DNB Asset Management AS reduced its position in shares of Fortinet Inc (NASDAQ:FTNT) by 5.1% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 24,022 shares of the software maker’s stock after selling 1,302 shares during the quarter. DNB Asset Management AS’s holdings in Fortinet were worth $2,017,000 as of its most recent filing with the Securities & Exchange Commission.
Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. First Mercantile Trust Co. purchased a new position in Fortinet during the 4th quarter worth $580,000. Delta Investment Management LLC purchased a new position in Fortinet during the 4th quarter worth $563,000. Cooper Financial Group purchased a new position in Fortinet during the 4th quarter worth $209,000. Northern Trust Corp increased its holdings in Fortinet by 14.1% during the 4th quarter. Northern Trust Corp now owns 1,566,252 shares of the software maker’s stock worth $110,311,000 after purchasing an additional 193,805 shares during the period. Finally, Canada Pension Plan Investment Board increased its holdings in Fortinet by 25.1% during the 4th quarter. Canada Pension Plan Investment Board now owns 487,000 shares of the software maker’s stock worth $34,297,000 after purchasing an additional 97,700 shares during the period. Institutional investors own 74.75% of the company’s stock.
In other Fortinet news, VP Michael Xie sold 60,000 shares of Fortinet stock in a transaction dated Monday, March 4th. The stock was sold at an average price of $84.06, for a total transaction of $5,043,600.00. Following the completion of the sale, the vice president now owns 6,444,644 shares of the company’s stock, valued at approximately $541,736,774.64. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Ken Xie sold 80,000 shares of Fortinet stock in a transaction dated Monday, February 11th. The stock was sold at an average price of $81.64, for a total value of $6,531,200.00. Following the sale, the chief executive officer now directly owns 12,613,240 shares of the company’s stock, valued at approximately $1,029,744,913.60. The disclosure for this sale can be found here. Insiders sold a total of 196,499 shares of company stock valued at $16,309,857 in the last three months. Insiders own 17.70% of the company’s stock.
Fortinet stock opened at $94.05 on Wednesday. The firm has a market capitalization of $16.25 billion, a PE ratio of 83.23, a price-to-earnings-growth ratio of 4.90 and a beta of 0.90. Fortinet Inc has a 1-year low of $53.40 and a 1-year high of $96.96.
Fortinet (NASDAQ:FTNT) last posted its quarterly earnings data on Wednesday, February 6th. The software maker reported $0.42 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.31 by $0.11. The firm had revenue of $507.00 million during the quarter, compared to analysts’ expectations of $496.33 million. Fortinet had a return on equity of 22.72% and a net margin of 18.44%. The business’s quarterly revenue was up 21.7% on a year-over-year basis. During the same quarter last year, the firm earned $0.32 EPS. Research analysts expect that Fortinet Inc will post 1.25 earnings per share for the current fiscal year.
Several analysts have issued reports on FTNT shares. Stifel Nicolaus increased their target price on Fortinet from $85.00 to $95.00 and gave the company a “hold” rating in a research report on Tuesday. OTR Global raised Fortinet to a “positive” rating in a research report on Monday. BidaskClub raised Fortinet from a “buy” rating to a “strong-buy” rating in a research report on Saturday. Zacks Investment Research cut Fortinet from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, April 9th. Finally, Mizuho started coverage on Fortinet in a research report on Tuesday, March 26th. They set a “neutral” rating and a $90.00 target price on the stock. Two equities research analysts have rated the stock with a sell rating, eighteen have given a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $82.26.
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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