Legg Mason Asset Management Japan Co. Ltd. trimmed its stake in Fortinet Inc (NASDAQ:FTNT) by 4.7% during the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 12,200 shares of the software maker’s stock after selling 600 shares during the quarter. Fortinet makes up about 1.1% of Legg Mason Asset Management Japan Co. Ltd.’s investment portfolio, making the stock its 29th largest holding. Legg Mason Asset Management Japan Co. Ltd.’s holdings in Fortinet were worth $860,000 at the end of the most recent reporting period.
A number of other hedge funds also recently bought and sold shares of FTNT. Oregon Public Employees Retirement Fund lifted its stake in Fortinet by 3,990.7% in the fourth quarter. Oregon Public Employees Retirement Fund now owns 3,284,855 shares of the software maker’s stock valued at $47,000 after buying an additional 3,204,555 shares during the last quarter. MERIAN GLOBAL INVESTORS UK Ltd lifted its stake in Fortinet by 45.5% in the fourth quarter. MERIAN GLOBAL INVESTORS UK Ltd now owns 2,599,009 shares of the software maker’s stock valued at $183,048,000 after buying an additional 812,206 shares during the last quarter. Geode Capital Management LLC lifted its stake in Fortinet by 50.3% in the fourth quarter. Geode Capital Management LLC now owns 2,351,384 shares of the software maker’s stock valued at $165,377,000 after buying an additional 787,230 shares during the last quarter. AQR Capital Management LLC lifted its stake in Fortinet by 51.8% in the third quarter. AQR Capital Management LLC now owns 2,263,905 shares of the software maker’s stock valued at $208,891,000 after buying an additional 772,344 shares during the last quarter. Finally, Allianz Asset Management GmbH lifted its stake in Fortinet by 556.5% in the third quarter. Allianz Asset Management GmbH now owns 763,347 shares of the software maker’s stock valued at $70,434,000 after buying an additional 647,069 shares during the last quarter. Institutional investors own 73.78% of the company’s stock.
NASDAQ:FTNT opened at $83.26 on Friday. The stock has a market cap of $14.21 billion, a P/E ratio of 73.68, a PEG ratio of 3.92 and a beta of 0.92. Fortinet Inc has a 52-week low of $51.97 and a 52-week high of $94.37.
Fortinet (NASDAQ:FTNT) last released its earnings results on Wednesday, February 6th. The software maker reported $0.42 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.31 by $0.11. The firm had revenue of $507.00 million for the quarter, compared to analyst estimates of $496.33 million. Fortinet had a return on equity of 22.72% and a net margin of 18.44%. Fortinet’s revenue was up 21.7% compared to the same quarter last year. During the same period in the previous year, the company earned $0.32 earnings per share. Analysts anticipate that Fortinet Inc will post 1.25 EPS for the current year.
In related news, CFO Keith Jensen sold 11,251 shares of Fortinet stock in a transaction dated Thursday, February 28th. The stock was sold at an average price of $86.95, for a total transaction of $978,274.45. Following the transaction, the chief financial officer now directly owns 10,669 shares of the company’s stock, valued at $927,669.55. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, VP Michael Xie sold 60,000 shares of the stock in a transaction on Monday, March 4th. The shares were sold at an average price of $84.06, for a total value of $5,043,600.00. Following the completion of the transaction, the vice president now owns 6,444,644 shares of the company’s stock, valued at approximately $541,736,774.64. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 197,127 shares of company stock worth $16,334,589. 17.70% of the stock is owned by corporate insiders.
FTNT has been the topic of a number of recent research reports. BidaskClub upgraded Fortinet from a “hold” rating to a “buy” rating in a research note on Saturday, December 8th. Zacks Investment Research lowered Fortinet from a “buy” rating to a “hold” rating in a report on Wednesday, January 30th. Gabelli lowered Fortinet from a “buy” rating to a “hold” rating in a report on Thursday, February 7th. Goldman Sachs Group lowered Fortinet from a “buy” rating to a “sell” rating and lowered their price target for the company from $95.00 to $59.00 in a report on Friday, January 4th. Finally, BMO Capital Markets lowered Fortinet from an “outperform” rating to a “market perform” rating and lowered their price target for the company from $90.00 to $78.00 in a report on Tuesday, January 22nd. They noted that the move was a valuation call. Two analysts have rated the stock with a sell rating, sixteen have given a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the company. The stock has an average rating of “Hold” and an average price target of $80.86.
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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