Fortinet, Inc. (NASDAQ:FTNT) is KRS Capital Management LLC’s 5th Largest Position

KRS Capital Management LLC boosted its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 3.5% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 47,795 shares of the software maker’s stock after acquiring an additional 1,600 shares during the quarter. Fortinet accounts for 2.6% of KRS Capital Management LLC’s holdings, making the stock its 5th largest position. KRS Capital Management LLC’s holdings in Fortinet were worth $3,265,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently bought and sold shares of the company. Vima LLC purchased a new stake in shares of Fortinet in the fourth quarter valued at approximately $25,000. Rise Advisors LLC increased its position in shares of Fortinet by 135.6% in the first quarter. Rise Advisors LLC now owns 377 shares of the software maker’s stock valued at $26,000 after buying an additional 217 shares in the last quarter. Headinvest LLC purchased a new stake in shares of Fortinet in the third quarter valued at approximately $29,000. Atwood & Palmer Inc. purchased a new stake in shares of Fortinet in the fourth quarter valued at approximately $29,000. Finally, Creekmur Asset Management LLC purchased a new stake in shares of Fortinet in the fourth quarter valued at approximately $32,000. 83.71% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, Director William H. Neukom bought 586 shares of the stock in a transaction that occurred on Thursday, June 6th. The stock was purchased at an average cost of $59.55 per share, with a total value of $34,896.30. Following the purchase, the director now directly owns 295,778 shares of the company’s stock, valued at approximately $17,613,579.90. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, CFO Keith Jensen sold 18,701 shares of Fortinet stock in a transaction that occurred on Wednesday, June 5th. The shares were sold at an average price of $59.68, for a total value of $1,116,075.68. Following the completion of the transaction, the chief financial officer now owns 4,663 shares in the company, valued at $278,287.84. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director William H. Neukom purchased 586 shares of the firm’s stock in a transaction that occurred on Thursday, June 6th. The stock was purchased at an average price of $59.55 per share, with a total value of $34,896.30. Following the purchase, the director now directly owns 295,778 shares of the company’s stock, valued at $17,613,579.90. The disclosure for this purchase can be found here. Over the last three months, insiders have sold 91,638 shares of company stock worth $5,705,568. Corporate insiders own 18.00% of the company’s stock.

Fortinet Price Performance

FTNT stock opened at $60.27 on Friday. The company has a current ratio of 1.20, a quick ratio of 1.08 and a debt-to-equity ratio of 13.38. The company has a market capitalization of $46.04 billion, a PE ratio of 39.39, a P/E/G ratio of 2.94 and a beta of 0.98. Fortinet, Inc. has a 12-month low of $44.12 and a 12-month high of $81.24. The business’s fifty day moving average price is $60.58 and its 200 day moving average price is $63.66.

Fortinet (NASDAQ:FTNT) last announced its quarterly earnings data on Thursday, May 2nd. The software maker reported $0.43 earnings per share for the quarter, beating analysts’ consensus estimates of $0.38 by $0.05. The firm had revenue of $1.35 billion during the quarter, compared to analysts’ expectations of $1.34 billion. Fortinet had a net margin of 22.23% and a negative return on equity of 2,235.48%. The business’s quarterly revenue was up 7.2% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.29 earnings per share. On average, sell-side analysts anticipate that Fortinet, Inc. will post 1.46 EPS for the current year.

Analysts Set New Price Targets

A number of analysts have recently commented on the company. Mizuho cut their price objective on Fortinet from $70.00 to $66.00 and set a “neutral” rating for the company in a research report on Friday, May 3rd. JPMorgan Chase & Co. lowered their price target on Fortinet from $67.00 to $63.00 and set a “neutral” rating on the stock in a research note on Friday, May 3rd. BMO Capital Markets lowered their price target on Fortinet from $82.00 to $70.00 and set a “market perform” rating on the stock in a research note on Friday, May 3rd. Wedbush reaffirmed an “outperform” rating and issued a $78.00 price target on shares of Fortinet in a research note on Wednesday, May 22nd. Finally, Rosenblatt Securities reaffirmed a “buy” rating and issued a $85.00 price target on shares of Fortinet in a research note on Tuesday, June 11th. Two equities research analysts have rated the stock with a sell rating, twenty-one have given a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $70.03.

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.