KPP Advisory Services LLC Has $243,000 Stock Position in Fortinet, Inc. (NASDAQ:FTNT)

KPP Advisory Services LLC lessened its position in Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 74.5% during the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 3,132 shares of the software maker's stock after selling 9,161 shares during the quarter. KPP Advisory Services LLC's holdings in Fortinet were worth $243,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. Natixis Advisors LLC raised its position in Fortinet by 2.2% in the 3rd quarter. Natixis Advisors LLC now owns 175,073 shares of the software maker's stock valued at $13,577,000 after buying an additional 3,836 shares during the last quarter. Ipswich Investment Management Co. Inc. acquired a new position in shares of Fortinet during the 3rd quarter worth approximately $237,000. Valley Wealth Managers Inc. increased its position in shares of Fortinet by 22.8% during the 3rd quarter. Valley Wealth Managers Inc. now owns 6,318 shares of the software maker's stock worth $490,000 after purchasing an additional 1,174 shares during the last quarter. Empirical Finance LLC increased its position in shares of Fortinet by 2.1% during the 3rd quarter. Empirical Finance LLC now owns 21,657 shares of the software maker's stock worth $1,680,000 after purchasing an additional 450 shares during the last quarter. Finally, Empowered Funds LLC increased its position in shares of Fortinet by 5.5% during the 3rd quarter. Empowered Funds LLC now owns 242,419 shares of the software maker's stock worth $18,800,000 after purchasing an additional 12,641 shares during the last quarter. Institutional investors and hedge funds own 83.71% of the company's stock.

Fortinet Price Performance

Shares of NASDAQ:FTNT traded down $0.26 during trading on Friday, reaching $94.20. 5,916,022 shares of the company traded hands, compared to its average volume of 5,025,262. The company's 50 day moving average is $80.76 and its two-hundred day moving average is $69.28. The firm has a market capitalization of $72.20 billion, a PE ratio of 47.58, a PEG ratio of 2.82 and a beta of 1.00. The company has a quick ratio of 1.25, a current ratio of 1.34 and a debt-to-equity ratio of 1.09. Fortinet, Inc. has a 52 week low of $49.97 and a 52 week high of $100.59.

Insider Activity

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

Wall Street Analyst Weigh In

FTNT has been the topic of several recent analyst reports. Cantor Fitzgerald boosted their price target on Fortinet from $65.00 to $88.00 and gave the stock a "neutral" rating in a research report on Tuesday, October 29th. Raymond James boosted their price target on Fortinet from $85.00 to $95.00 and gave the stock an "outperform" rating in a research report on Friday, November 8th. UBS Group boosted their price target on Fortinet from $70.00 to $83.00 and gave the stock a "neutral" rating in a research report on Friday, November 8th. Piper Sandler boosted their price target on Fortinet from $70.00 to $80.00 and gave the stock a "neutral" rating in a research report on Friday, November 8th. Finally, BMO Capital Markets boosted their price target on Fortinet from $70.00 to $76.00 and gave the stock a "market perform" rating in a research report on Wednesday, August 7th. 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 assigned a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $79.52.

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.