KPP Advisory Services LLC Sells 9,161 Shares of Fortinet, Inc. (NASDAQ:FTNT)

KPP Advisory Services LLC cut its stake in Fortinet, Inc. (NASDAQ:FTNT) by 74.5% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 3,132 shares of the software maker’s stock after selling 9,161 shares during the period. KPP Advisory Services LLC’s holdings in Fortinet were worth $243,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also recently added to or reduced their stakes in the company. Apollon Wealth Management LLC boosted its position in shares of Fortinet by 7.6% during the third quarter. Apollon Wealth Management LLC now owns 15,296 shares of the software maker’s stock worth $1,186,000 after buying an additional 1,081 shares during the period. Forsta AP Fonden lifted its stake in Fortinet by 11.8% in the 3rd quarter. Forsta AP Fonden now owns 135,500 shares of the software maker’s stock valued at $10,508,000 after acquiring an additional 14,300 shares in the last quarter. Sarasin & Partners LLP boosted its position in Fortinet by 22.4% during the 2nd quarter. Sarasin & Partners LLP now owns 2,163,093 shares of the software maker’s stock worth $130,370,000 after acquiring an additional 395,477 shares during the last quarter. Cetera Investment Advisers boosted its position in Fortinet by 543.5% during the 1st quarter. Cetera Investment Advisers now owns 157,319 shares of the software maker’s stock worth $10,765,000 after acquiring an additional 132,871 shares during the last quarter. Finally, Sei Investments Co. grew its stake in shares of Fortinet by 10.5% during the 1st quarter. Sei Investments Co. now owns 138,893 shares of the software maker’s stock worth $9,488,000 after acquiring an additional 13,178 shares in the last quarter. Institutional investors own 83.71% of the company’s stock.

Analysts Set New Price Targets

Several research analysts recently commented on the stock. Rosenblatt Securities increased their target price on shares of Fortinet from $85.00 to $90.00 and gave the stock a “buy” rating in a report on Friday, November 8th. Mizuho downgraded shares of Fortinet from a “neutral” rating to an “underperform” rating and set a $68.00 price objective for the company. in a research note on Thursday, October 17th. Barclays lifted their target price on Fortinet from $85.00 to $95.00 and gave the company an “equal weight” rating in a research report on Friday, November 8th. Raymond James increased their price target on Fortinet from $85.00 to $95.00 and gave the company an “outperform” rating in a research report on Friday, November 8th. Finally, 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. One investment 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 a consensus rating of “Hold” and an average price target of $79.52.

Fortinet Stock Performance

NASDAQ:FTNT opened at $94.20 on Friday. 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, Inc. has a fifty-two week low of $49.97 and a fifty-two week high of $100.59. The company has a market cap of $72.20 billion, a price-to-earnings ratio of 47.58, a PEG ratio of 2.93 and a beta of 1.00. The stock has a fifty day moving average price of $80.76 and a 200-day moving average price of $69.28.

Insider Buying and Selling at Fortinet

In other Fortinet news, CEO Ken Xie sold 23,307 shares of the firm’s stock in a transaction on Wednesday, October 16th. The stock was sold at an average price of $81.89, for a total value of $1,908,610.23. Following the sale, the chief executive officer now owns 48,915,530 shares of the company’s stock, valued at approximately $4,005,692,751.70. This trade represents a 0.05 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 18.00% of the company’s stock.

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.