Principal Financial Group Inc. lessened its stake in shares of Fortinet Inc (NASDAQ:FTNT) by 0.1% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 637,097 shares of the software maker’s stock after selling 848 shares during the period. Principal Financial Group Inc. owned 0.38% of Fortinet worth $34,136,000 as of its most recent filing with the Securities & Exchange Commission.
Several other institutional investors and hedge funds also recently added to or reduced their stakes in FTNT. SeaCrest Wealth Management LLC acquired a new position in shares of Fortinet during the 4th quarter worth about $109,000. First Mercantile Trust Co. acquired a new stake in Fortinet in the 4th quarter valued at about $135,000. Synovus Financial Corp acquired a new stake in Fortinet in the 1st quarter valued at about $161,000. First Republic Investment Management Inc. acquired a new stake in Fortinet in the 4th quarter valued at about $208,000. Finally, Capital One National Association acquired a new stake in Fortinet in the 4th quarter valued at about $213,000. Hedge funds and other institutional investors own 69.60% of the company’s stock.
Fortinet opened at $65.74 on Friday, MarketBeat Ratings reports. The company has a market cap of $10.87 billion, a P/E ratio of 126.42, a P/E/G ratio of 4.41 and a beta of 0.76. Fortinet Inc has a fifty-two week low of $35.44 and a fifty-two week high of $66.26.
Fortinet (NASDAQ:FTNT) last posted its quarterly earnings data on Thursday, May 3rd. The software maker reported $0.33 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.24 by $0.09. The firm had revenue of $399.00 million during the quarter, compared to analysts’ expectations of $390.60 million. Fortinet had a net margin of 4.01% and a return on equity of 14.64%. The firm’s quarterly revenue was up 17.1% on a year-over-year basis. During the same quarter last year, the company posted $0.17 EPS. analysts expect that Fortinet Inc will post 0.88 earnings per share for the current fiscal year.
In other Fortinet news, CEO Ken Xie sold 50,000 shares of the firm’s stock in a transaction that occurred on Thursday, May 24th. The shares were sold at an average price of $60.51, for a total value of $3,025,500.00. Following the completion of the transaction, the chief executive officer now owns 12,562,906 shares of the company’s stock, valued at approximately $760,181,442.06. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, VP John Whittle sold 2,835 shares of the firm’s stock in a transaction that occurred on Tuesday, May 8th. The shares were 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 approximately $480,919.92. The disclosure for this sale can be found here. Insiders have sold a total of 82,964 shares of company stock valued at $4,971,290 in the last ninety days. 17.70% of the stock is currently owned by corporate insiders.
FTNT has been the subject of a number of recent research reports. BMO Capital Markets reiterated an “outperform” rating and issued a $58.00 price objective (up previously from $50.00) on shares of Fortinet in a report on Thursday, March 29th. Zacks Investment Research upgraded shares of Fortinet from a “hold” rating to a “buy” rating and set a $61.00 price objective for the company in a report on Monday, March 12th. Bank of America increased their price objective on shares of Fortinet from $57.00 to $63.00 and gave the company a “buy” rating in a report on Tuesday, April 24th. Credit Suisse Group reiterated a “sell” rating and issued a $37.00 price objective on shares of Fortinet in a report on Wednesday, February 28th. Finally, ValuEngine upgraded shares of Fortinet from a “hold” rating to a “buy” rating in a report on Wednesday, April 4th. One analyst has rated the stock with a sell rating, eleven have issued a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the stock. The company presently has a consensus rating of “Buy” and an average target price of $55.55.
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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