 and a 52-week high of $100.59. The company has a debt-to-equity ratio of 1.09, a quick ratio of 1.25 and a current ratio of 1.34. The stock has a market cap of $72.20 billion, a P/E ratio of 47.58, a P/E/G ratio of 2.93 and a beta of 1.00. The firm has a 50 day moving average price of $80.76 and a 200 day moving average price of $69.28.

Analyst Ratings Changes

A number of research firms have commented on FTNT. Barclays boosted their price target on shares of Fortinet from $85.00 to $95.00 and gave the company an “equal weight” rating in a research report on Friday, November 8th. Citigroup boosted their target price on Fortinet from $66.00 to $76.00 and gave the stock a “neutral” rating in a report on Friday, September 13th. Mizuho lowered Fortinet from a “neutral” rating to an “underperform” rating and set a $68.00 price target on the stock. in a research report on Thursday, October 17th. Royal Bank of Canada lifted their price objective on Fortinet from $68.00 to $72.00 and gave the company a “sector perform” rating in a research report on Wednesday, August 7th. Finally, JPMorgan Chase & Co. increased their target price on Fortinet from $63.00 to $70.00 and gave the stock a “neutral” rating in a report on Wednesday, August 7th. One equities research analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Fortinet presently has an average rating of “Hold” and a consensus price target of $79.52.

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.