Flagship Harbor Advisors LLC lifted its holdings in shares of Fortinet Inc (NASDAQ:FTNT) by 9.9% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 6,607 shares of the software maker’s stock after acquiring an additional 593 shares during the quarter. Flagship Harbor Advisors LLC’s holdings in Fortinet were worth $554,000 as of its most recent filing with the Securities & Exchange Commission.
Several other institutional investors have also made changes to their positions in the stock. Sumitomo Mitsui Asset Management Company LTD raised its holdings in shares of Fortinet by 1.6% during the fourth quarter. Sumitomo Mitsui Asset Management Company LTD now owns 9,549 shares of the software maker’s stock valued at $672,000 after acquiring an additional 150 shares in the last quarter. Reliance Trust Co. of Delaware raised its holdings in shares of Fortinet by 4.8% during the fourth quarter. Reliance Trust Co. of Delaware now owns 4,358 shares of the software maker’s stock valued at $307,000 after acquiring an additional 200 shares in the last quarter. Utah Retirement Systems raised its holdings in shares of Fortinet by 0.8% during the fourth quarter. Utah Retirement Systems now owns 25,971 shares of the software maker’s stock valued at $1,830,000 after acquiring an additional 200 shares in the last quarter. IFM Investors Pty Ltd raised its holdings in shares of Fortinet by 2.4% during the fourth quarter. IFM Investors Pty Ltd now owns 8,965 shares of the software maker’s stock valued at $631,000 after acquiring an additional 208 shares in the last quarter. Finally, Brown Advisory Inc. raised its holdings in shares of Fortinet by 1.1% during the fourth quarter. Brown Advisory Inc. now owns 20,630 shares of the software maker’s stock valued at $1,453,000 after acquiring an additional 228 shares in the last quarter. Institutional investors own 74.75% of the company’s stock.
In other news, VP Michael Xie sold 60,000 shares of the stock in a transaction on Monday, March 4th. The stock was sold at an average price of $84.06, for a total value of $5,043,600.00. Following the sale, the vice president now directly owns 6,444,644 shares of the company’s stock, valued at $541,736,774.64. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, VP John Whittle sold 1,248 shares of the stock in a transaction on Monday, March 18th. The stock was sold at an average price of $83.41, for a total value of $104,095.68. Following the completion of the sale, the vice president now directly owns 9,308 shares in the company, valued at $776,380.28. The disclosure for this sale can be found here. Over the last three months, insiders sold 196,499 shares of company stock worth $16,309,857. Insiders own 17.70% of the company’s stock.
A number of equities analysts recently commented on the company. Zacks Investment Research downgraded Fortinet from a “strong-buy” rating to a “hold” rating in a report on Tuesday, April 9th. BidaskClub upgraded Fortinet from a “buy” rating to a “strong-buy” rating in a report on Saturday. Stifel Nicolaus upped their target price on Fortinet from $85.00 to $95.00 and gave the company a “hold” rating in a report on Tuesday. OTR Global upgraded Fortinet to a “positive” rating in a report on Monday. Finally, Goldman Sachs Group downgraded Fortinet from a “buy” rating to a “sell” rating and decreased their target price for the company from $95.00 to $59.00 in a report on Friday, January 4th. Two investment analysts have rated the stock with a sell rating, eighteen have given a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $82.26.
FTNT opened at $94.05 on Wednesday. The firm has a market capitalization of $16.25 billion, a price-to-earnings ratio of 83.23, a PEG ratio of 4.90 and a beta of 0.90. Fortinet Inc has a 12-month low of $53.40 and a 12-month high of $96.96.
Fortinet (NASDAQ:FTNT) last posted its quarterly earnings data on Wednesday, February 6th. The software maker reported $0.42 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.31 by $0.11. Fortinet had a return on equity of 22.72% and a net margin of 18.44%. The business had revenue of $507.00 million during the quarter, compared to the consensus estimate of $496.33 million. During the same quarter in the prior year, the company earned $0.32 earnings per share. The firm’s quarterly revenue was up 21.7% compared to the same quarter last year. On average, equities analysts forecast that Fortinet Inc will post 1.25 EPS for the current year.
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Fortinet, Inc provides broad, integrated, and automated 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 wide area network acceleration; FortiSandbox technology that delivers proactive detection and mitigation services; and FortiSIEM family of software solutions, which offers a cloud-ready security information and event management solutions.
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