Wasatch Advisors Inc. lessened its holdings in Fortinet Inc (NASDAQ:FTNT) by 12.0% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 1,970,837 shares of the software maker’s stock after selling 268,016 shares during the quarter. Fortinet comprises approximately 1.1% of Wasatch Advisors Inc.’s investment portfolio, making the stock its 29th largest holding. Wasatch Advisors Inc. owned 1.13% of Fortinet worth $86,106,000 at the end of the most recent quarter.
A number of other large investors have also modified their holdings of FTNT. Voya Investment Management LLC increased its holdings in Fortinet by 934.3% in the 2nd quarter. Voya Investment Management LLC now owns 1,880,328 shares of the software maker’s stock worth $70,399,000 after buying an additional 1,698,526 shares during the period. ETF Managers Group LLC acquired a new position in Fortinet in the 2nd quarter worth approximately $40,680,000. BlackRock Inc. increased its holdings in Fortinet by 6.6% in the 2nd quarter. BlackRock Inc. now owns 14,047,819 shares of the software maker’s stock worth $525,953,000 after buying an additional 870,061 shares during the period. Renaissance Technologies LLC increased its holdings in Fortinet by 19.1% in the 2nd quarter. Renaissance Technologies LLC now owns 4,521,700 shares of the software maker’s stock worth $169,292,000 after buying an additional 726,300 shares during the period. Finally, Alyeska Investment Group L.P. acquired a new position in Fortinet in the 3rd quarter worth approximately $14,293,000. Institutional investors own 70.68% of the company’s stock.
Fortinet Inc (NASDAQ:FTNT) traded down $0.60 during trading on Tuesday, reaching $44.34. 1,470,000 shares of the company were exchanged, compared to its average volume of 1,450,000. Fortinet Inc has a 1 year low of $31.36 and a 1 year high of $45.79. The firm has a market cap of $7,710.00, a PE ratio of 92.38, a P/E/G ratio of 4.59 and a beta of 0.93.
Fortinet (NASDAQ:FTNT) last released its quarterly earnings results on Thursday, October 26th. The software maker reported $0.28 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.23 by $0.05. Fortinet had a net margin of 5.93% and a return on equity of 10.92%. The firm had revenue of $374.20 million for the quarter, compared to analysts’ expectations of $370.67 million. During the same quarter last year, the company earned $0.18 EPS. The firm’s revenue for the quarter was up 18.2% compared to the same quarter last year. sell-side analysts anticipate that Fortinet Inc will post 0.48 EPS for the current fiscal year.
Fortinet declared that its Board of Directors has authorized a share repurchase plan on Thursday, October 26th that permits the company to repurchase $400.00 million in outstanding shares. This repurchase authorization permits the software maker to reacquire shares of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board believes its stock is undervalued.
Several equities analysts recently weighed in on the stock. Deutsche Bank upgraded shares of Fortinet from a “hold” rating to a “buy” rating and increased their price target for the stock from $36.00 to $48.00 in a report on Wednesday, October 18th. UBS Group raised their price objective on shares of Fortinet from $46.00 to $47.00 and gave the stock a “buy” rating in a research note on Friday, October 27th. BidaskClub raised shares of Fortinet from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, December 13th. KeyCorp reaffirmed a “buy” rating and set a $46.00 price objective on shares of Fortinet in a research note on Tuesday, October 24th. Finally, Oppenheimer reaffirmed a “buy” rating and set a $45.00 price objective on shares of Fortinet in a research note on Monday, September 18th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating, fourteen have given a buy rating and two have assigned a strong buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus price target of $45.24.
In related news, VP John Whittle sold 13,749 shares of Fortinet stock in a transaction on Tuesday, December 19th. The shares were sold at an average price of $45.00, for a total value of $618,705.00. Following the sale, the vice president now owns 18,430 shares of the company’s stock, valued at approximately $829,350. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Ming Hsieh sold 5,332 shares of the firm’s stock in a transaction on Thursday, November 9th. The shares were sold at an average price of $39.64, for a total value of $211,360.48. Following the completion of the transaction, the director now owns 331 shares in the company, valued at approximately $13,120.84. The disclosure for this sale can be found here. Insiders sold a total of 73,355 shares of company stock worth $3,072,511 in the last three months. 17.00% of the stock is owned by corporate insiders.
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Fortinet Company Profile
Fortinet, Inc is a network security company. The Company provides cyber security solutions to a range of enterprises, service providers and government organizations across the world. Its network security solution consists of FortiGate physical, virtual machine and cloud platforms, which provide integrated security and networking functions to protect data, applications and users from network-and content-level security threats.
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