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

by · The Cerbat Gem

Los Angeles Capital Management LLC decreased its stake in Fortinet, Inc. (NASDAQ:FTNT – Free Report) by 85.3% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 203,824 shares of the software maker’s stock after selling 1,178,547 shares during the quarter. Los Angeles Capital Management LLC’s holdings in Fortinet were worth $11,960,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of FTNT. Bank Julius Baer & Co. Ltd Zurich boosted its position in Fortinet by 99,008.1% during the second quarter. Bank Julius Baer & Co. Ltd Zurich now owns 213,366,900 shares of the software maker’s stock worth $16,128,404,000 after purchasing an additional 213,151,613 shares in the last quarter. Moneta Group Investment Advisors LLC raised its holdings in shares of Fortinet by 125,937.5% during the fourth quarter. Moneta Group Investment Advisors LLC now owns 14,597,668 shares of the software maker’s stock valued at $713,680,000 after acquiring an additional 14,586,086 shares during the last quarter. Norges Bank acquired a new position in shares of Fortinet during the fourth quarter valued at approximately $312,964,000. Bank of Montreal Can acquired a new position in shares of Fortinet during the second quarter valued at approximately $175,298,000. Finally, Robeco Institutional Asset Management B.V. raised its holdings in shares of Fortinet by 79.6% during the third quarter. Robeco Institutional Asset Management B.V. now owns 3,576,224 shares of the software maker’s stock valued at $209,853,000 after acquiring an additional 1,585,236 shares during the last quarter. Hedge funds and other institutional investors own 65.00% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the company. Evercore ISI reissued an “in-line” rating and set a $51.00 target price (down previously from $78.00) on shares of Fortinet in a report on Friday, November 3rd. Morgan Stanley reduced their target price on Fortinet from $75.00 to $60.00 and set an “overweight” rating for the company in a report on Friday, November 3rd. Susquehanna began coverage on Fortinet in a report on Friday, December 15th. They issued a “neutral” rating and a $55.00 price target for the company. HSBC reaffirmed a “hold” rating and issued a $49.00 price target (down previously from $75.00) on shares of Fortinet in a report on Monday, November 6th. Finally, Sanford C. Bernstein began coverage on Fortinet in a report on Thursday, January 18th. They issued a “market perform” rating and a $65.00 price target for the company. Twenty-four analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. Based on data from MarketBeat, Fortinet presently has an average rating of “Hold” and a consensus target price of $64.64.

View Our Latest Stock Report on Fortinet

Insider Transactions at Fortinet

In other news, CFO Keith Jensen sold 5,100 shares of the business’s stock in a transaction that occurred on Friday, November 17th. The stock was sold at an average price of $51.00, for a total transaction of $260,100.00. Following the sale, the chief financial officer now owns 4,586 shares of the company’s stock, valued at approximately $233,886. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Fortinet news, CFO Keith Jensen sold 5,100 shares of the business’s stock in a transaction on Friday, November 17th. The stock was sold at an average price of $51.00, for a total value of $260,100.00. Following the completion of the transaction, the chief financial officer now directly owns 4,586 shares in the company, valued at approximately $233,886. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Patrice Perche sold 8,918 shares of the company’s stock in a transaction on Friday, November 3rd. The stock was sold at an average price of $50.26, for a total value of $448,218.68. Following the sale, the executive vice president now owns 25,730 shares of the company’s stock, valued at $1,293,189.80. The disclosure for this sale can be found here. Insiders have sold 118,881 shares of company stock valued at $6,603,009 in the last quarter. 17.54% of the stock is currently owned by corporate insiders.

Fortinet Stock Performance

FTNT traded up $0.57 during trading on Friday, reaching $66.12. The company’s stock had a trading volume of 6,691,532 shares, compared to its average volume of 5,627,229. Fortinet, Inc. has a 52-week low of $44.12 and a 52-week high of $81.24. The company’s fifty day moving average price is $57.67 and its 200-day moving average price is $60.27. The company has a market capitalization of $50.77 billion, a price-to-earnings ratio of 45.60, a price-to-earnings-growth ratio of 2.70 and a beta of 1.09. The company has a debt-to-equity ratio of 13.38, a quick ratio of 1.17 and a current ratio of 1.30.

Fortinet (NASDAQ:FTNT – Get Free Report) last announced its quarterly earnings results on Thursday, November 2nd. The software maker reported $0.35 EPS for the quarter, topping the consensus estimate of $0.30 by $0.05. The business had revenue of $1.33 billion for the quarter, compared to analyst estimates of $1.35 billion. Fortinet had a return on equity of 3,361.82% and a net margin of 22.25%. The company’s quarterly revenue was up 15.7% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.28 EPS. On average, equities analysts forecast that Fortinet, Inc. will post 1.29 earnings per share for the current fiscal year.

About Fortinet

(Free Report)

Fortinet, Inc provides cybersecurity and networking solutions worldwide. It offers FortiGate hardware and software licenses that provide various security and networking functions, including firewall, intrusion prevention, anti-malware, virtual private network, application control, web filtering, anti-spam, and wide area network acceleration.

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