Jennison Associates LLC decreased its position in shares of Fortinet, Inc. (NASDAQ:FTNT) by 20.3% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,403,837 shares of the software maker’s stock after selling 358,188 shares during the period. Jennison Associates LLC owned 0.81% of Fortinet worth $50,314,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. D.A. Davidson & CO. increased its position in Fortinet by 1.1% during the second quarter. D.A. Davidson & CO. now owns 10,364 shares of the software maker’s stock worth $388,000 after buying an additional 114 shares during the period. Capstone Asset Management Co. increased its position in Fortinet by 1.4% during the second quarter. Capstone Asset Management Co. now owns 13,582 shares of the software maker’s stock worth $509,000 after buying an additional 190 shares during the period. Flagship Harbor Advisors LLC increased its position in Fortinet by 2.7% during the second quarter. Flagship Harbor Advisors LLC now owns 7,492 shares of the software maker’s stock worth $288,000 after buying an additional 200 shares during the period. TRUE Private Wealth Advisors increased its position in Fortinet by 3.4% during the second quarter. TRUE Private Wealth Advisors now owns 6,457 shares of the software maker’s stock worth $241,000 after buying an additional 211 shares during the period. Finally, Fisher Asset Management LLC increased its position in Fortinet by 0.8% during the second quarter. Fisher Asset Management LLC now owns 31,427 shares of the software maker’s stock worth $1,177,000 after buying an additional 252 shares during the period. 69.41% of the stock is currently owned by institutional investors.
FTNT has been the topic of several research analyst reports. Piper Jaffray Companies set a $50.00 price target on Fortinet and gave the stock a “buy” rating in a research report on Friday, August 25th. Credit Suisse Group initiated coverage on Fortinet in a research report on Tuesday, September 5th. They set an “underperform” rating and a $33.00 price target on the stock. Zacks Investment Research lowered Fortinet from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, October 17th. Deutsche Bank AG raised Fortinet from a “hold” rating to a “buy” rating and lifted their price target for the stock from $36.00 to $48.00 in a research report on Wednesday, October 18th. Finally, BMO Capital Markets reiterated a “buy” rating and issued a $46.00 target price on shares of Fortinet in a research note on Friday, September 1st. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating, sixteen have given a buy rating and one has issued a strong buy rating to the company’s stock. Fortinet has an average rating of “Buy” and a consensus target price of $44.00.
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Shares of Fortinet, Inc. (NASDAQ:FTNT) opened at $40.35 on Tuesday. The company has a market capitalization of $6,945.57, a price-to-earnings ratio of 72.62, a price-to-earnings-growth ratio of 4.92 and a beta of 0.91. Fortinet, Inc. has a 12-month low of $28.50 and a 12-month high of $41.56.
Fortinet (NASDAQ:FTNT) last posted its earnings results on Thursday, October 26th. The software maker reported $0.28 EPS for the quarter, topping the Zacks’ consensus estimate of $0.23 by $0.05. The company had revenue of $374.20 million for the quarter, compared to the consensus estimate of $370.67 million. Fortinet had a return on equity of 10.92% and a net margin of 5.93%. Fortinet’s quarterly revenue was up 18.2% compared to the same quarter last year. During the same period in the previous year, the business earned $0.18 earnings per share. analysts expect that Fortinet, Inc. will post 0.48 EPS for the current fiscal year.
Fortinet declared that its board has authorized a share buyback program on Wednesday, July 26th that authorizes the company to repurchase $300.00 million in shares. This repurchase authorization authorizes the software maker to repurchase up to 4.2% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s leadership believes its stock is undervalued.
In other news, Director Christopher B. Paisley sold 4,000 shares of the business’s 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 completion of the transaction, the director now directly owns 72,606 shares of the company’s stock, valued at $2,905,692.12. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Ming Hsieh sold 5,332 shares of the business’s stock in a transaction on Thursday, November 9th. The stock was sold at an average price of $39.64, for a total value of $211,360.48. Following the completion of the transaction, the director now directly owns 331 shares of the company’s stock, valued at $13,120.84. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 19,317 shares of company stock worth $762,360. 17.00% of the stock is owned by company insiders.
Fortinet Company Profile
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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