Los Angeles Capital Management LLC Increases Stock Holdings in Fortinet, Inc. (NASDAQ:FTNT)

Los Angeles Capital Management LLC grew its position in Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 27.2% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm 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 filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Headinvest LLC bought a new position in shares of Fortinet during the third quarter worth $29,000. Atwood & Palmer Inc. bought a new stake in shares of Fortinet in the fourth quarter worth about $29,000. Annis Gardner Whiting Capital Advisors LLC purchased a new stake in shares of Fortinet in the third quarter worth about $37,000. Rakuten Securities Inc. purchased a new stake in shares of Fortinet in the fourth quarter worth about $43,000. Finally, CVA Family Office LLC bought a new position in Fortinet during the fourth quarter valued at approximately $46,000. 83.71% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Fortinet

In other Fortinet news, CEO Ken Xie sold 23,694 shares of the stock in a transaction dated Tuesday, March 12th. The shares were sold at an average price of $71.40, for a total transaction of $1,691,751.60. Following the completion of the sale, the chief executive officer now directly owns 48,625,005 shares of the company's stock, valued at $3,471,825,357. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, VP Michael Xie sold 24,710 shares of the business's stock in a transaction 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 transaction, the vice president now directly owns 10,867,018 shares in the company, valued at approximately $700,705,320.64. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CEO Ken Xie sold 23,694 shares of the stock in a transaction dated 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 owns 48,625,005 shares of the company's stock, valued at $3,471,825,357. The disclosure for this sale can be found here. Insiders have sold 118,480 shares of company stock worth $8,021,556 over the last quarter. Insiders own 17.54% of the company's stock.

Fortinet Stock Down 9.7 %

Shares of NASDAQ FTNT traded down $6.32 during midday trading on Friday, reaching $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 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. The stock's 50 day simple moving average is $67.53 and its 200-day simple moving average is $61.90. 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 one year low of $44.12 and a one year high of $81.24.

Fortinet (NASDAQ:FTNT - Get Free Report) last announced its earnings results on Thursday, May 2nd. The software maker reported $0.43 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.38 by $0.05. The business had revenue of $1.35 billion for the quarter, compared to analysts' expectations 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 for the quarter was up 7.2% on a year-over-year basis. During the same quarter last year, the firm earned $0.29 EPS. On average, analysts predict that Fortinet, Inc. will post 1.39 EPS for the current fiscal year.

Analysts Set New Price Targets

FTNT has been the topic of several recent research reports. Rosenblatt Securities reaffirmed a "buy" rating and set a $85.00 price objective on shares of Fortinet in a report on Friday. Cantor Fitzgerald dropped their price objective on shares of Fortinet from $65.00 to $55.00 and set a "neutral" rating for the company in a research note on Friday. UBS Group upped their target price on shares of Fortinet from $55.00 to $65.00 and gave the company a "neutral" rating in a research report on Wednesday, January 10th. Daiwa Capital Markets upgraded Fortinet from a "neutral" rating to an "outperform" rating and set a $75.00 price target for the company in a research report on Tuesday, February 13th. Finally, Evercore ISI decreased their price objective on Fortinet from $72.00 to $67.00 and set an "in-line" rating on the stock in a research report on Friday. Two research analysts have rated the stock with a sell rating, twenty have given a hold rating and twelve have issued a buy rating to the company's stock. Based on data from MarketBeat.com, Fortinet currently has a consensus rating of "Hold" and an average target price of $70.68.

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.