Fortinet, Inc. (NASDAQ:FTNT) is Palmer Knight Co’s 8th Largest Position

Palmer Knight Co lessened its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 0.2% in the third quarter, Holdings Channel.com reports. The fund owned 110,971 shares of the software maker’s stock after selling 228 shares during the period. Fortinet comprises approximately 3.8% of Palmer Knight Co’s portfolio, making the stock its 8th largest holding. Palmer Knight Co’s holdings in Fortinet were worth $8,606,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. GSA Capital Partners LLP bought a new position in Fortinet in the 1st quarter worth $569,000. Empirical Finance LLC increased its position in shares of Fortinet by 3.5% during the first quarter. Empirical Finance LLC now owns 23,016 shares of the software maker’s stock valued at $1,572,000 after buying an additional 770 shares during the period. Empowered Funds LLC raised its stake in Fortinet by 12.4% in the first quarter. Empowered Funds LLC now owns 29,500 shares of the software maker’s stock worth $2,015,000 after buying an additional 3,258 shares in the last quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management lifted its holdings in Fortinet by 43.1% in the first quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 6,061 shares of the software maker’s stock worth $414,000 after buying an additional 1,825 shares during the period. Finally, Illinois Municipal Retirement Fund boosted its position in Fortinet by 6.3% during the 1st quarter. Illinois Municipal Retirement Fund now owns 159,779 shares of the software maker’s stock valued at $10,915,000 after acquiring an additional 9,534 shares in the last quarter. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Insider Activity at Fortinet

In other news, CEO Ken Xie sold 23,693 shares of the stock in a transaction that occurred on Wednesday, August 14th. The shares were sold at an average price of $73.06, for a total value of $1,731,010.58. Following the transaction, the chief executive officer now owns 48,842,522 shares in the company, valued at $3,568,434,657.32. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Over the last 90 days, insiders sold 70,538 shares of company stock worth $5,403,559. 18.00% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on FTNT shares. Deutsche Bank Aktiengesellschaft increased their target price on Fortinet from $71.00 to $75.00 and gave the stock a “hold” rating in a research report on Wednesday, August 7th. Robert W. Baird increased their price objective on Fortinet from $80.00 to $88.00 and gave the stock an “outperform” rating in a report on Friday. Susquehanna raised their price objective on Fortinet from $65.00 to $70.00 and gave the company a “neutral” rating in a research report on Thursday, August 8th. Wells Fargo & Company upped their target price on shares of Fortinet from $62.00 to $64.00 and gave the stock an “equal weight” rating in a research report on Wednesday, August 7th. Finally, 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. One investment analyst has rated the stock with a sell rating, twenty have issued a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Fortinet currently has an average rating of “Hold” and a consensus price target of $74.96.

Fortinet Stock Up 3.5 %

Shares of Fortinet stock opened at $83.68 on Friday. The company has a quick ratio of 1.22, a current ratio of 1.32 and a debt-to-equity ratio of 3.45. Fortinet, Inc. has a twelve month low of $49.44 and a twelve month high of $83.83. The company has a market cap of $64.01 billion, a price-to-earnings ratio of 49.52, a price-to-earnings-growth ratio of 2.78 and a beta of 1.00. The company’s 50 day moving average is $78.43 and its 200 day moving average is $67.93.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings results on Tuesday, August 6th. The software maker reported $0.57 earnings per share 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 firm had revenue of $1.43 billion for the quarter, compared to analysts’ expectations of $1.40 billion. During the same period in the prior year, the firm earned $0.31 EPS. The company’s revenue was up 10.9% compared to the same quarter last year. Research analysts anticipate that Fortinet, Inc. will post 1.75 EPS 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.