Palmer Knight Co Sells 253 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Palmer Knight Co decreased its position in Fortinet, Inc. (NASDAQ:FTNT) by 0.2% during the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 107,135 shares of the software maker’s stock after selling 253 shares during the quarter. Fortinet accounts for approximately 3.8% of Palmer Knight Co’s holdings, making the stock its 12th biggest holding. Palmer Knight Co’s holdings in Fortinet were worth $6,271,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in FTNT. Dover Advisors LLC acquired a new position in Fortinet during the 4th quarter worth about $226,000. Silver Oak Securities Incorporated lifted its position in Fortinet by 1,591.4% during the 4th quarter. Silver Oak Securities Incorporated now owns 3,349 shares of the software maker’s stock worth $196,000 after buying an additional 3,151 shares in the last quarter. Retirement Systems of Alabama acquired a new position in Fortinet during the 4th quarter valued at about $8,222,000. Golden State Equity Partners lifted its position in Fortinet by 9.5% during the 4th quarter. Golden State Equity Partners now owns 4,616 shares of the software maker’s stock valued at $270,000 after purchasing an additional 400 shares during the period. Finally, Kovack Advisors Inc. lifted its position in Fortinet by 14.5% during the 4th quarter. Kovack Advisors Inc. now owns 12,858 shares of the software maker’s stock valued at $753,000 after purchasing an additional 1,630 shares during the period. Institutional investors own 83.71% of the company’s stock.

Fortinet Price Performance

NASDAQ:FTNT traded down $0.33 during trading hours on Monday, reaching $63.85. 2,081,438 shares of the company traded hands, compared to its average volume of 5,731,507. Fortinet, Inc. has a 1-year low of $44.12 and a 1-year high of $81.24. The firm’s 50-day moving average is $67.96 and its 200-day moving average is $61.78. The company has a debt-to-equity ratio of 13.38, a current ratio of 1.19 and a quick ratio of 1.06. The stock has a market cap of $48.72 billion, a P/E ratio of 44.26, a P/E/G ratio of 2.85 and a beta of 1.08.

Fortinet (NASDAQ:FTNT) last announced its earnings results on Monday, February 5th. The software maker reported $0.51 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.43 by $0.08. Fortinet had a negative return on equity of 7,572.46% and a net margin of 21.64%. The business had revenue of $1.42 billion for the quarter, compared to analyst estimates of $1.41 billion. During the same period in the previous year, the company earned $0.38 earnings per share. The company’s revenue for the quarter was up 10.3% compared to the same quarter last year. Equities research analysts expect that Fortinet, Inc. will post 1.39 earnings per share for the current fiscal year.

Insider Buying and Selling at Fortinet

In other news, VP Michael Xie sold 38,369 shares of the stock in a transaction that occurred on Friday, February 2nd. The shares were sold at an average price of $66.45, for a total transaction of $2,549,620.05. Following the sale, the vice president now directly owns 29,887,018 shares of the company’s stock, valued at $1,985,992,346.10. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, CEO Ken Xie sold 23,992 shares of the stock in a transaction that occurred on Tuesday, April 16th. The stock was sold at an average price of $64.75, for a total transaction of $1,553,482.00. Following the transaction, the chief executive officer now owns 48,660,648 shares in the company, valued at $3,150,776,958. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, VP Michael Xie sold 38,369 shares of the stock in a transaction that occurred on Friday, February 2nd. The stock was sold at an average price of $66.45, for a total value of $2,549,620.05. Following the sale, the vice president now directly owns 29,887,018 shares in the company, valued at approximately $1,985,992,346.10. The disclosure for this sale can be found here. Insiders sold 132,139 shares of company stock worth $8,977,876 over the last ninety days. Company insiders own 17.54% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have issued reports on FTNT shares. Rosenblatt Securities restated a “buy” rating and set a $85.00 target price on shares of Fortinet in a research report on Wednesday, April 3rd. UBS Group lifted their price objective on shares of Fortinet from $55.00 to $65.00 and gave the company a “neutral” rating in a report on Wednesday, January 10th. Citigroup downgraded shares of Fortinet from a “buy” rating to a “neutral” rating and boosted their target price for the stock from $60.00 to $62.00 in a report on Tuesday, January 9th. Jefferies Financial Group reduced their price objective on shares of Fortinet from $75.00 to $70.00 and set a “hold” rating for the company in a research report on Thursday, April 18th. Finally, Piper Sandler reissued a “neutral” rating and issued a $75.00 target price on shares of Fortinet in a research report on Wednesday, April 3rd. Two equities research analysts have rated the stock with a sell rating, twenty-one have issued a hold rating and eleven have assigned a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $72.19.

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.