WINTON GROUP Ltd Purchases New Position in Fortinet Inc (NASDAQ:FTNT)

WINTON GROUP Ltd purchased a new position in shares of Fortinet Inc (NASDAQ:FTNT) during the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 5,586 shares of the software maker’s stock, valued at approximately $244,000.

A number of other institutional investors and hedge funds have also bought and sold shares of FTNT. SeaCrest Wealth Management LLC acquired a new position in Fortinet in the 4th quarter valued at about $109,000. Cerebellum GP LLC acquired a new position in Fortinet in the 4th quarter valued at about $125,000. First Mercantile Trust Co. acquired a new position in Fortinet in the 4th quarter valued at about $135,000. First Republic Investment Management Inc. acquired a new position in Fortinet in the 4th quarter valued at about $208,000. Finally, Ropes Wealth Advisors LLC boosted its holdings in Fortinet by 28.7% in the 3rd quarter. Ropes Wealth Advisors LLC now owns 5,935 shares of the software maker’s stock valued at $213,000 after purchasing an additional 1,325 shares during the last quarter. Hedge funds and other institutional investors own 68.76% of the company’s stock.

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Shares of NASDAQ:FTNT opened at $54.33 on Friday. The firm has a market cap of $9,125.39, a P/E ratio of 104.48, a price-to-earnings-growth ratio of 4.36 and a beta of 0.71. Fortinet Inc has a 1-year low of $35.44 and a 1-year high of $55.34.

Fortinet (NASDAQ:FTNT) last announced its quarterly earnings data on Monday, February 5th. The software maker reported $0.32 EPS for the quarter, topping the Zacks’ consensus estimate of $0.29 by $0.03. The company had revenue of $416.70 million during the quarter, compared to the consensus estimate of $409.04 million. Fortinet had a net margin of 2.10% and a return on equity of 11.77%. Fortinet’s quarterly revenue was up 14.9% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.30 EPS. analysts forecast that Fortinet Inc will post 0.74 earnings per share for the current year.

A number of equities research analysts have recently issued reports on the stock. JPMorgan Chase downgraded shares of Fortinet from an “overweight” rating to a “neutral” rating and set a $50.00 price target on the stock. in a research note on Tuesday, December 12th. Barclays boosted their price target on shares of Fortinet from $48.00 to $50.00 and gave the company an “equal weight” rating in a research note on Tuesday, February 6th. Zacks Investment Research raised shares of Fortinet from a “hold” rating to a “buy” rating and set a $52.00 price target on the stock in a research note on Tuesday, February 13th. Monness Crespi & Hardt reaffirmed a “buy” rating and set a $56.00 target price (up from $50.00) on shares of Fortinet in a research note on Wednesday, February 28th. Finally, Deutsche Bank downgraded shares of Fortinet from a “buy” rating to a “hold” rating and set a $46.00 target price on the stock. in a research note on Tuesday, January 23rd. One equities research analyst has rated the stock with a sell rating, eleven have assigned a hold rating, fourteen have given a buy rating and two have assigned a strong buy rating to the company. Fortinet presently has a consensus rating of “Buy” and an average price target of $50.13.

In other news, CEO Ken Xie sold 89,423 shares of the stock in a transaction dated 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 approximately $568,405,199.88. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP John Whittle sold 624 shares of the stock in a transaction dated Monday, March 12th. The shares were sold at an average price of $54.44, for a total transaction of $33,970.56. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 156,190 shares of company stock valued at $7,114,541. 16.40% of the stock is owned by 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.

Institutional Ownership by Quarter for Fortinet (NASDAQ:FTNT)

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