GF Fund Management CO. LTD. Makes New $13.72 Million Investment in Fortinet, Inc. (NASDAQ:FTNT)

GF Fund Management CO. LTD. purchased a new stake in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 145,260 shares of the software maker's stock, valued at approximately $13,724,000.

Other institutional investors and hedge funds have also modified their holdings of the company. Trilogy Capital Inc. grew its holdings in shares of Fortinet by 17.8% during the 4th quarter. Trilogy Capital Inc. now owns 23,499 shares of the software maker's stock valued at $2,220,000 after acquiring an additional 3,544 shares in the last quarter. Milestone Asset Management LLC purchased a new position in shares of Fortinet during the 4th quarter valued at $1,690,000. Proficio Capital Partners LLC lifted its stake in shares of Fortinet by 18,353.2% in the 4th quarter. Proficio Capital Partners LLC now owns 547,323 shares of the software maker's stock valued at $547,000 after purchasing an additional 544,357 shares during the last quarter. Jackson Wealth Management LLC acquired a new stake in shares of Fortinet in the 4th quarter valued at $4,731,000. Finally, YHB Investment Advisors Inc. lifted its stake in shares of Fortinet by 5.0% in the 4th quarter. YHB Investment Advisors Inc. now owns 65,797 shares of the software maker's stock valued at $6,217,000 after purchasing an additional 3,149 shares during the last quarter. 83.71% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, CEO Ken Xie sold 158,488 shares of the stock in a transaction that occurred on Friday, May 2nd. The shares were sold at an average price of $106.10, for a total value of $16,815,576.80. Following the transaction, the chief executive officer now directly owns 51,391,879 shares in the company, valued at $5,452,678,361.90. This 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 the SEC website. Also, Director William H. Neukom acquired 328 shares of the business's stock in a transaction that occurred on Thursday, March 6th. The stock was acquired at an average price of $106.33 per share, for a total transaction of $34,876.24. Following the completion of the acquisition, the director now directly owns 300,006 shares of the company's stock, valued at $31,899,637.98. This trade represents a 0.11% increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last ninety days, insiders have sold 715,478 shares of company stock valued at $71,467,247. 17.20% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on FTNT shares. Baird R W lowered shares of Fortinet from a "strong-buy" rating to a "hold" rating in a research note on Monday, February 3rd. Stifel Nicolaus reduced their price objective on shares of Fortinet from $115.00 to $95.00 and set a "hold" rating for the company in a research note on Thursday, May 8th. Cantor Fitzgerald reduced their price objective on shares of Fortinet from $115.00 to $100.00 and set a "neutral" rating for the company in a research note on Thursday, April 24th. The Goldman Sachs Group lifted their price objective on shares of Fortinet from $114.00 to $130.00 and gave the company a "buy" rating in a research note on Friday, February 7th. Finally, Wells Fargo & Company reduced their price objective on shares of Fortinet from $105.00 to $95.00 and set an "equal weight" rating for the company in a research note on Thursday, May 8th. One equities research analyst has rated the stock with a sell rating, twenty have given a hold rating, twelve have issued a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, Fortinet presently has an average rating of "Hold" and a consensus target price of $104.80.

Fortinet Price Performance

NASDAQ FTNT traded up $1.58 on Tuesday, reaching $104.74. The company's stock had a trading volume of 4,249,130 shares, compared to its average volume of 4,976,994. The firm has a market cap of $80.17 billion, a PE ratio of 46.35, a price-to-earnings-growth ratio of 4.19 and a beta of 1.16. The business has a 50-day moving average price of $99.39 and a 200 day moving average price of $99.34. Fortinet, Inc. has a 52 week low of $54.57 and a 52 week high of $114.82. The company has a current ratio of 1.47, a quick ratio of 1.39 and a debt-to-equity ratio of 0.67.

Fortinet (NASDAQ:FTNT - Get Free Report) last posted its earnings results on Wednesday, May 7th. The software maker reported $0.58 earnings per share for the quarter, beating analysts' consensus estimates of $0.53 by $0.05. The business had revenue of $1.54 billion for the quarter, compared to analysts' expectations of $1.54 billion. Fortinet had a net margin of 29.30% and a return on equity of 256.53%. The firm's revenue for the quarter was up 13.8% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.43 earnings per share. Sell-side analysts expect that Fortinet, Inc. will post 2.09 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.