Shell Asset Management Co. acquired a new position in shares of Fortinet Inc (NASDAQ:FTNT) in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 59,374 shares of the software maker’s stock, valued at approximately $2,594,000.
A number of other institutional investors have also recently added to or reduced their stakes in FTNT. SeaCrest Wealth Management LLC acquired a new stake in shares of Fortinet during the fourth quarter valued at about $109,000. Cerebellum GP LLC acquired a new stake in shares of Fortinet during the fourth quarter valued at about $125,000. First Mercantile Trust Co. acquired a new stake in shares of Fortinet during the fourth quarter valued at about $135,000. Ropes Wealth Advisors LLC increased its position in shares of Fortinet by 28.7% during the third quarter. Ropes Wealth Advisors LLC now owns 5,935 shares of the software maker’s stock valued at $213,000 after acquiring an additional 1,325 shares during the last quarter. Finally, Capital One National Association acquired a new stake in shares of Fortinet during the fourth quarter valued at about $213,000. Hedge funds and other institutional investors own 68.72% of the company’s stock.
In related news, CEO Ken Xie sold 89,423 shares of Fortinet stock in a transaction that occurred on Thursday, February 8th. The shares were sold at an average price of $45.08, for a total value of $4,031,188.84. Following the completion of the transaction, the chief executive officer now owns 12,608,811 shares in the company, valued at $568,405,199.88. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Michael Xie sold 40,000 shares of Fortinet stock in a transaction that occurred on Friday, December 1st. The stock was sold at an average price of $41.95, for a total transaction of $1,678,000.00. Following the completion of the transaction, the vice president now owns 6,692,200 shares of the company’s stock, valued at approximately $280,737,790. The disclosure for this sale can be found here. Insiders sold 209,315 shares of company stock valued at $9,377,275 in the last 90 days. Company insiders own 16.40% of the company’s stock.
Fortinet Inc (NASDAQ FTNT) opened at $49.20 on Friday. The firm has a market cap of $8,540.24, a P/E ratio of 87.70, a P/E/G ratio of 3.97 and a beta of 0.86. Fortinet Inc has a twelve month low of $35.44 and a twelve month high of $49.97.
Fortinet (NASDAQ:FTNT) last announced its quarterly earnings data on Monday, February 5th. The software maker reported $0.32 earnings per share for the quarter, beating analysts’ consensus estimates of $0.29 by $0.03. The firm had revenue of $416.70 million during the quarter, compared to analysts’ expectations of $409.04 million. Fortinet had a net margin of 2.10% and a return on equity of 11.77%. The business’s quarterly revenue was up 14.9% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.30 earnings per share. research analysts forecast that Fortinet Inc will post 0.74 earnings per share for the current fiscal year.
Fortinet declared that its Board of Directors has initiated a share repurchase program on Thursday, October 26th that permits the company to repurchase $400.00 million in shares. This repurchase authorization permits the software maker to reacquire shares of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s leadership believes its shares are undervalued.
A number of equities research analysts have weighed in on the stock. Credit Suisse Group lifted their price target on shares of Fortinet from $33.00 to $37.00 and gave the company an “underperform” rating in a research report on Tuesday, February 6th. Zacks Investment Research cut shares of Fortinet from a “buy” rating to a “hold” rating in a research report on Wednesday, February 14th. BMO Capital Markets lifted their price target on shares of Fortinet from $45.00 to $50.00 and gave the company an “outperform” rating in a research report on Tuesday, February 6th. Evercore ISI set a $42.00 price target on shares of Fortinet and gave the company a “hold” rating in a research report on Monday, February 5th. Finally, Stifel Nicolaus lifted their price target on shares of Fortinet from $42.00 to $46.00 and gave the company a “hold” rating in a research report on Tuesday, February 6th. One investment analyst has rated the stock with a sell rating, twelve have assigned a hold rating, thirteen have assigned a buy rating and two have assigned a strong buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus price target of $47.67.
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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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