King Luther Capital Management Corp Sells 4,883 Shares of Fortinet, Inc. (NASDAQ:FTNT)

King Luther Capital Management Corp lessened its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 1.5% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 323,275 shares of the software maker’s stock after selling 4,883 shares during the quarter. King Luther Capital Management Corp’s holdings in Fortinet were worth $30,543,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. FMR LLC increased its holdings in Fortinet by 276.3% during the 3rd quarter. FMR LLC now owns 3,685,230 shares of the software maker’s stock valued at $285,790,000 after purchasing an additional 2,705,767 shares during the period. Amundi increased its stake in shares of Fortinet by 36.7% during the fourth quarter. Amundi now owns 6,577,467 shares of the software maker’s stock valued at $631,700,000 after buying an additional 1,766,860 shares during the period. Los Angeles Capital Management LLC raised its holdings in shares of Fortinet by 136.0% during the fourth quarter. Los Angeles Capital Management LLC now owns 2,919,952 shares of the software maker’s stock valued at $275,877,000 after acquiring an additional 1,682,708 shares in the last quarter. State Street Corp lifted its stake in Fortinet by 2.9% in the third quarter. State Street Corp now owns 27,281,279 shares of the software maker’s stock worth $2,115,663,000 after acquiring an additional 766,135 shares during the period. Finally, Raymond James Financial Inc. bought a new stake in Fortinet in the fourth quarter valued at $69,381,000. Institutional investors own 83.71% of the company’s stock.

Analyst Upgrades and Downgrades

FTNT has been the subject of several research reports. The Goldman Sachs Group upped their price objective on shares of Fortinet from $114.00 to $130.00 and gave the stock a “buy” rating in a report on Friday, February 7th. Deutsche Bank Aktiengesellschaft raised their price objective on shares of Fortinet from $77.00 to $90.00 and gave the stock a “hold” rating in a report on Tuesday, November 19th. TD Cowen upped their target price on Fortinet from $90.00 to $105.00 and gave the stock a “buy” rating in a report on Tuesday, November 19th. BMO Capital Markets raised their target price on Fortinet from $88.00 to $100.00 and gave the company a “market perform” rating in a research note on Tuesday, November 19th. Finally, Scotiabank upped their price target on Fortinet from $115.00 to $135.00 and gave the stock a “sector outperform” rating in a research note on Friday, February 7th. One analyst has rated the stock with a sell rating, twenty have assigned a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $103.72.

Insiders Place Their Bets

In other Fortinet news, CEO Ken Xie sold 206,000 shares of the firm’s stock in a transaction dated Monday, March 10th. The stock was sold at an average price of $96.93, for a total value of $19,967,580.00. Following the transaction, the chief executive officer now directly owns 51,391,879 shares of the company’s stock, valued at approximately $4,981,414,831.47. This trade represents a 0.40 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Keith Jensen sold 23,500 shares of the company’s stock in a transaction dated Wednesday, February 19th. The shares were sold at an average price of $113.56, for a total transaction of $2,668,660.00. Following the sale, the chief financial officer now directly owns 4,736 shares of the company’s stock, valued at $537,820.16. The trade was a 83.23 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 620,904 shares of company stock valued at $61,138,694. Company insiders own 18.00% of the company’s stock.

Fortinet Trading Up 2.3 %

Fortinet stock opened at $98.28 on Wednesday. Fortinet, Inc. has a one year low of $54.57 and a one year high of $114.82. The business’s fifty day moving average is $102.15 and its 200 day moving average is $91.36. The company has a debt-to-equity ratio of 0.67, a current ratio of 1.47 and a quick ratio of 1.39. The stock has a market capitalization of $75.57 billion, a PE ratio of 43.49, a price-to-earnings-growth ratio of 4.19 and a beta of 0.97.

Fortinet (NASDAQ:FTNT) last announced its quarterly earnings results on Thursday, February 6th. The software maker reported $0.67 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.60 by $0.07. Fortinet had a net margin of 29.30% and a return on equity of 256.53%. On average, sell-side analysts predict that Fortinet, Inc. will post 2.09 EPS for the current 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.