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

Los Angeles Capital Management LLC lifted its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 3,155.6% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (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 period. Los Angeles Capital Management LLC owned approximately 0.16% of Fortinet worth $95,948,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. Price T Rowe Associates Inc. MD boosted its holdings in Fortinet by 664.8% during the first quarter. Price T Rowe Associates Inc. MD now owns 35,137,089 shares of the software maker’s stock worth $2,400,215,000 after purchasing an additional 30,542,551 shares during the last quarter. Swedbank AB purchased a new position in Fortinet during the first quarter worth about $548,013,000. Marshall Wace LLP boosted its holdings in Fortinet by 198.5% during the second quarter. Marshall Wace LLP now owns 6,238,856 shares of the software maker’s stock worth $376,016,000 after purchasing an additional 4,148,520 shares during the last quarter. Van ECK Associates Corp boosted its holdings in Fortinet by 94.9% during the second quarter. Van ECK Associates Corp now owns 5,755,599 shares of the software maker’s stock worth $346,890,000 after purchasing an additional 2,802,446 shares during the last quarter. Finally, Bessemer Group Inc. boosted its holdings in Fortinet by 102.5% during the first quarter. Bessemer Group Inc. now owns 3,284,203 shares of the software maker’s stock worth $224,344,000 after purchasing an additional 1,662,156 shares during the last quarter. 83.71% of the stock is owned by institutional investors.

Fortinet Trading Up 10.0 %

Shares of FTNT stock traded up $8.36 on Friday, hitting $92.04. 13,790,376 shares of the company’s stock traded hands, compared to its average volume of 3,707,677. The company has a debt-to-equity ratio of 3.45, a quick ratio of 1.22 and a current ratio of 1.32. Fortinet, Inc. has a one year low of $49.63 and a one year high of $92.53. The company’s fifty day simple moving average is $78.74 and its 200 day simple moving average is $68.15. The stock has a market capitalization of $70.40 billion, a price-to-earnings ratio of 54.46, a P/E/G ratio of 2.85 and a beta of 1.00.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on the stock. Piper Sandler boosted their target price on shares of Fortinet from $70.00 to $80.00 and gave the company a “neutral” rating in a research note on Friday. DZ Bank upgraded shares of Fortinet from a “sell” rating to a “hold” rating and set a $65.00 target price on the stock in a research note on Thursday, August 8th. Truist Financial boosted their target price on shares of Fortinet from $70.00 to $85.00 and gave the company a “buy” rating in a research note on Wednesday, October 23rd. Citigroup upped their price target on shares of Fortinet from $66.00 to $76.00 and gave the company a “neutral” rating in a research note on Friday, September 13th. Finally, Robert W. Baird upped their price target on shares of Fortinet from $80.00 to $88.00 and gave the company an “outperform” rating in a research note on Friday. One research analyst has rated the stock with a sell rating, twenty-one have assigned a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $77.72.

Insider Activity at Fortinet

In related news, CEO Ken Xie sold 23,307 shares of the stock in a transaction on Wednesday, October 16th. The shares were sold at an average price of $81.89, for a total transaction of $1,908,610.23. Following the transaction, the chief executive officer now owns 48,915,530 shares of the company’s stock, valued at approximately $4,005,692,751.70. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In the last 90 days, insiders have sold 70,538 shares of company stock valued at $5,403,559. Insiders own 18.00% of the company’s stock.

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.