Wealthfront Advisers LLC trimmed its position in Fortinet Inc (NASDAQ:FTNT) by 4.0% in the first quarter, HoldingsChannel reports. The firm owned 8,469 shares of the software maker’s stock after selling 350 shares during the period. Wealthfront Advisers LLC’s holdings in Fortinet were worth $711,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. Northern Trust Corp raised its stake in shares of Fortinet by 14.1% in the fourth quarter. Northern Trust Corp now owns 1,566,252 shares of the software maker’s stock valued at $110,311,000 after purchasing an additional 193,805 shares in the last quarter. Canada Pension Plan Investment Board raised its stake in shares of Fortinet by 25.1% in the fourth quarter. Canada Pension Plan Investment Board now owns 487,000 shares of the software maker’s stock valued at $34,297,000 after purchasing an additional 97,700 shares in the last quarter. Altshuler Shaham Ltd raised its stake in shares of Fortinet by 2.8% in the fourth quarter. Altshuler Shaham Ltd now owns 1,390,472 shares of the software maker’s stock valued at $97,931,000 after purchasing an additional 38,006 shares in the last quarter. BOKF NA raised its stake in shares of Fortinet by 45.2% in the fourth quarter. BOKF NA now owns 56,431 shares of the software maker’s stock valued at $3,975,000 after purchasing an additional 17,574 shares in the last quarter. Finally, Flagship Harbor Advisors LLC raised its stake in shares of Fortinet by 9.9% in the first quarter. Flagship Harbor Advisors LLC now owns 6,607 shares of the software maker’s stock valued at $554,000 after purchasing an additional 593 shares in the last quarter. Institutional investors and hedge funds own 73.57% of the company’s stock.
Shares of FTNT stock opened at $75.71 on Friday. The firm has a market cap of $13.08 billion, a PE ratio of 67.00, a price-to-earnings-growth ratio of 3.89 and a beta of 1.13. Fortinet Inc has a 52 week low of $61.08 and a 52 week high of $96.96.
Fortinet (NASDAQ:FTNT) last announced its earnings results on Thursday, May 2nd. The software maker reported $0.46 EPS for the quarter, topping the consensus estimate of $0.20 by $0.26. The company had revenue of $472.60 million for the quarter, compared to analysts’ expectations of $471.90 million. Fortinet had a return on equity of 22.52% and a net margin of 18.64%. The business’s revenue for the quarter was up 18.4% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.33 earnings per share. On average, research analysts expect that Fortinet Inc will post 1.31 EPS for the current fiscal year.
Several research analysts have issued reports on the company. Mizuho assumed coverage on Fortinet in a research note on Tuesday, March 26th. They set a “neutral” rating and a $90.00 price objective for the company. BidaskClub lowered Fortinet from a “hold” rating to a “sell” rating in a research note on Friday, June 7th. Monness Crespi & Hardt reiterated a “buy” rating and set a $97.00 price objective (up from $95.00) on shares of Fortinet in a research note on Friday, May 3rd. Citigroup lowered Fortinet from a “neutral” rating to a “sell” rating and dropped their price objective for the stock from $84.00 to $78.00 in a research note on Friday, May 3rd. Finally, Morgan Stanley dropped their price objective on Fortinet from $84.00 to $77.00 and set an “equal weight” rating for the company in a research note on Tuesday. Three research analysts have rated the stock with a sell rating, eighteen have given a hold rating and ten have issued a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $85.54.
In other news, CFO Keith Jensen sold 3,723 shares of the stock in a transaction on Thursday, May 16th. The stock was sold at an average price of $81.75, for a total transaction of $304,355.25. Following the sale, the chief financial officer now owns 1,607 shares in the company, valued at $131,372.25. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, VP John Whittle sold 1,248 shares of the stock in a transaction on Monday, March 18th. The stock was sold at an average price of $83.41, for a total value of $104,095.68. Following the sale, the vice president now owns 9,308 shares in the company, valued at approximately $776,380.28. The disclosure for this sale can be found here. Insiders have sold 64,511 shares of company stock worth $4,865,082 in the last 90 days. Company insiders own 17.70% of the company’s stock.
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Fortinet, Inc provides broad, integrated, and automated 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 wide area network acceleration; FortiSandbox technology that delivers proactive detection and mitigation services; and FortiSIEM family of software solutions, which offers a cloud-ready security information and event management solutions.
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