Angeles Wealth Management LLC Acquires Shares of 5,293 Fortinet, Inc. (NASDAQ:FTNT)

Angeles Wealth Management LLC bought a new position in shares of Fortinet, Inc. (NASDAQ:FTNT) during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 5,293 shares of the software maker’s stock, valued at approximately $410,000.

Several other hedge funds have also modified their holdings of the stock. Forsta AP Fonden boosted its holdings in Fortinet by 11.8% in the third quarter. Forsta AP Fonden now owns 135,500 shares of the software maker’s stock valued at $10,508,000 after acquiring an additional 14,300 shares during the last quarter. Sarasin & Partners LLP boosted its stake in shares of Fortinet by 22.4% in the 2nd quarter. Sarasin & Partners LLP now owns 2,163,093 shares of the software maker’s stock valued at $130,370,000 after purchasing an additional 395,477 shares during the last quarter. Cetera Investment Advisers grew its position in shares of Fortinet by 543.5% during the 1st quarter. Cetera Investment Advisers now owns 157,319 shares of the software maker’s stock worth $10,765,000 after buying an additional 132,871 shares during the period. Sei Investments Co. raised its stake in shares of Fortinet by 10.5% during the first quarter. Sei Investments Co. now owns 138,893 shares of the software maker’s stock worth $9,488,000 after buying an additional 13,178 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC lifted its holdings in Fortinet by 29.5% in the third quarter. Allspring Global Investments Holdings LLC now owns 152,532 shares of the software maker’s stock valued at $11,829,000 after buying an additional 34,727 shares during the period. 83.71% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other news, CEO Ken Xie sold 23,693 shares of Fortinet stock in a transaction that occurred on Wednesday, August 14th. The stock was sold at an average price of $73.06, for a total transaction of $1,731,010.58. Following the completion of the transaction, the chief executive officer now directly owns 48,842,522 shares in the company, valued at approximately $3,568,434,657.32. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders have sold a total of 70,538 shares of company stock valued at $5,403,559 over the last 90 days. 18.00% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several analysts have commented on the stock. StockNews.com upgraded shares of Fortinet from a “hold” rating to a “buy” rating in a research report on Friday, October 25th. UBS Group upped their price objective on Fortinet from $69.00 to $70.00 and gave the company a “neutral” rating in a report on Wednesday, August 7th. JPMorgan Chase & Co. raised their target price on Fortinet from $63.00 to $70.00 and gave the stock a “neutral” rating in a report on Wednesday, August 7th. Morgan Stanley lowered their price target on Fortinet from $73.00 to $69.00 and set an “overweight” rating for the company in a research note on Wednesday, July 17th. Finally, DZ Bank raised shares of Fortinet from a “sell” rating to a “hold” rating and set a $65.00 price objective on the stock in a research note on Thursday, August 8th. One equities research analyst has rated the stock with a sell rating, twenty have issued a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $74.68.

Fortinet Stock Performance

FTNT opened at $78.80 on Monday. The business’s 50-day simple moving average is $78.06 and its 200 day simple moving average is $67.50. Fortinet, Inc. has a 52-week low of $44.12 and a 52-week high of $83.77. The company has a debt-to-equity ratio of 3.45, a quick ratio of 1.22 and a current ratio of 1.32. The firm has a market capitalization of $60.27 billion, a PE ratio of 46.63, a PEG ratio of 2.77 and a beta of 1.00.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings data on Tuesday, August 6th. The software maker reported $0.57 EPS for the quarter, beating the consensus estimate of $0.41 by $0.16. The company had revenue of $1.43 billion during the quarter, compared to the consensus estimate of $1.40 billion. Fortinet had a negative return on equity of 2,160.10% and a net margin of 23.71%. The firm’s revenue for the quarter was up 10.9% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.31 EPS. As a group, sell-side analysts expect that Fortinet, Inc. will post 1.75 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.