Fortinet, Inc. (NASDAQ:FTNT) Shares Bought by Knuff & Co LLC

Knuff & Co LLC increased its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 0.8% during the 3rd quarter, Holdings Channel reports. The institutional investor owned 119,840 shares of the software maker’s stock after buying an additional 1,000 shares during the period. Fortinet makes up 2.8% of Knuff & Co LLC’s holdings, making the stock its 7th biggest holding. Knuff & Co LLC’s holdings in Fortinet were worth $9,294,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in FTNT. Pathstone Holdings LLC boosted its position in Fortinet by 3.9% in the 3rd quarter. Pathstone Holdings LLC now owns 58,352 shares of the software maker’s stock valued at $4,525,000 after buying an additional 2,196 shares during the last quarter. Aviance Capital Partners LLC acquired a new position in shares of Fortinet during the third quarter valued at $236,000. Swiss National Bank boosted its holdings in Fortinet by 0.4% in the third quarter. Swiss National Bank now owns 1,927,400 shares of the software maker’s stock valued at $149,470,000 after acquiring an additional 7,200 shares during the last quarter. Claro Advisors LLC acquired a new stake in Fortinet in the third quarter worth about $487,000. Finally, Chesapeake Capital Corp IL bought a new stake in Fortinet during the 3rd quarter worth about $368,000. Institutional investors own 83.71% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have recently issued reports on FTNT. Raymond James raised their target price on shares of Fortinet from $85.00 to $95.00 and gave the company an “outperform” rating in a research note on Friday, November 8th. StockNews.com raised shares of Fortinet from a “hold” rating to a “buy” rating in a research note on Friday, October 25th. Needham & Company LLC reissued a “hold” rating on shares of Fortinet in a research note on Monday, November 11th. Piper Sandler raised 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, Truist Financial upped their price objective on Fortinet from $70.00 to $85.00 and gave the company a “buy” rating in a report on Wednesday, October 23rd. One research analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Fortinet has an average rating of “Hold” and a consensus price target of $79.52.

Insider Buying and Selling

In related news, CEO Ken Xie sold 23,538 shares of the company’s stock in a transaction dated Wednesday, September 18th. The stock was sold at an average price of $74.94, for a total transaction of $1,763,937.72. Following the sale, the chief executive officer now owns 48,878,806 shares in the company, valued at approximately $3,662,977,721.64. This represents a 0.05 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 18.00% of the stock is currently owned by corporate insiders.

Fortinet Price Performance

Shares of FTNT opened at $91.88 on Tuesday. 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 twelve month low of $50.65 and a twelve month high of $100.59. The stock has a market capitalization of $70.42 billion, a P/E ratio of 46.40, a P/E/G ratio of 2.82 and a beta of 1.00. The company has a 50 day moving average of $81.10 and a 200-day moving average of $69.51.

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.