Nicholas Investment Partners LP Has $2.87 Million Stake in Fortinet, Inc. (FTNT)

Nicholas Investment Partners LP cut its position in Fortinet, Inc. (NASDAQ:FTNT) by 1.7% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 79,967 shares of the software maker’s stock after selling 1,382 shares during the quarter. Nicholas Investment Partners LP’s holdings in Fortinet were worth $2,866,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also recently made changes to their positions in the company. First Mercantile Trust Co. purchased a new position in shares of Fortinet in the second quarter valued at $136,000. GLG Partners LP purchased a new position in shares of Fortinet in the second quarter valued at $145,000. Ropes Wealth Advisors LLC boosted its stake in shares of Fortinet by 67.3% in the second quarter. Ropes Wealth Advisors LLC now owns 4,610 shares of the software maker’s stock valued at $173,000 after purchasing an additional 1,855 shares during the period. Greenwood Capital Associates LLC purchased a new position in shares of Fortinet in the second quarter valued at $209,000. Finally, Cigna Investments Inc. New bought a new position in Fortinet during the 2nd quarter valued at $211,000. Institutional investors and hedge funds own 70.03% of the company’s stock.

Shares of Fortinet, Inc. (NASDAQ FTNT) opened at $41.10 on Wednesday. The firm has a market cap of $7,223.81, a price-to-earnings ratio of 75.53, a price-to-earnings-growth ratio of 5.12 and a beta of 0.92. Fortinet, Inc. has a twelve month low of $28.50 and a twelve month high of $42.49.

Fortinet (NASDAQ:FTNT) last issued its earnings results on Thursday, October 26th. The software maker reported $0.28 earnings per share 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 analysts’ expectations of $370.67 million. Fortinet had a net margin of 5.93% and a return on equity of 10.92%. The firm’s revenue was up 18.2% compared to the same quarter last year. During the same period in the prior year, the company earned $0.18 earnings per share. research analysts anticipate that Fortinet, Inc. will post 0.48 EPS for the current fiscal year.

Fortinet announced that its board has authorized a share buyback program on Thursday, October 26th that permits the company to repurchase $400.00 million in outstanding shares. This repurchase authorization permits the software maker to buy shares of its stock through open market purchases. Shares repurchase programs are generally an indication that the company’s leadership believes its shares are undervalued.

In related news, VP Michael Xie sold 3,585 shares of the stock in a transaction dated Thursday, November 2nd. The shares were sold at an average price of $38.60, for a total value of $138,381.00. Following the sale, the vice president now owns 6,714,500 shares of the company’s stock, valued at approximately $259,179,700. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Ming Hsieh sold 5,332 shares of the stock in a transaction dated Thursday, November 9th. The stock was sold at an average price of $39.64, for a total transaction of $211,360.48. Following the completion of the sale, the director now directly owns 331 shares in the company, valued at approximately $13,120.84. The disclosure for this sale can be found here. Insiders have sold 59,606 shares of company stock worth $2,453,806 over the last three months. 17.00% of the stock is owned by corporate insiders.

A number of research firms have commented on FTNT. Evercore ISI reiterated a “hold” rating and set a $38.00 price objective on shares of Fortinet in a research note on Friday, October 27th. Piper Jaffray Companies reiterated a “buy” rating and set a $46.00 price objective on shares of Fortinet in a research note on Friday, October 27th. BMO Capital Markets reduced their price objective on shares of Fortinet from $46.00 to $45.00 and set an “outperform” rating on the stock in a research note on Friday, October 27th. KeyCorp reiterated a “buy” rating and set a $46.00 price objective on shares of Fortinet in a research note on Tuesday, October 24th. Finally, Zacks Investment Research upgraded shares of Fortinet from a “hold” rating to a “buy” rating and set a $44.00 price objective on the stock in a research note on Tuesday, October 31st. Two research analysts have rated the stock with a sell rating, five have issued a hold rating, fifteen have given a buy rating and one has issued a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $44.26.

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About Fortinet

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.

Institutional Ownership by Quarter for Fortinet (NASDAQ:FTNT)

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