ETRADE Capital Management LLC lessened its stake in Fortinet Inc (NASDAQ:FTNT) by 7.5% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 11,149 shares of the software maker’s stock after selling 899 shares during the period. ETRADE Capital Management LLC’s holdings in Fortinet were worth $1,128,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in FTNT. Amundi Pioneer Asset Management Inc. boosted its stake in Fortinet by 5.4% in the first quarter. Amundi Pioneer Asset Management Inc. now owns 52,725 shares of the software maker’s stock valued at $4,429,000 after acquiring an additional 2,678 shares in the last quarter. AE Wealth Management LLC acquired a new position in Fortinet in the fourth quarter valued at $231,000. Janney Montgomery Scott LLC boosted its stake in Fortinet by 45.0% in the fourth quarter. Janney Montgomery Scott LLC now owns 19,314 shares of the software maker’s stock valued at $2,062,000 after acquiring an additional 5,993 shares in the last quarter. CENTRAL TRUST Co boosted its stake in Fortinet by 154.7% in the fourth quarter. CENTRAL TRUST Co now owns 1,503 shares of the software maker’s stock valued at $160,000 after acquiring an additional 913 shares in the last quarter. Finally, SeaCrest Wealth Management LLC acquired a new position in Fortinet in the fourth quarter valued at $224,000. Institutional investors own 75.56% of the company’s stock.
Shares of Fortinet stock opened at $142.64 on Friday. Fortinet Inc has a 12-month low of $68.87 and a 12-month high of $149.69. The stock has a market cap of $23.18 billion, a PE ratio of 66.65, a price-to-earnings-growth ratio of 5.55 and a beta of 0.92. The company has a 50-day moving average of $116.09 and a two-hundred day moving average of $108.28.
Fortinet (NASDAQ:FTNT) last issued its earnings results on Wednesday, May 6th. The software maker reported $0.60 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.50 by $0.10. Fortinet had a net margin of 16.44% and a return on equity of 32.91%. The company had revenue of $576.90 million during the quarter, compared to analysts’ expectations of $554.22 million. During the same period last year, the company posted $0.46 earnings per share. The firm’s quarterly revenue was up 22.1% compared to the same quarter last year. On average, research analysts predict that Fortinet Inc will post 1.85 earnings per share for the current fiscal year.
In other news, Director Christopher B. Paisley sold 750 shares of the firm’s stock in a transaction that occurred on Tuesday, May 19th. The shares were sold at an average price of $144.00, for a total transaction of $108,000.00. Following the completion of the transaction, the director now directly owns 75,412 shares of the company’s stock, valued at approximately $10,859,328. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, VP John Whittle sold 2,539 shares of the firm’s stock in a transaction that occurred on Tuesday, March 24th. The stock was sold at an average price of $100.00, for a total transaction of $253,900.00. Following the transaction, the vice president now directly owns 1,893 shares of the company’s stock, valued at $189,300. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 35,402 shares of company stock valued at $3,854,601. 17.20% of the stock is currently owned by corporate insiders.
FTNT has been the subject of several research analyst reports. Northland Securities upped their price objective on shares of Fortinet from $100.00 to $135.00 and gave the company an “outperform” rating in a research note on Monday, February 3rd. Robert W. Baird increased their target price on shares of Fortinet from $105.00 to $120.00 and gave the stock a “neutral” rating in a research note on Thursday, May 7th. Morgan Stanley increased their target price on shares of Fortinet from $100.00 to $116.00 and gave the stock an “equal weight” rating in a research note on Thursday, May 7th. DA Davidson increased their target price on shares of Fortinet from $90.00 to $110.00 and gave the stock a “neutral” rating in a research note on Thursday, May 7th. Finally, UBS Group increased their target price on shares of Fortinet from $115.00 to $122.00 and gave the stock a “neutral” rating in a research note on Thursday, May 7th. One equities research analyst has rated the stock with a sell rating, fifteen have issued a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the company. Fortinet currently has a consensus rating of “Hold” and a consensus price target of $121.73.
Fortinet Company Profile
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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