Alcosta Capital Management Inc. Acquires New Holdings in Fortinet, Inc. (NASDAQ:FTNT)

Alcosta Capital Management Inc. bought a new position in Fortinet, Inc. (NASDAQ:FTNT) in the fourth quarter, HoldingsChannel.com reports. The fund bought 55,539 shares of the software maker’s stock, valued at approximately $5,247,000. Fortinet accounts for 3.1% of Alcosta Capital Management Inc.’s portfolio, making the stock its 15th largest position.

A number of other hedge funds have also added to or reduced their stakes in FTNT. First Hawaiian Bank purchased a new stake in Fortinet in the fourth quarter worth 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 worth $8,487,000 after acquiring an additional 8,707 shares during the period. Trilogy Capital Inc. lifted its holdings in Fortinet by 17.8% during the fourth quarter. Trilogy Capital Inc. now owns 23,499 shares of the software maker’s stock valued at $2,220,000 after purchasing an additional 3,544 shares in the last quarter. Dixon Mitchell Investment Counsel Inc. boosted its position in shares of Fortinet by 129.9% in the fourth quarter. Dixon Mitchell Investment Counsel Inc. now owns 299,989 shares of the software maker’s stock worth $28,343,000 after purchasing an additional 169,530 shares during the period. Finally, Milestone Asset Management LLC purchased a new stake in shares of Fortinet in the fourth quarter worth $1,690,000. 83.71% of the stock is currently owned by hedge funds and other institutional investors.

Fortinet Price Performance

Fortinet stock opened at $84.71 on Friday. The firm has a market capitalization of $65.14 billion, a PE ratio of 37.48, a price-to-earnings-growth ratio of 4.19 and a beta of 1.09. Fortinet, Inc. has a 12-month low of $54.57 and a 12-month high of $114.82. The firm has a 50-day moving average price of $102.59 and a 200-day moving average price of $93.87. The company has a current ratio of 1.47, a quick ratio of 1.39 and a debt-to-equity ratio of 0.67.

Fortinet (NASDAQ:FTNT) last announced its quarterly earnings data 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, equities research analysts forecast that Fortinet, Inc. will post 2.09 EPS for the current year.

Wall Street Analysts Forecast Growth

FTNT has been the subject of several recent analyst reports. The Goldman Sachs Group upped their target price on shares of Fortinet from $114.00 to $130.00 and gave the stock a “buy” rating in a report on Friday, February 7th. KeyCorp upgraded Fortinet from a “sector weight” rating to an “overweight” rating and set a $115.00 price objective on the stock in a research report on Thursday, December 19th. Raymond James reiterated a “market perform” rating on shares of Fortinet in a research report on Tuesday, January 14th. Jefferies Financial Group lowered their price target on Fortinet from $115.00 to $105.00 and set a “hold” rating on the stock in a report on Monday, March 31st. Finally, StockNews.com downgraded Fortinet from a “buy” rating to a “hold” rating in a research note on Tuesday, April 1st. One investment analyst has rated the stock with a sell rating, twenty have given a hold rating, eleven have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Fortinet has an average rating of “Hold” and a consensus target price of $105.77.

Insider Activity at Fortinet

In related news, Director Kenneth A. Goldman sold 2,000 shares of Fortinet stock in a transaction dated Wednesday, March 12th. The shares were sold at an average price of $100.00, for a total transaction of $200,000.00. Following the completion of the sale, the director now owns 18,612 shares in the company, valued at $1,861,200. This trade represents a 9.70 % decrease in their position. The sale 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 company’s stock in a transaction dated Tuesday, March 11th. The stock was sold at an average price of $98.17, for a total transaction of $32,080,385.28. Following the completion of the transaction, the vice president now owns 11,000,068 shares in the company, valued at $1,079,876,675.56. This represents a 2.89 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 599,988 shares of company stock worth $59,094,530 in the last quarter. 18.00% of the stock is owned by company insiders.

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.