KRS Capital Management LLC Buys 325 Shares of Fortinet, Inc. $FTNT

KRS Capital Management LLC grew its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 0.7% during the second quarter, HoldingsChannel reports. The firm owned 46,080 shares of the software maker’s stock after buying an additional 325 shares during the period. Fortinet accounts for 3.3% of KRS Capital Management LLC’s portfolio, making the stock its 3rd largest position. KRS Capital Management LLC’s holdings in Fortinet were worth $4,872,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Dover Advisors LLC lifted its position in shares of Fortinet by 1.0% during the 2nd quarter. Dover Advisors LLC now owns 9,451 shares of the software maker’s stock valued at $999,000 after acquiring an additional 94 shares during the last quarter. Peloton Wealth Strategists increased its position in Fortinet by 2.4% during the first quarter. Peloton Wealth Strategists now owns 4,330 shares of the software maker’s stock worth $417,000 after buying an additional 100 shares during the last quarter. Trust Co. of Vermont boosted its holdings in Fortinet by 3.6% during the second quarter. Trust Co. of Vermont now owns 2,852 shares of the software maker’s stock valued at $302,000 after acquiring an additional 100 shares during the period. Assenagon Asset Management S.A. lifted its stake in shares of Fortinet by 0.6% in the second quarter. Assenagon Asset Management S.A. now owns 17,841 shares of the software maker’s stock valued at $1,886,000 after buying an additional 102 shares during the period. Finally, E Fund Management Hong Kong Co. Ltd. lifted its stake in Fortinet by 41.4% during the second quarter. E Fund Management Hong Kong Co. Ltd. now owns 355 shares of the software maker’s stock worth $38,000 after purchasing an additional 104 shares during the period. 83.71% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

FTNT has been the subject of a number of research reports. Stifel Nicolaus lowered their price target on shares of Fortinet from $95.00 to $85.00 and set a “hold” rating for the company in a report on Thursday, August 7th. Wall Street Zen lowered shares of Fortinet from a “buy” rating to a “hold” rating in a research note on Saturday, August 9th. Wells Fargo & Company lowered their price objective on shares of Fortinet from $110.00 to $85.00 and set an “equal weight” rating on the stock in a research note on Thursday, August 7th. Scotiabank decreased their price target on shares of Fortinet from $115.00 to $85.00 and set a “sector outperform” rating on the stock in a research note on Thursday, August 7th. Finally, Citigroup reiterated a “neutral” rating and issued a $85.00 price target (down previously from $110.00) on shares of Fortinet in a research note on Monday, August 18th. Two investment analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating, twenty-six have given a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $97.03.

Fortinet Stock Performance

Shares of NASDAQ:FTNT opened at $86.19 on Friday. Fortinet, Inc. has a 1 year low of $70.12 and a 1 year high of $114.82. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.33 and a quick ratio of 1.24. The stock has a market capitalization of $66.04 billion, a price-to-earnings ratio of 34.34, a price-to-earnings-growth ratio of 3.26 and a beta of 1.09. The company’s 50 day simple moving average is $82.01 and its 200 day simple moving average is $94.73.

Fortinet (NASDAQ:FTNT) last issued its earnings results on Wednesday, August 6th. The software maker reported $0.64 earnings per share for the quarter, beating analysts’ consensus estimates of $0.59 by $0.05. Fortinet had a net margin of 30.60% and a return on equity of 111.46%. The firm had revenue of $1.63 billion for the quarter, compared to analyst estimates of $1.63 billion. During the same quarter last year, the business posted $0.57 earnings per share. The company’s quarterly revenue was up 13.6% on a year-over-year basis. As a group, research analysts predict that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

Insider Buying and Selling

In other Fortinet news, CEO Ken Xie sold 158,486 shares of the firm’s stock in a transaction that occurred on Monday, August 4th. The shares were sold at an average price of $98.48, for a total value of $15,607,701.28. Following the sale, the chief executive officer owned 51,391,879 shares in the company, valued at $5,061,072,243.92. This trade represents a 0.31% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, VP Michael Xie sold 476,596 shares of Fortinet stock in a transaction on Monday, August 4th. The stock was sold at an average price of $98.48, for a total transaction of $46,935,174.08. Following the transaction, the vice president owned 9,730,560 shares in the company, valued at approximately $958,265,548.80. This trade represents a 4.67% decrease in their position. The disclosure for this sale can be found here. Company insiders own 17.20% of the company’s stock.

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.