Guggenheim Capital LLC lowered its holdings in Fortinet Inc (NASDAQ:FTNT) by 3.8% during the first quarter, according to the company in its most recent filing with the SEC. The fund owned 415,902 shares of the software maker’s stock after selling 16,565 shares during the quarter. Guggenheim Capital LLC owned about 0.25% of Fortinet worth $22,283,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also added to or reduced their stakes in the company. Oppenheimer Asset Management Inc. increased its holdings in shares of Fortinet by 4.9% in the 1st quarter. Oppenheimer Asset Management Inc. now owns 22,180 shares of the software maker’s stock valued at $1,189,000 after acquiring an additional 1,035 shares during the last quarter. American Century Companies Inc. increased its holdings in shares of Fortinet by 5.3% in the 4th quarter. American Century Companies Inc. now owns 24,786 shares of the software maker’s stock valued at $1,083,000 after acquiring an additional 1,244 shares during the last quarter. Amalgamated Bank increased its holdings in shares of Fortinet by 4.4% in the 4th quarter. Amalgamated Bank now owns 30,653 shares of the software maker’s stock valued at $1,339,000 after acquiring an additional 1,287 shares during the last quarter. Toronto Dominion Bank increased its holdings in shares of Fortinet by 14.9% in the 1st quarter. Toronto Dominion Bank now owns 10,118 shares of the software maker’s stock valued at $542,000 after acquiring an additional 1,309 shares during the last quarter. Finally, Stephens Investment Management Group LLC increased its holdings in shares of Fortinet by 0.3% in the 1st quarter. Stephens Investment Management Group LLC now owns 428,426 shares of the software maker’s stock valued at $22,955,000 after acquiring an additional 1,462 shares during the last quarter. Institutional investors and hedge funds own 69.12% of the company’s stock.
In other Fortinet news, VP John Whittle sold 2,835 shares of Fortinet stock in a transaction that occurred on Tuesday, May 8th. The stock was sold at an average price of $55.38, for a total value of $157,002.30. Following the transaction, the vice president now directly owns 8,684 shares in the company, valued at approximately $480,919.92. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Keith Jensen sold 3,424 shares of Fortinet stock in a transaction that occurred on Wednesday, May 16th. The shares were sold at an average price of $59.24, for a total value of $202,837.76. The disclosure for this sale can be found here. Insiders sold a total of 84,214 shares of company stock worth $5,052,515 over the last quarter. Company insiders own 17.70% of the company’s stock.
A number of research analysts have recently commented on the company. UBS Group increased their price objective on Fortinet from $64.00 to $67.00 and gave the company a “buy” rating in a report on Monday, May 21st. Cowen downgraded Fortinet from an “outperform” rating to a “market perform” rating in a report on Tuesday, June 19th. They noted that the move was a valuation call. 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 Fortinet from a “hold” rating to a “buy” rating and set a $57.00 price objective on the stock in a report on Tuesday, March 6th. Finally, Oppenheimer increased their price objective on Fortinet from $50.00 to $55.00 and gave the company an “outperform” rating in a report on Wednesday, February 28th. One investment analyst has rated the stock with a sell rating, twelve have issued a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average price target of $55.55.
Shares of Fortinet opened at $63.93 on Friday, Marketbeat.com reports. Fortinet Inc has a twelve month low of $35.44 and a twelve month high of $66.32. The company has a market capitalization of $10.88 billion, a price-to-earnings ratio of 98.09, a P/E/G ratio of 4.41 and a beta of 0.76.
Fortinet (NASDAQ:FTNT) last announced its earnings results on Thursday, May 3rd. The software maker reported $0.33 earnings per share for the quarter, beating the consensus estimate of $0.24 by $0.09. Fortinet had a return on equity of 14.64% and a net margin of 4.01%. The company had revenue of $399.00 million for the quarter, compared to the consensus estimate of $390.60 million. During the same period last year, the business posted $0.17 EPS. The company’s revenue was up 17.1% on a year-over-year basis. equities research analysts predict that Fortinet Inc will post 0.88 earnings per share for the current fiscal year.
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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