Alcosta Capital Management Inc. Buys New Position in Fortinet, Inc. (NASDAQ:FTNT)

Alcosta Capital Management Inc. acquired a new position in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 55,539 shares of the software maker's stock, valued at approximately $5,247,000. Fortinet comprises approximately 3.1% of Alcosta Capital Management Inc.'s portfolio, making the stock its 15th largest holding.

A number of other institutional investors and hedge funds have also bought and sold shares of the company. Waterloo Capital L.P. acquired a new position in shares of Fortinet during the fourth quarter worth $253,000. Peapack Gladstone Financial Corp raised its position in Fortinet by 7.1% during the 4th quarter. Peapack Gladstone Financial Corp now owns 195,577 shares of the software maker's stock worth $18,479,000 after purchasing an additional 13,039 shares during the last quarter. Ilmarinen Mutual Pension Insurance Co lifted its holdings in Fortinet by 8.0% during the 4th quarter. Ilmarinen Mutual Pension Insurance Co now owns 135,000 shares of the software maker's stock worth $12,755,000 after buying an additional 10,000 shares during the period. Nutshell Asset Management Ltd acquired a new stake in shares of Fortinet in the fourth quarter valued at about $9,725,000. Finally, Russell Investments Group Ltd. raised its position in shares of Fortinet by 4.3% during the fourth quarter. Russell Investments Group Ltd. now owns 718,095 shares of the software maker's stock worth $67,998,000 after acquiring an additional 29,905 shares during the last quarter. Institutional investors and hedge funds own 83.71% of the company's stock.

Insider Buying and Selling at Fortinet

In other Fortinet news, CFO Keith Jensen sold 17,660 shares of the stock in a transaction that occurred on Wednesday, February 26th. The shares were sold at an average price of $109.18, for a total value of $1,928,118.80. Following the sale, the chief financial officer now directly owns 4,736 shares in the company, valued at $517,076.48. This represents a 78.85 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Ken Xie sold 23,044 shares of the business's stock in a transaction on Wednesday, January 15th. The shares were sold at an average price of $93.32, for a total transaction of $2,150,466.08. Following the transaction, the chief executive officer now owns 49,039,698 shares of the company's stock, valued at $4,576,384,617.36. This trade represents a 0.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 599,988 shares of company stock valued at $59,094,530. Company insiders own 18.00% of the company's stock.

Fortinet Stock Up 0.7 %

NASDAQ:FTNT traded up $0.67 on Friday, hitting $96.99. The stock had a trading volume of 2,115,892 shares, compared to its average volume of 5,053,269. Fortinet, Inc. has a 1 year low of $54.57 and a 1 year high of $114.82. The firm's fifty day simple moving average is $101.82 and its two-hundred day simple moving average is $94.46. The company has a debt-to-equity ratio of 0.67, a quick ratio of 1.39 and a current ratio of 1.47. The stock has a market cap of $74.58 billion, a P/E ratio of 42.89, a price-to-earnings-growth ratio of 4.19 and a beta of 1.09.

Fortinet (NASDAQ:FTNT - Get Free Report) last issued its quarterly earnings results on Thursday, February 6th. The software maker reported $0.67 EPS for the quarter, topping analysts' consensus estimates of $0.60 by $0.07. Fortinet had a return on equity of 256.53% and a net margin of 29.30%. Analysts predict that Fortinet, Inc. will post 2.09 earnings per share for the current year.

Wall Street Analyst Weigh In

Several brokerages recently commented on FTNT. Raymond James reiterated a "market perform" rating on shares of Fortinet in a report on Tuesday, January 14th. Citigroup increased their price objective on shares of Fortinet from $100.00 to $101.00 and gave the stock a "neutral" rating in a research report on Friday, January 17th. StockNews.com lowered Fortinet from a "buy" rating to a "hold" rating in a research report on Tuesday, April 1st. Rosenblatt Securities upped their target price on Fortinet from $115.00 to $125.00 and gave the company a "buy" rating in a research report on Friday, February 7th. Finally, Baird R W downgraded Fortinet from a "strong-buy" rating to a "hold" rating in a report on Monday, February 3rd. One investment analyst has rated the stock with a sell rating, twenty have given a hold rating, eleven have issued a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, Fortinet has a consensus rating of "Hold" and an average price target of $105.77.

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.