Fortinet, Inc. (NASDAQ:FTNT) is Palmer Knight Co's 5th Largest Position

Palmer Knight Co cut its holdings in Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 14.3% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 95,092 shares of the software maker's stock after selling 15,879 shares during the quarter. Fortinet accounts for approximately 4.0% of Palmer Knight Co's holdings, making the stock its 5th largest position. Palmer Knight Co's holdings in Fortinet were worth $8,984,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of the business. Eastern Bank bought a new stake in shares of Fortinet during the 3rd quarter valued at about $25,000. Ashton Thomas Securities LLC purchased a new position in shares of Fortinet in the third quarter worth approximately $26,000. Private Wealth Management Group LLC grew its position in Fortinet by 73.3% during the third quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker's stock valued at $32,000 after buying an additional 173 shares during the period. City State Bank increased its holdings in Fortinet by 900.0% during the third quarter. City State Bank now owns 500 shares of the software maker's stock valued at $39,000 after buying an additional 450 shares during the last quarter. Finally, Paladin Wealth LLC bought a new position in Fortinet in the third quarter worth approximately $46,000. 83.71% of the stock is owned by hedge funds and other institutional investors.

Fortinet Stock Performance

NASDAQ FTNT traded up $0.26 on Monday, reaching $101.14. The stock had a trading volume of 3,406,197 shares, compared to its average volume of 4,041,650. The stock has a market cap of $77.51 billion, a P/E ratio of 51.10, a price-to-earnings-growth ratio of 2.65 and a beta of 1.01. Fortinet, Inc. has a 12-month low of $54.57 and a 12-month high of $102.87. The business's 50-day moving average price is $96.42 and its 200 day moving average price is $83.31. 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 - Get Free Report) last released its quarterly earnings results on Thursday, November 7th. The software maker reported $0.56 EPS for the quarter, beating the consensus estimate of $0.43 by $0.13. Fortinet had a net margin of 26.79% and a return on equity of 973.30%. The firm had revenue of $1.51 billion during the quarter, compared to the consensus estimate of $1.48 billion. During the same quarter in the prior year, the firm earned $0.35 EPS. As a group, equities analysts expect that Fortinet, Inc. will post 1.95 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the stock. BMO Capital Markets boosted their price objective on shares of Fortinet from $88.00 to $100.00 and gave the company a "market perform" rating in a research report on Tuesday, November 19th. Truist Financial restated a "buy" rating and issued a $105.00 price target (up previously from $85.00) on shares of Fortinet in a research report on Wednesday, November 20th. Needham & Company LLC reaffirmed a "hold" rating on shares of Fortinet in a research report on Friday, November 22nd. UBS Group increased their target price on shares of Fortinet from $70.00 to $83.00 and gave the stock a "neutral" rating in a report on Friday, November 8th. Finally, Morgan Stanley lifted their price target on shares of Fortinet from $105.00 to $106.00 and gave the company an "overweight" rating in a report on Tuesday, November 19th. One investment analyst has rated the stock with a sell rating, eighteen have given a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $97.23.

Insider Transactions at Fortinet

In other Fortinet news, CFO Keith Jensen sold 4,250 shares of Fortinet stock in a transaction that occurred on Tuesday, November 19th. The stock was sold at an average price of $90.83, for a total value of $386,027.50. Following the sale, the chief financial officer now owns 4,689 shares of the company's stock, valued at approximately $425,901.87. The trade was a 47.54 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director William H. Neukom acquired 355 shares of the business's stock in a transaction on Friday, December 6th. The stock was acquired at an average price of $98.50 per share, with a total value of $34,967.50. Following the transaction, the director now directly owns 150,245 shares of the company's stock, valued at $14,799,132.50. This represents a 0.24 % increase in their position. The disclosure for this purchase can be found here. Over the last quarter, insiders sold 67,860 shares of company stock worth $6,469,056. 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.