Malaga Cove Capital LLC Acquires Shares of 4,487 Fortinet, Inc. (NASDAQ:FTNT)

Malaga Cove Capital LLC acquired a new position in Fortinet, Inc. (NASDAQ:FTNT) in the 4th quarter, Holdings Channel reports. The firm acquired 4,487 shares of the software maker’s stock, valued at approximately $263,000.

Other large investors have also bought and sold shares of the company. Buckhead Capital Management LLC boosted its position in shares of Fortinet by 0.6% during the fourth quarter. Buckhead Capital Management LLC now owns 30,134 shares of the software maker’s stock valued at $1,764,000 after purchasing an additional 187 shares in the last quarter. First Trust Direct Indexing L.P. lifted its position in Fortinet by 1.6% during the third quarter. First Trust Direct Indexing L.P. now owns 12,743 shares of the software maker’s stock valued at $748,000 after buying an additional 197 shares during the period. Catalyst Financial Partners LLC grew its position in shares of Fortinet by 5.1% in the 3rd quarter. Catalyst Financial Partners LLC now owns 4,324 shares of the software maker’s stock worth $254,000 after buying an additional 209 shares during the period. Realta Investment Advisors grew its holdings in Fortinet by 6.8% in the fourth quarter. Realta Investment Advisors now owns 3,420 shares of the software maker’s stock worth $200,000 after purchasing an additional 217 shares during the period. Finally, First Foundation Advisors lifted its holdings in shares of Fortinet by 0.6% during the third quarter. First Foundation Advisors now owns 40,092 shares of the software maker’s stock valued at $2,353,000 after purchasing an additional 223 shares during the last quarter. 83.71% of the stock is owned by institutional investors.

Insider Transactions at Fortinet

In other Fortinet news, CEO Ken Xie sold 23,694 shares of the firm’s stock in a transaction that occurred on Tuesday, March 12th. The shares were sold at an average price of $71.40, for a total value of $1,691,751.60. Following the completion of the sale, the chief executive officer now directly owns 48,625,005 shares in the company, valued at $3,471,825,357. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other news, CEO Ken Xie sold 23,694 shares of the business’s stock in a transaction dated Tuesday, March 12th. The stock was sold at an average price of $71.40, for a total transaction of $1,691,751.60. Following the sale, the chief executive officer now owns 48,625,005 shares in the company, valued at $3,471,825,357. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Michael Xie sold 24,710 shares of the company’s stock in a transaction dated Thursday, May 2nd. The shares were sold at an average price of $64.48, for a total transaction of $1,593,300.80. Following the transaction, the vice president now owns 10,867,018 shares in the company, valued at approximately $700,705,320.64. The disclosure for this sale can be found here. Insiders have sold a total of 118,480 shares of company stock valued at $8,021,556 in the last 90 days. Insiders own 17.54% of the company’s stock.

Analysts Set New Price Targets

FTNT has been the topic of a number of recent research reports. Needham & Company LLC reissued a “hold” rating on shares of Fortinet in a research note on Friday. Royal Bank of Canada reduced their price objective on shares of Fortinet from $71.00 to $68.00 and set a “sector perform” rating for the company in a research note on Friday. Wedbush reiterated an “outperform” rating and issued a $86.00 target price on shares of Fortinet in a research note on Wednesday. HSBC cut their price target on shares of Fortinet from $57.00 to $54.00 and set a “reduce” rating on the stock in a report on Friday. Finally, UBS Group boosted their price objective on shares of Fortinet from $55.00 to $65.00 and gave the stock a “neutral” rating in a report on Wednesday, January 10th. Two equities research analysts have rated the stock with a sell rating, twenty have assigned a hold rating and twelve have issued a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $70.68.

Fortinet Stock Down 9.7 %

NASDAQ FTNT traded down $6.32 during midday trading on Friday, hitting $58.88. 15,896,615 shares of the company traded hands, compared to its average volume of 4,338,557. Fortinet, Inc. has a 52 week low of $44.12 and a 52 week high of $81.24. The company’s 50-day simple moving average is $67.53 and its 200-day simple moving average is $61.90. The company has a market cap of $44.94 billion, a PE ratio of 38.48, a price-to-earnings-growth ratio of 2.89 and a beta of 1.08. The company has a debt-to-equity ratio of 13.38, a current ratio of 1.19 and a quick ratio of 1.06.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings data on Thursday, May 2nd. The software maker reported $0.43 earnings per share for the quarter, beating analysts’ consensus estimates of $0.38 by $0.05. The company had revenue of $1.35 billion for the quarter, compared to the consensus estimate of $1.34 billion. Fortinet had a negative return on equity of 5,061.85% and a net margin of 22.23%. The firm’s revenue for the quarter was up 7.2% compared to the same quarter last year. During the same quarter last year, the company earned $0.29 earnings per share. As a group, equities research analysts forecast that Fortinet, Inc. will post 1.39 earnings per share 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.