4,487 Shares in Fortinet, Inc. (NASDAQ:FTNT) Bought by Malaga Cove Capital LLC

Malaga Cove Capital LLC acquired a new stake in shares of Fortinet, Inc. (NASDAQ:FTNT) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 4,487 shares of the software maker’s stock, valued at approximately $263,000.

A number of other institutional investors and hedge funds have also recently bought and sold shares of FTNT. Buckhead Capital Management LLC boosted its holdings in Fortinet by 0.6% in the fourth quarter. Buckhead Capital Management LLC now owns 30,134 shares of the software maker’s stock worth $1,764,000 after purchasing an additional 187 shares in the last quarter. First Trust Direct Indexing L.P. lifted its position in Fortinet by 1.6% during the 3rd quarter. First Trust Direct Indexing L.P. now owns 12,743 shares of the software maker’s stock worth $748,000 after acquiring an additional 197 shares during the last quarter. Catalyst Financial Partners LLC boosted its holdings in Fortinet by 5.1% during the third quarter. Catalyst Financial Partners LLC now owns 4,324 shares of the software maker’s stock valued at $254,000 after acquiring an additional 209 shares during the period. Realta Investment Advisors grew its position in shares of Fortinet by 6.8% in the fourth quarter. Realta Investment Advisors now owns 3,420 shares of the software maker’s stock valued at $200,000 after purchasing an additional 217 shares during the last quarter. Finally, First Foundation Advisors increased its stake in shares of Fortinet by 0.6% in the third quarter. First Foundation Advisors now owns 40,092 shares of the software maker’s stock worth $2,353,000 after purchasing an additional 223 shares during the period. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on the company. Susquehanna reaffirmed a “neutral” rating and issued a $80.00 target price on shares of Fortinet in a report on Wednesday, April 3rd. Barclays decreased their price target on shares of Fortinet from $80.00 to $75.00 and set an “equal weight” rating on the stock in a research report on Friday. Wedbush reaffirmed an “outperform” rating and set a $86.00 price objective on shares of Fortinet in a research report on Wednesday. StockNews.com raised Fortinet from a “hold” rating to a “buy” rating in a research report on Friday. Finally, Daiwa Capital Markets raised Fortinet from a “neutral” rating to an “outperform” rating and set a $75.00 price target for the company in a report on Tuesday, February 13th. Two investment analysts have rated the stock with a sell rating, twenty have assigned a hold rating and twelve have given a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $70.68.

Insider Buying and Selling at Fortinet

In other news, CEO Ken Xie sold 23,694 shares of Fortinet stock in a transaction dated Tuesday, March 12th. The stock was sold at an average price of $71.40, for a total transaction of $1,691,751.60. Following the transaction, the chief executive officer now owns 48,625,005 shares in the company, valued at approximately $3,471,825,357. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other Fortinet news, CEO Ken Xie sold 23,694 shares of Fortinet stock in a transaction dated Tuesday, March 12th. The stock was sold at an average price of $71.40, for a total value of $1,691,751.60. Following the sale, the chief executive officer now owns 48,625,005 shares of the company’s stock, valued at approximately $3,471,825,357. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Michael Xie sold 24,710 shares of the business’s stock in a transaction dated Thursday, May 2nd. The shares were sold at an average price of $64.48, for a total value of $1,593,300.80. Following the completion of the sale, the vice president now owns 10,867,018 shares in the company, valued at $700,705,320.64. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 118,480 shares of company stock valued at $8,021,556. Company insiders own 17.54% of the company’s stock.

Fortinet Trading Down 9.7 %

Shares of Fortinet stock traded down $6.32 during trading on Friday, hitting $58.88. 15,896,615 shares of the company were exchanged, compared to its average volume of 4,338,557. The company has a debt-to-equity ratio of 13.38, a current ratio of 1.19 and a quick ratio of 1.06. The firm has a market capitalization of $44.94 billion, a P/E ratio of 38.48, a price-to-earnings-growth ratio of 2.89 and a beta of 1.08. The firm’s fifty day moving average price is $67.53 and its 200 day moving average price is $61.90. Fortinet, Inc. has a 1-year low of $44.12 and a 1-year high of $81.24.

Fortinet (NASDAQ:FTNT) last issued its earnings results on Thursday, May 2nd. The software maker reported $0.43 EPS for the quarter, beating the consensus estimate of $0.38 by $0.05. The firm had revenue of $1.35 billion during the quarter, compared to the consensus estimate of $1.34 billion. Fortinet had a net margin of 22.23% and a negative return on equity of 5,061.85%. The business’s quarterly revenue was up 7.2% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.29 earnings per share. As a group, sell-side analysts expect that Fortinet, Inc. will post 1.39 earnings per share for the current fiscal 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.