Los Angeles Capital Management LLC Purchases 55,411 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Los Angeles Capital Management LLC increased its position in shares of Fortinet, Inc. (NASDAQ:FTNT) by 27.2% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 259,235 shares of the software maker’s stock after purchasing an additional 55,411 shares during the quarter. Los Angeles Capital Management LLC’s holdings in Fortinet were worth $15,173,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Atwood & Palmer Inc. bought a new position in shares of Fortinet in the fourth quarter valued at approximately $29,000. Headinvest LLC purchased a new stake in shares of Fortinet during the 3rd quarter valued at $29,000. Annis Gardner Whiting Capital Advisors LLC bought a new stake in shares of Fortinet during the 3rd quarter worth $37,000. Rakuten Securities Inc. purchased a new position in shares of Fortinet in the 4th quarter worth about $43,000. Finally, CVA Family Office LLC bought a new position in Fortinet during the fourth quarter valued at about $46,000. 83.71% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of research firms have weighed in on FTNT. Morgan Stanley dropped their target price on shares of Fortinet from $81.00 to $73.00 and set an “overweight” rating on the stock in a research note on Friday. Needham & Company LLC reissued a “hold” rating on shares of Fortinet in a research report on Friday. Mizuho cut their price target on Fortinet from $70.00 to $66.00 and set a “neutral” rating for the company in a research note on Friday. The Goldman Sachs Group lifted their price objective on Fortinet from $60.00 to $85.00 and gave the stock a “buy” rating in a report on Thursday, February 8th. Finally, Capital One Financial lowered shares of Fortinet from an “overweight” rating to an “equal weight” rating in a research report on Wednesday, January 17th. Two research analysts have rated the stock with a sell rating, twenty have issued a hold rating and twelve have given a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $70.68.

Insider Buying and Selling at Fortinet

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

Fortinet Stock Down 9.7 %

Shares of FTNT stock traded down $6.32 during trading hours on Friday, hitting $58.88. 15,896,615 shares of the company’s stock traded hands, 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. The stock’s fifty day simple moving average is $67.53 and its two-hundred day simple moving average is $61.90. Fortinet, Inc. has a 12-month low of $44.12 and a 12-month high of $81.24. The stock has a market cap of $44.94 billion, a price-to-earnings ratio of 38.48, a PEG ratio of 2.89 and a beta of 1.08.

Fortinet (NASDAQ:FTNT) last announced its quarterly earnings data on Thursday, May 2nd. The software maker reported $0.43 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.38 by $0.05. Fortinet had a negative return on equity of 5,061.85% and a net margin of 22.23%. The business had revenue of $1.35 billion during the quarter, compared to analysts’ expectations of $1.34 billion. During the same quarter in the previous year, the business earned $0.29 earnings per share. The firm’s quarterly revenue was up 7.2% compared to the same quarter last year. On average, analysts expect that Fortinet, Inc. will post 1.39 EPS for the current year.

Fortinet Company 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.