Los Angeles Capital Management LLC Acquires 1,199,241 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Los Angeles Capital Management LLC raised its position in shares of Fortinet, Inc. (NASDAQ:FTNT) by 3,155.6% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 1,237,244 shares of the software maker’s stock after acquiring an additional 1,199,241 shares during the quarter. Los Angeles Capital Management LLC’s holdings in Fortinet were worth $95,948,000 at the end of the most recent quarter.

Other large investors have also bought and sold shares of the company. Eastern Bank bought a new stake in Fortinet during the 3rd quarter valued at approximately $25,000. Winthrop Capital Management LLC bought a new stake in Fortinet during the 1st quarter valued at approximately $25,000. Private Wealth Management Group LLC boosted its position in Fortinet by 73.3% during the 3rd quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker’s stock valued at $32,000 after acquiring an additional 173 shares in the last quarter. City State Bank boosted its position in Fortinet by 900.0% during the 3rd quarter. City State Bank now owns 500 shares of the software maker’s stock valued at $39,000 after acquiring an additional 450 shares in the last quarter. Finally, Oakworth Capital Inc. bought a new stake in shares of Fortinet in the 2nd quarter worth approximately $33,000. 83.71% of the stock is owned by institutional investors.

Fortinet Price Performance

Shares of FTNT traded up $8.36 during midday trading on Friday, hitting $92.04. 13,790,376 shares of the company traded hands, compared to its average volume of 3,707,677. The firm has a 50 day moving average of $78.74 and a 200-day moving average of $68.15. Fortinet, Inc. has a 52 week low of $49.63 and a 52 week high of $92.53. The stock has a market cap of $70.40 billion, a price-to-earnings ratio of 54.46, a PEG ratio of 2.85 and a beta of 1.00. The company has a debt-to-equity ratio of 3.45, a quick ratio of 1.22 and a current ratio of 1.32.

Wall Street Analyst Weigh In

FTNT has been the topic of a number of analyst reports. Cantor Fitzgerald boosted their price target on Fortinet from $65.00 to $88.00 and gave the stock a “neutral” rating in a research report on Tuesday, October 29th. Susquehanna boosted their price target on Fortinet from $65.00 to $70.00 and gave the stock a “neutral” rating in a research report on Thursday, August 8th. Hsbc Global Res raised Fortinet from a “moderate sell” rating to a “hold” rating in a research report on Wednesday, August 7th. Raymond James boosted their price target on Fortinet from $85.00 to $95.00 and gave the stock an “outperform” rating in a research report on Friday. Finally, Wells Fargo & Company boosted their price target on Fortinet from $62.00 to $64.00 and gave the stock an “equal weight” rating in a research report on Wednesday, August 7th. One research analyst has rated the stock with a sell rating, twenty-one have assigned a hold rating and eleven have given a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $77.72.

Insider Activity

In other news, CEO Ken Xie sold 23,693 shares of the company’s stock in a transaction dated Wednesday, August 14th. The shares were sold at an average price of $73.06, for a total transaction of $1,731,010.58. Following the sale, the chief executive officer now directly owns 48,842,522 shares in the company, valued at approximately $3,568,434,657.32. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In the last three months, insiders have sold 70,538 shares of company stock worth $5,403,559. 18.00% of the stock is currently owned by corporate insiders.

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.