55,539 Shares in Fortinet, Inc. (NASDAQ:FTNT) Acquired by Alcosta Capital Management Inc.

Alcosta Capital Management Inc. purchased a new stake in Fortinet, Inc. (NASDAQ:FTNT) in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 55,539 shares of the software maker’s stock, valued at approximately $5,247,000. Fortinet accounts for about 3.1% of Alcosta Capital Management Inc.’s investment portfolio, making the stock its 15th largest holding.

Other hedge funds have also recently made changes to their positions in the company. Edmond DE Rothschild Holding S.A. purchased a new position in Fortinet during the fourth quarter worth about $27,000. Oarsman Capital Inc. grew its holdings in shares of Fortinet by 188.9% during the fourth quarter. Oarsman Capital Inc. now owns 416 shares of the software maker’s stock worth $39,000 after purchasing an additional 272 shares in the last quarter. Graney & King LLC purchased a new position in shares of Fortinet during the fourth quarter worth about $43,000. Golden State Wealth Management LLC bought a new position in shares of Fortinet in the fourth quarter worth approximately $46,000. Finally, Runnymede Capital Advisors Inc. purchased a new stake in Fortinet in the fourth quarter valued at approximately $56,000. 83.71% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on FTNT shares. StockNews.com lowered shares of Fortinet from a “buy” rating to a “hold” rating in a report on Tuesday, April 1st. Stifel Nicolaus raised their price target on Fortinet from $103.00 to $115.00 and gave the company a “hold” rating in a research report on Friday, February 7th. KeyCorp upgraded Fortinet from a “sector weight” rating to an “overweight” rating and set a $115.00 price objective for the company in a report on Thursday, December 19th. Citigroup raised their price objective on Fortinet from $100.00 to $101.00 and gave the company a “neutral” rating in a report on Friday, January 17th. Finally, Wells Fargo & Company upped their target price on Fortinet from $85.00 to $105.00 and gave the stock an “equal weight” rating in a research note on Friday, February 7th. One research analyst has rated the stock with a sell rating, twenty have given a hold rating, eleven have given a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $105.77.

Insider Buying and Selling

In other news, CEO Ken Xie sold 23,044 shares of the stock in a transaction that occurred 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 sale, the chief executive officer now owns 49,039,698 shares in the company, valued at $4,576,384,617.36. This represents a 0.05 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, VP Michael Xie sold 326,784 shares of the firm’s stock in a transaction that occurred on Tuesday, March 11th. The shares were sold at an average price of $98.17, for a total transaction of $32,080,385.28. Following the sale, the vice president now directly owns 11,000,068 shares of the company’s stock, valued at $1,079,876,675.56. This trade represents a 2.89 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 599,988 shares of company stock valued at $59,094,530 over the last quarter. Corporate insiders own 18.00% of the company’s stock.

Fortinet Stock Down 5.3 %

Shares of NASDAQ:FTNT opened at $84.71 on Friday. The firm has a market capitalization of $65.14 billion, a P/E ratio of 37.48, a P/E/G ratio of 4.19 and a beta of 1.09. 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 50 day moving average price of $102.59 and a 200-day moving average price of $93.87. Fortinet, Inc. has a 52-week low of $54.57 and a 52-week high of $114.82.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings data on Thursday, February 6th. The software maker reported $0.67 earnings per share (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%. As a group, equities research analysts anticipate that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

Fortinet 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.