Fortinet, Inc. (NASDAQ:FTNT) Shares Sold by Palmer Knight Co

Palmer Knight Co decreased its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 14.3% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 95,092 shares of the software maker’s stock after selling 15,879 shares during the quarter. Fortinet accounts for about 4.0% of Palmer Knight Co’s holdings, making the stock its 5th largest holding. Palmer Knight Co’s holdings in Fortinet were worth $8,984,000 as of its most recent SEC filing.

A number of other large investors also recently bought and sold shares of the business. Public Sector Pension Investment Board raised its holdings in shares of Fortinet by 82.1% during the second quarter. Public Sector Pension Investment Board now owns 22,460 shares of the software maker’s stock valued at $1,354,000 after acquiring an additional 10,125 shares during the last quarter. Susquehanna Fundamental Investments LLC acquired a new position in shares of Fortinet during the second quarter valued at approximately $1,314,000. Algert Global LLC acquired a new position in shares of Fortinet during the second quarter valued at approximately $502,000. Creative Planning raised its holdings in shares of Fortinet by 6.8% during the second quarter. Creative Planning now owns 163,367 shares of the software maker’s stock valued at $9,846,000 after acquiring an additional 10,365 shares during the last quarter. Finally, Truist Financial Corp raised its holdings in shares of Fortinet by 5.1% during the second quarter. Truist Financial Corp now owns 45,875 shares of the software maker’s stock valued at $2,765,000 after acquiring an additional 2,227 shares during the last quarter. Institutional investors and hedge funds own 83.71% of the company’s stock.

Insider Buying and Selling

In other Fortinet news, Director William H. Neukom acquired 355 shares of the stock in a transaction on Friday, December 6th. The shares were bought at an average price of $98.50 per share, with a total value of $34,967.50. Following the acquisition, the director now owns 150,245 shares of the company’s stock, valued at $14,799,132.50. This trade represents a 0.24 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Ken Xie sold 23,044 shares of Fortinet stock in a transaction that occurred on Wednesday, January 15th. The shares were sold at an average price of $93.32, for a total value of $2,150,466.08. Following the completion of the sale, the chief executive officer now directly owns 49,039,698 shares in the company, valued at $4,576,384,617.36. This represents a 0.05 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 67,860 shares of company stock valued at $6,469,056 over the last quarter. 18.00% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on the company. TD Cowen upped their price target on Fortinet from $90.00 to $105.00 and gave the company a “buy” rating in a research report on Tuesday, November 19th. Royal Bank of Canada upped their price target on Fortinet from $82.00 to $97.00 and gave the company a “sector perform” rating in a research report on Tuesday, November 19th. Guggenheim restated a “neutral” rating on shares of Fortinet in a research report on Friday, January 24th. Barclays upped their price target on Fortinet from $85.00 to $95.00 and gave the company an “equal weight” rating in a research report on Friday, November 8th. Finally, Piper Sandler upgraded Fortinet from a “neutral” rating to an “overweight” rating and increased their price objective for the stock from $100.00 to $120.00 in a research report on Monday, January 6th. One research analyst has rated the stock with a sell rating, seventeen have assigned a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, Fortinet presently has a consensus rating of “Hold” and an average price target of $96.83.

Fortinet Stock Performance

Shares of FTNT stock opened at $99.33 on Thursday. The stock’s 50-day moving average is $96.12 and its two-hundred day moving average is $82.56. The firm has a market cap of $76.13 billion, a price-to-earnings ratio of 50.17, a PEG ratio of 2.58 and a beta of 1.00. Fortinet, Inc. has a 1 year low of $54.57 and a 1 year high of $101.00. The company has a debt-to-equity ratio of 1.09, a quick ratio of 1.25 and a current ratio of 1.34.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings data on Thursday, November 7th. The software maker reported $0.56 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.43 by $0.13. Fortinet had a return on equity of 973.30% and a net margin of 26.79%. The company had revenue of $1.51 billion for the quarter, compared to analyst estimates of $1.48 billion. During the same quarter last year, the company posted $0.35 earnings per share. Analysts predict that Fortinet, Inc. will post 1.95 earnings per share for the current 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.