Kickstand Ventures LLC. Buys New Stake in Fortinet, Inc. (NASDAQ:FTNT)

Kickstand Ventures LLC. bought a new stake in shares of Fortinet, Inc. (NASDAQ:FTNT) in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 2,218 shares of the software maker’s stock, valued at approximately $210,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. State Street Corp lifted its position in Fortinet by 2.9% during the third quarter. State Street Corp now owns 27,281,279 shares of the software maker’s stock valued at $2,115,663,000 after purchasing an additional 766,135 shares during the period. Geode Capital Management LLC increased its holdings in Fortinet by 2.4% in the third quarter. Geode Capital Management LLC now owns 14,883,012 shares of the software maker’s stock valued at $1,151,097,000 after buying an additional 354,692 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in Fortinet by 10.3% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,787,931 shares of the software maker’s stock valued at $448,854,000 after buying an additional 542,727 shares in the last quarter. Charles Schwab Investment Management Inc. increased its holdings in Fortinet by 1.8% in the third quarter. Charles Schwab Investment Management Inc. now owns 3,817,859 shares of the software maker’s stock valued at $296,075,000 after buying an additional 68,852 shares in the last quarter. Finally, FMR LLC increased its holdings in Fortinet by 276.3% in the third quarter. FMR LLC now owns 3,685,230 shares of the software maker’s stock valued at $285,790,000 after buying an additional 2,705,767 shares in the last quarter. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Fortinet

In other Fortinet news, CFO Keith Jensen sold 4,250 shares of the firm’s stock in a transaction that occurred on 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 owns 4,689 shares of the company’s stock, valued at $425,901.87. This trade represents a 47.54 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CEO Ken Xie sold 22,916 shares of the firm’s stock in a transaction that occurred on Tuesday, December 17th. The shares were sold at an average price of $97.93, for a total transaction of $2,244,163.88. Following the completion of the transaction, the chief executive officer now directly owns 48,983,683 shares of the company’s stock, valued at $4,796,972,076.19. This represents a 0.05 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 67,860 shares of company stock worth $6,469,056. 18.00% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

FTNT has been the subject of a number of recent analyst reports. Jefferies Financial Group lifted their price objective on shares of Fortinet from $95.00 to $105.00 and gave the company a “hold” rating in a report on Thursday, December 19th. HSBC raised shares of Fortinet from a “hold” rating to a “buy” rating and lifted their price objective for the company from $83.00 to $111.00 in a report on Monday, November 11th. StockNews.com raised shares of Fortinet from a “hold” rating to a “buy” rating in a report on Friday, October 25th. Hsbc Global Res raised shares of Fortinet from a “hold” rating to a “strong-buy” rating in a report on Monday, November 11th. Finally, Bank of America boosted their target price on shares of Fortinet from $87.00 to $104.00 and gave the stock a “buy” rating in a research note on Tuesday, November 19th. One analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Fortinet currently has an average rating of “Hold” and a consensus price target of $102.77.

Fortinet Stock Performance

NASDAQ:FTNT opened at $107.70 on Thursday. The company has a debt-to-equity ratio of 1.09, a current ratio of 1.34 and a quick ratio of 1.25. The firm has a market capitalization of $82.55 billion, a price-to-earnings ratio of 47.66, a PEG ratio of 2.75 and a beta of 1.01. The company’s 50-day moving average is $98.12 and its two-hundred day moving average is $85.82. Fortinet, Inc. has a 1-year low of $54.57 and a 1-year high of $110.99.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings data on Thursday, February 6th. The software maker reported $0.67 EPS for the quarter, topping the consensus estimate of $0.60 by $0.07. Fortinet had a net margin of 29.30% and a return on equity of 463.85%. Analysts forecast that Fortinet, Inc. will post 2.05 EPS for the current year.

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.