Park West Asset Management LLC Invests $24.26 Million in Fortinet Inc (FTNT)

Park West Asset Management LLC acquired a new position in shares of Fortinet Inc (NASDAQ:FTNT) in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 452,700 shares of the software maker’s stock, valued at approximately $24,256,000.

Several other institutional investors also recently made changes to their positions in FTNT. Schwab Charles Investment Management Inc. grew its stake in shares of Fortinet by 6.3% during the fourth quarter. Schwab Charles Investment Management Inc. now owns 486,700 shares of the software maker’s stock worth $21,264,000 after purchasing an additional 29,024 shares during the period. Victory Capital Management Inc. grew its stake in shares of Fortinet by 12.7% during the fourth quarter. Victory Capital Management Inc. now owns 40,870 shares of the software maker’s stock worth $1,786,000 after purchasing an additional 4,609 shares during the period. US Bancorp DE grew its stake in shares of Fortinet by 18.2% during the fourth quarter. US Bancorp DE now owns 19,608 shares of the software maker’s stock worth $857,000 after purchasing an additional 3,024 shares during the period. SeaCrest Wealth Management LLC acquired a new stake in shares of Fortinet during the fourth quarter worth $109,000. Finally, American Century Companies Inc. grew its stake in shares of Fortinet by 5.3% during the fourth quarter. American Century Companies Inc. now owns 24,786 shares of the software maker’s stock worth $1,083,000 after purchasing an additional 1,244 shares during the period. 69.60% of the stock is owned by institutional investors and hedge funds.

Fortinet opened at $65.54 on Thursday, Marketbeat Ratings reports. Fortinet Inc has a 1 year low of $35.44 and a 1 year high of $65.17. The stock has a market capitalization of $10.63 billion, a price-to-earnings ratio of 126.04, a price-to-earnings-growth ratio of 4.31 and a beta of 0.76.

Fortinet (NASDAQ:FTNT) last posted its earnings results on Thursday, May 3rd. The software maker reported $0.33 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.24 by $0.09. Fortinet had a return on equity of 14.64% and a net margin of 4.01%. The firm had revenue of $399.00 million during the quarter, compared to analysts’ expectations of $390.60 million. During the same period in the previous year, the firm earned $0.17 earnings per share. The company’s revenue was up 17.1% on a year-over-year basis. equities research analysts predict that Fortinet Inc will post 0.88 EPS for the current year.

A number of brokerages recently commented on FTNT. Bank of America lifted their price objective on Fortinet from $64.00 to $70.00 and gave the stock a “buy” rating in a research note on Monday. UBS Group lifted their price objective on Fortinet from $64.00 to $67.00 and gave the stock a “buy” rating in a research note on Monday, May 21st. Morgan Stanley set a $55.00 price objective on Fortinet and gave the stock a “hold” rating in a research note on Friday, May 4th. Credit Suisse Group lifted their price objective on Fortinet from $37.00 to $43.00 and gave the stock an “underperform” rating in a research note on Friday, May 4th. Finally, Deutsche Bank lifted their price objective on Fortinet from $47.00 to $61.00 and gave the stock a “hold” rating in a research note on Friday, May 4th. One research analyst has rated the stock with a sell rating, eleven have issued a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company. The company currently has an average rating of “Buy” and a consensus price target of $55.55.

In other news, VP John Whittle sold 2,835 shares of the company’s stock in a transaction dated Tuesday, May 8th. The stock was sold at an average price of $55.38, for a total transaction of $157,002.30. Following the completion of the transaction, the vice president now directly owns 8,684 shares of the company’s stock, valued at $480,919.92. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Keith Jensen sold 3,424 shares of the company’s stock in a transaction dated Wednesday, May 16th. The stock was sold at an average price of $59.24, for a total value of $202,837.76. The disclosure for this sale can be found here. Insiders have sold 82,964 shares of company stock valued at $4,971,290 over the last ninety days. 17.70% of the stock is owned by insiders.

Fortinet Company Profile

Fortinet, Inc provides broad, automated, and integrated cybersecurity solutions worldwide. It offers FortiGate hardware and software licenses that provide various security and networking functions, including firewall, intrusion prevention, anti-malware, virtual private network, application control, Web filtering, anti-spam, and WAN acceleration; and FortiSandbox technology that delivers proactive detection and mitigation services; and FortiSIEM family of products, which offers a cloud-ready security information and event management solution for enterprises and service providers.

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Institutional Ownership by Quarter for Fortinet (NASDAQ:FTNT)

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