Knuff & Co LLC Acquires 1,000 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Knuff & Co LLC increased its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 0.8% in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 119,840 shares of the software maker’s stock after purchasing an additional 1,000 shares during the quarter. Fortinet makes up approximately 2.8% of Knuff & Co LLC’s portfolio, making the stock its 7th largest position. Knuff & Co LLC’s holdings in Fortinet were worth $9,294,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Eastern Bank acquired a new stake in shares of Fortinet during the 3rd quarter valued at about $25,000. Ashton Thomas Securities LLC acquired a new stake in Fortinet in the third quarter valued at approximately $26,000. Private Wealth Management Group LLC grew its position in Fortinet by 73.3% in the third quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker’s stock worth $32,000 after acquiring an additional 173 shares in the last quarter. Oakworth Capital Inc. acquired a new position in shares of Fortinet during the 2nd quarter worth $33,000. Finally, Versant Capital Management Inc raised its holdings in shares of Fortinet by 61.2% during the 2nd quarter. Versant Capital Management Inc now owns 627 shares of the software maker’s stock valued at $38,000 after purchasing an additional 238 shares in the last quarter. 83.71% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on FTNT shares. Citigroup increased their target price on shares of Fortinet from $66.00 to $76.00 and gave the stock a “neutral” rating in a research report on Friday, September 13th. Deutsche Bank Aktiengesellschaft raised their price objective on Fortinet from $71.00 to $75.00 and gave the company a “hold” rating in a research note on Wednesday, August 7th. Wells Fargo & Company upped their target price on Fortinet from $62.00 to $64.00 and gave the stock an “equal weight” rating in a research report on Wednesday, August 7th. BMO Capital Markets lifted their price target on shares of Fortinet from $70.00 to $76.00 and gave the company a “market perform” rating in a research report on Wednesday, August 7th. Finally, TD Cowen upped their price objective on shares of Fortinet from $75.00 to $90.00 and gave the stock a “buy” rating in a report on Wednesday, October 9th. One equities research analyst has rated the stock with a sell rating, nineteen have issued a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $79.52.

Fortinet Trading Down 2.5 %

Shares of FTNT opened at $91.88 on Tuesday. The company has a current ratio of 1.34, a quick ratio of 1.25 and a debt-to-equity ratio of 1.09. The stock has a market cap of $70.42 billion, a PE ratio of 46.40, a PEG ratio of 2.82 and a beta of 1.00. Fortinet, Inc. has a 1 year low of $50.65 and a 1 year high of $100.59. The stock has a 50 day simple moving average of $81.10 and a 200-day simple moving average of $69.51.

Insider Buying and Selling at Fortinet

In other Fortinet news, CEO Ken Xie sold 23,307 shares of the business’s stock in a transaction dated Wednesday, October 16th. The shares were sold at an average price of $81.89, for a total value of $1,908,610.23. Following the transaction, the chief executive officer now directly owns 48,915,530 shares in the company, valued at $4,005,692,751.70. The trade was a 0.05 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 18.00% of the company’s stock.

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.