King Luther Capital Management Corp Reduces Holdings in Fortinet, Inc. (NASDAQ:FTNT)

King Luther Capital Management Corp cut its stake in Fortinet, Inc. (NASDAQ:FTNT) by 23.9% in the third quarter, Holdings Channel reports. The firm owned 328,158 shares of the software maker’s stock after selling 102,961 shares during the period. King Luther Capital Management Corp’s holdings in Fortinet were worth $25,449,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors also recently bought and sold shares of FTNT. Eagle Capital Management LLC grew its stake in Fortinet by 0.6% during the 3rd quarter. Eagle Capital Management LLC now owns 25,772 shares of the software maker’s stock valued at $1,999,000 after purchasing an additional 141 shares during the last quarter. OneDigital Investment Advisors LLC boosted its position in Fortinet by 3.9% in the third quarter. OneDigital Investment Advisors LLC now owns 3,782 shares of the software maker’s stock valued at $293,000 after buying an additional 141 shares during the last quarter. Parallel Advisors LLC increased its holdings in Fortinet by 2.0% in the 2nd quarter. Parallel Advisors LLC now owns 7,504 shares of the software maker’s stock worth $452,000 after buying an additional 148 shares during the period. Private Wealth Management Group LLC raised its position in Fortinet by 73.3% during the 3rd quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker’s stock worth $32,000 after buying an additional 173 shares during the last quarter. Finally, Simplicity Wealth LLC lifted its stake in Fortinet by 2.2% during the 2nd quarter. Simplicity Wealth LLC now owns 8,260 shares of the software maker’s stock valued at $498,000 after acquiring an additional 174 shares during the period. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Fortinet Trading Up 1.8 %

Shares of FTNT stock opened at $94.13 on Friday. The company has a 50-day moving average of $82.10 and a two-hundred day moving average of $70.06. The firm has a market cap of $72.15 billion, a PE ratio of 47.54, a price-to-earnings-growth ratio of 2.71 and a beta of 1.00. Fortinet, Inc. has a 1-year low of $50.65 and a 1-year high of $100.59. The company has a debt-to-equity ratio of 1.09, a current ratio of 1.34 and a quick ratio of 1.25.

Insider Buying and Selling

In related news, CEO Ken Xie sold 23,538 shares of the 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 transaction, the chief executive officer now owns 48,878,806 shares of the company’s stock, valued at approximately $3,662,977,721.64. This represents a 0.05 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Keith Jensen sold 4,250 shares of Fortinet stock in a transaction dated Tuesday, November 19th. The shares were sold at an average price of $90.83, for a total value of $386,027.50. Following the completion of the transaction, the chief financial officer now directly owns 4,689 shares of the company’s stock, valued at approximately $425,901.87. This represents a 47.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 51,095 shares of company stock valued at $4,058,575. Company insiders own 18.00% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have weighed in on FTNT shares. Raymond James increased 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. Morgan Stanley lifted their price target on Fortinet from $105.00 to $106.00 and gave the company an “overweight” rating in a research report on Tuesday. Wedbush increased their price target on shares of Fortinet from $90.00 to $105.00 and gave the stock an “outperform” rating in a report on Tuesday. Bank of America raised their price objective on Fortinet from $87.00 to $104.00 and gave the company a “buy” rating in a report on Tuesday. Finally, Royal Bank of Canada boosted their price target on shares of Fortinet from $82.00 to $97.00 and gave the stock a “sector perform” rating in a report on Tuesday. One investment analyst has rated the stock with a sell rating, nineteen have issued a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $88.93.

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.