Fortinet, Inc. (NASDAQ:FTNT) Shares Acquired by Los Angeles Capital Management LLC

Los Angeles Capital Management LLC raised its stake in Fortinet, Inc. (NASDAQ:FTNT) by 27.2% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 259,235 shares of the software maker’s stock after acquiring an additional 55,411 shares during the period. Los Angeles Capital Management LLC’s holdings in Fortinet were worth $15,173,000 as of its most recent SEC filing.

Several other institutional investors also recently made changes to their positions in the stock. Nordea Investment Management AB grew its stake in Fortinet by 156.8% during the 3rd quarter. Nordea Investment Management AB now owns 9,441,059 shares of the software maker’s stock worth $554,945,000 after buying an additional 5,765,174 shares during the last quarter. DSM Capital Partners LLC acquired a new stake in shares of Fortinet in the 3rd quarter worth about $75,698,000. Public Sector Pension Investment Board lifted its position in Fortinet by 358.1% in the 3rd quarter. Public Sector Pension Investment Board now owns 1,644,139 shares of the software maker’s stock valued at $96,478,000 after purchasing an additional 1,285,197 shares during the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. boosted its stake in Fortinet by 569.5% during the 3rd quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 964,294 shares of the software maker’s stock valued at $56,585,000 after purchasing an additional 820,257 shares during the period. Finally, LGT Group Foundation bought a new position in Fortinet in the 3rd quarter worth about $38,362,000. 83.71% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other news, CEO Ken Xie sold 46,084 shares of Fortinet stock in a transaction that occurred on Tuesday, February 13th. The shares were sold at an average price of $69.07, for a total value of $3,183,021.88. Following the transaction, the chief executive officer now owns 51,813,638 shares of the company’s stock, valued at $3,578,767,976.66. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In other news, VP Michael Xie sold 24,710 shares of Fortinet stock in a transaction on Thursday, May 2nd. The stock was sold at an average price of $64.48, for a total value of $1,593,300.80. Following the completion of the sale, the vice president now directly owns 10,867,018 shares of the company’s stock, valued at approximately $700,705,320.64. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Ken Xie sold 46,084 shares of the company’s stock in a transaction on Tuesday, February 13th. The shares were sold at an average price of $69.07, for a total value of $3,183,021.88. Following the transaction, the chief executive officer now directly owns 51,813,638 shares in the company, valued at approximately $3,578,767,976.66. The disclosure for this sale can be found here. Insiders sold 118,480 shares of company stock valued at $8,021,556 over the last 90 days. 17.54% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of brokerages have recently commented on FTNT. Stifel Nicolaus raised their price target on Fortinet from $52.00 to $78.00 and gave the company a “hold” rating in a report on Wednesday, February 7th. Jefferies Financial Group reduced their price target on shares of Fortinet from $75.00 to $70.00 and set a “hold” rating for the company in a research note on Thursday, April 18th. Daiwa Capital Markets raised Fortinet from a “neutral” rating to an “outperform” rating and set a $75.00 target price on the stock in a report on Tuesday, February 13th. Sanford C. Bernstein assumed coverage on Fortinet in a research report on Thursday, January 18th. They set a “market perform” rating and a $65.00 price target on the stock. Finally, Royal Bank of Canada cut their price objective on Fortinet from $71.00 to $68.00 and set a “sector perform” rating for the company in a report on Friday. Two investment analysts have rated the stock with a sell rating, twenty have given a hold rating and twelve have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $70.68.

Fortinet Stock Down 9.7 %

Shares of FTNT traded down $6.32 during mid-day trading on Friday, hitting $58.88. 15,896,615 shares of the company’s stock were exchanged, compared to its average volume of 4,338,557. The company has a quick ratio of 1.06, a current ratio of 1.19 and a debt-to-equity ratio of 13.38. Fortinet, Inc. has a twelve month low of $44.12 and a twelve month high of $81.24. The firm has a fifty day moving average of $67.53 and a two-hundred day moving average of $61.90. The stock has a market cap of $44.94 billion, a price-to-earnings ratio of 38.48, a P/E/G ratio of 2.89 and a beta of 1.08.

Fortinet (NASDAQ:FTNT) last posted its earnings results on Thursday, May 2nd. The software maker reported $0.43 earnings per share for the quarter, beating the consensus estimate of $0.38 by $0.05. The company had revenue of $1.35 billion for the quarter, compared to analyst estimates of $1.34 billion. Fortinet had a negative return on equity of 5,061.85% and a net margin of 22.23%. The business’s revenue was up 7.2% compared to the same quarter last year. During the same period last year, the company earned $0.29 earnings per share. On average, sell-side analysts forecast that Fortinet, Inc. will post 1.39 earnings per share 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.