Kickstand Ventures LLC. Takes $210,000 Position in Fortinet, Inc. (NASDAQ:FTNT)

Kickstand Ventures LLC. purchased a new position in shares of Fortinet, Inc. (NASDAQ:FTNT) during the 4th quarter, Holdings Channel.com reports. The firm purchased 2,218 shares of the software maker’s stock, valued at approximately $210,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of FTNT. Exchange Traded Concepts LLC raised its stake in Fortinet by 373.0% during the 3rd quarter. Exchange Traded Concepts LLC now owns 18,866 shares of the software maker’s stock worth $1,463,000 after acquiring an additional 14,877 shares in the last quarter. Occidental Asset Management LLC acquired a new stake in Fortinet during the 3rd quarter worth $222,000. Zhang Financial LLC raised its stake in Fortinet by 5.3% during the 3rd quarter. Zhang Financial LLC now owns 8,878 shares of the software maker’s stock worth $688,000 after acquiring an additional 447 shares in the last quarter. CFM Wealth Partners LLC acquired a new stake in Fortinet during the 3rd quarter worth $269,000. Finally, SeaCrest Wealth Management LLC acquired a new stake in Fortinet during the 3rd quarter worth $329,000. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Fortinet Stock Down 0.6 %

FTNT stock opened at $107.70 on Thursday. The company has a market cap of $82.55 billion, a P/E ratio of 47.66, a P/E/G ratio of 2.75 and a beta of 1.01. Fortinet, Inc. has a 52 week low of $54.57 and a 52 week high of $110.99. The company’s 50-day moving average price is $98.12 and its 200 day moving average price is $85.82. The company has a current ratio of 1.34, a quick ratio of 1.25 and a debt-to-equity ratio of 1.09.

Fortinet (NASDAQ:FTNT) last announced its earnings results on Thursday, February 6th. The software maker reported $0.67 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.60 by $0.07. Fortinet had a net margin of 29.30% and a return on equity of 463.85%. On average, research analysts expect that Fortinet, Inc. will post 2.05 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of research firms have commented on FTNT. Citigroup lifted their price objective on shares of Fortinet from $100.00 to $101.00 and gave the company a “neutral” rating in a research note on Friday, January 17th. HSBC upgraded 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 research note on Monday, November 11th. Guggenheim restated a “neutral” rating on shares of Fortinet in a research note on Friday, February 7th. Baird R W lowered shares of Fortinet from a “strong-buy” rating to a “hold” rating in a research note on Monday, February 3rd. Finally, Wells Fargo & Company lifted their price objective on shares of Fortinet from $85.00 to $105.00 and gave the company an “equal weight” rating in a research note on Friday, February 7th. One equities research analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Fortinet presently has an average rating of “Hold” and an average target price of $102.77.

Insiders Place Their Bets

In other Fortinet news, CEO Ken Xie sold 23,044 shares of Fortinet stock in a transaction dated Wednesday, January 15th. The shares were sold at an average price of $93.32, for a total transaction of $2,150,466.08. Following the completion of the transaction, the chief executive officer now owns 49,039,698 shares in the company, valued at approximately $4,576,384,617.36. The trade was a 0.05 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Keith Jensen sold 4,250 shares of the business’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 transaction 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 position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 67,860 shares of company stock worth $6,469,056. Insiders own 18.00% of the company’s stock.

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.