GSA Capital Partners LLP reduced its stake in shares of Fortinet Inc (NASDAQ:FTNT) by 83.2% in the third quarter, according to its most recent filing with the SEC. The institutional investor owned 5,646 shares of the software maker’s stock after selling 28,047 shares during the period. GSA Capital Partners LLP’s holdings in Fortinet were worth $202,000 as of its most recent filing with the SEC.
A number of other institutional investors and hedge funds also recently modified their holdings of FTNT. Schwab Charles Investment Management Inc. increased its holdings in Fortinet by 4.9% during the 2nd quarter. Schwab Charles Investment Management Inc. now owns 447,946 shares of the software maker’s stock worth $16,772,000 after purchasing an additional 20,960 shares in the last quarter. JPMorgan Chase & Co. grew its holdings in shares of Fortinet by 23.5% in the second quarter. JPMorgan Chase & Co. now owns 340,985 shares of the software maker’s stock valued at $12,766,000 after acquiring an additional 64,900 shares in the last quarter. Franklin Resources Inc. grew its holdings in shares of Fortinet by 20.9% in the second quarter. Franklin Resources Inc. now owns 443,891 shares of the software maker’s stock valued at $16,619,000 after acquiring an additional 76,871 shares in the last quarter. Wells Fargo & Company MN grew its holdings in shares of Fortinet by 16.3% in the second quarter. Wells Fargo & Company MN now owns 1,474,970 shares of the software maker’s stock valued at $55,223,000 after acquiring an additional 207,102 shares in the last quarter. Finally, Riverhead Capital Management LLC grew its holdings in shares of Fortinet by 67.1% in the second quarter. Riverhead Capital Management LLC now owns 8,354 shares of the software maker’s stock valued at $313,000 after acquiring an additional 3,354 shares in the last quarter. 70.68% of the stock is owned by hedge funds and other institutional investors.
Several equities analysts have recently issued reports on the company. Robert W. Baird upped their target price on Fortinet from $50.00 to $56.00 and gave the company an “outperform” rating in a report on Thursday. Barclays lowered Fortinet from an “overweight” rating to an “equal weight” rating and upped their target price for the company from $45.00 to $48.00 in a report on Tuesday, January 9th. Oppenheimer upped their target price on Fortinet from $45.00 to $50.00 and gave the company an “outperform” rating in a report on Monday, January 8th. BidaskClub raised Fortinet from a “buy” rating to a “strong-buy” rating in a report on Wednesday, December 13th. Finally, JPMorgan Chase & Co. lowered Fortinet from an “overweight” rating to a “neutral” rating and set a $50.00 target price for the company. in a report on Tuesday, December 12th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating, fourteen have assigned 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 $45.24.
In other Fortinet news, Director Ming Hsieh sold 5,332 shares of the stock in a transaction on Thursday, November 9th. The stock was sold at an average price of $39.64, for a total transaction of $211,360.48. Following the sale, the director now owns 331 shares in the company, valued at $13,120.84. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Christopher B. Paisley sold 4,000 shares of the stock in a transaction on Monday, November 13th. The stock was sold at an average price of $40.02, for a total value of $160,080.00. Following the sale, the director now owns 72,606 shares in the company, valued at approximately $2,905,692.12. The disclosure for this sale can be found here. Over the last three months, insiders have sold 73,355 shares of company stock valued at $3,072,511. 16.40% of the stock is owned by corporate insiders.
Fortinet Inc (NASDAQ:FTNT) opened at $44.94 on Friday. Fortinet Inc has a twelve month low of $31.36 and a twelve month high of $45.64. The firm has a market capitalization of $7,820.00, a price-to-earnings ratio of 93.63, a price-to-earnings-growth ratio of 4.52 and a beta of 0.93.
Fortinet (NASDAQ:FTNT) last announced its quarterly earnings data on Thursday, October 26th. The software maker reported $0.28 earnings per share for the quarter, beating the consensus estimate of $0.23 by $0.05. Fortinet had a return on equity of 10.92% and a net margin of 5.93%. The business had revenue of $374.20 million during the quarter, compared to analyst estimates of $370.67 million. During the same period in the prior year, the company earned $0.18 earnings per share. Fortinet’s revenue was up 18.2% compared to the same quarter last year. equities analysts anticipate that Fortinet Inc will post 0.48 EPS for the current fiscal year.
Fortinet announced that its board has initiated a stock repurchase program on Thursday, October 26th that authorizes the company to buyback $400.00 million in outstanding shares. This buyback authorization authorizes the software maker to reacquire shares of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s board of directors believes its stock is undervalued.
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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