KLP Kapitalforvaltning AS Acquires New Holdings in Fortinet, Inc. (NASDAQ:FTNT)

KLP Kapitalforvaltning AS bought a new position in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 243,000 shares of the software maker's stock, valued at approximately $22,959,000.

Other institutional investors and hedge funds also recently modified their holdings of the company. Golden State Wealth Management LLC acquired a new stake in Fortinet during the 4th quarter valued at $46,000. Runnymede Capital Advisors Inc. purchased a new stake in shares of Fortinet in the fourth quarter valued at $56,000. LFA Lugano Financial Advisors SA raised its stake in Fortinet by 445.5% during the fourth quarter. LFA Lugano Financial Advisors SA now owns 600 shares of the software maker's stock worth $57,000 after purchasing an additional 490 shares during the period. Private Trust Co. NA grew its stake in shares of Fortinet by 95.0% during the 4th quarter. Private Trust Co. NA now owns 630 shares of the software maker's stock valued at $60,000 after buying an additional 307 shares during the period. Finally, R Squared Ltd acquired a new stake in shares of Fortinet during the 4th quarter worth $65,000. Hedge funds and other institutional investors own 83.71% of the company's stock.

Fortinet Stock Performance

Shares of FTNT stock traded down $1.47 on Thursday, hitting $99.54. 3,357,334 shares of the stock traded hands, compared to its average volume of 4,791,204. The company's fifty day moving average is $102.81 and its 200 day moving average is $92.95. Fortinet, Inc. has a 1-year low of $54.57 and a 1-year high of $114.82. The company has a market capitalization of $76.54 billion, a PE ratio of 44.04, a PEG ratio of 4.19 and a beta of 0.97. The company has a debt-to-equity ratio of 0.67, a current ratio of 1.47 and a quick ratio of 1.39.

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Fortinet (NASDAQ:FTNT - Get Free Report) last posted its quarterly earnings results on Thursday, February 6th. The software maker reported $0.67 EPS for the quarter, beating the consensus estimate of $0.60 by $0.07. Fortinet had a net margin of 29.30% and a return on equity of 256.53%. On average, equities research analysts predict that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several equities research analysts have commented on the company. Susquehanna upped their price target on Fortinet from $90.00 to $110.00 and gave the stock a "neutral" rating in a research note on Monday, February 10th. StockNews.com raised shares of Fortinet from a "hold" rating to a "buy" rating in a research report on Friday, March 21st. Jefferies Financial Group lifted their price target on shares of Fortinet from $95.00 to $105.00 and gave the company a "hold" rating in a research report on Thursday, December 19th. KeyCorp raised shares of Fortinet from a "sector weight" rating to an "overweight" rating and set a $115.00 price objective for the company in a research report on Thursday, December 19th. Finally, Cantor Fitzgerald lifted their target price on shares of Fortinet from $95.00 to $110.00 and gave the company a "neutral" rating in a report on Tuesday, February 4th. One analyst has rated the stock with a sell rating, nineteen have given a hold rating, twelve have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Fortinet currently has a consensus rating of "Hold" and an average target price of $105.69.

Insider Buying and Selling

In other Fortinet news, CFO Keith Jensen sold 23,500 shares of the stock in a transaction on Wednesday, February 19th. The stock was sold at an average price of $113.56, for a total value of $2,668,660.00. Following the sale, the chief financial officer now directly owns 4,736 shares of the company's stock, valued at $537,820.16. This trade represents a 83.23 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Ken Xie sold 23,044 shares of the business's stock in a transaction on Wednesday, January 15th. The shares were sold at an average price of $93.32, for a total transaction of $2,150,466.08. Following the transaction, the chief executive officer now directly owns 49,039,698 shares of the company's stock, valued at approximately $4,576,384,617.36. This trade represents a 0.05 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 599,988 shares of company stock valued at $59,094,530. Insiders own 18.00% of the company's stock.

About Fortinet

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.