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

King Luther Capital Management Corp trimmed its position in Fortinet, Inc. (NASDAQ:FTNT) by 1.5% in the 4th quarter, HoldingsChannel reports. The fund 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 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. First Hawaiian Bank purchased a new position in shares of Fortinet in the fourth quarter valued at about $670,000. LVM Capital Management Ltd. MI raised its stake in Fortinet by 10.7% during the 4th quarter. LVM Capital Management Ltd. MI now owns 89,827 shares of the software maker’s stock valued at $8,487,000 after purchasing an additional 8,707 shares during the period. Apollon Wealth Management LLC lifted its holdings in Fortinet by 7.6% in the 3rd quarter. Apollon Wealth Management LLC now owns 15,296 shares of the software maker’s stock worth $1,186,000 after purchasing an additional 1,081 shares in the last quarter. Trilogy Capital Inc. boosted its stake in Fortinet by 17.8% in the 4th quarter. Trilogy Capital Inc. now owns 23,499 shares of the software maker’s stock worth $2,220,000 after purchasing an additional 3,544 shares during the period. Finally, Dixon Mitchell Investment Counsel Inc. grew its holdings in Fortinet by 129.9% during the 4th quarter. Dixon Mitchell Investment Counsel Inc. now owns 299,989 shares of the software maker’s stock valued at $28,343,000 after buying an additional 169,530 shares in the last quarter. 83.71% of the stock is owned by hedge funds and other institutional investors.

Fortinet Trading Up 2.3 %

NASDAQ FTNT opened at $98.28 on Wednesday. Fortinet, Inc. has a 52 week low of $54.57 and a 52 week high of $114.82. The company has a 50 day moving average price of $102.15 and a 200 day moving average price of $91.36. The company has a quick ratio of 1.39, a current ratio of 1.47 and a debt-to-equity ratio of 0.67. The firm has a market cap 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 released its quarterly earnings results on Thursday, February 6th. The software maker reported $0.67 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.60 by $0.07. Fortinet had a net margin of 29.30% and a return on equity of 256.53%. As a group, sell-side analysts forecast that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

Wall Street Analyst Weigh In

FTNT has been the topic of several research analyst reports. Susquehanna boosted their target price on shares of Fortinet from $90.00 to $110.00 and gave the stock a “neutral” rating in a report on Monday, February 10th. Needham & Company LLC reissued a “hold” rating on shares of Fortinet in a report on Friday, February 7th. Citigroup lifted their target price on Fortinet from $100.00 to $101.00 and gave the stock a “neutral” rating in a report on Friday, January 17th. Deutsche Bank Aktiengesellschaft raised their price target on Fortinet from $77.00 to $90.00 and gave the company a “hold” rating in a report on Tuesday, November 19th. Finally, The Goldman Sachs Group upped their price target on shares of Fortinet from $114.00 to $130.00 and gave the company a “buy” rating in a research note on Friday, February 7th. One equities research analyst has rated the stock with a sell rating, twenty have given a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $103.72.

Insider Activity at Fortinet

In other news, CFO Keith Jensen sold 23,500 shares of Fortinet stock in a transaction on 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 completion of the sale, the chief financial officer now directly owns 4,736 shares in the company, valued at approximately $537,820.16. The trade was a 83.23 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Ken Xie sold 23,044 shares of the company’s stock in a transaction on Wednesday, January 15th. The shares were sold at an average price of $93.32, for a total value of $2,150,466.08. Following the completion of the transaction, the chief executive officer now directly owns 49,039,698 shares in the company, valued at approximately $4,576,384,617.36. The trade was a 0.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 620,904 shares of company stock valued at $61,138,694 in the last ninety days. Corporate insiders own 18.00% of the company’s stock.

About Fortinet

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.