Fortinet, Inc. (FTNT) Holdings Cut by Schroder Investment Management Group

Schroder Investment Management Group lowered its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 0.9% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 372,542 shares of the software maker’s stock after selling 3,425 shares during the quarter. Schroder Investment Management Group owned about 0.21% of Fortinet worth $13,378,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in FTNT. Voya Investment Management LLC boosted its position in Fortinet by 934.3% during the second quarter. Voya Investment Management LLC now owns 1,880,328 shares of the software maker’s stock worth $70,399,000 after purchasing an additional 1,698,526 shares during the period. ETF Managers Group LLC bought a new stake in Fortinet during the second quarter worth approximately $40,680,000. BlackRock Inc. boosted its position in Fortinet by 6.6% during the second quarter. BlackRock Inc. now owns 14,047,819 shares of the software maker’s stock worth $525,953,000 after purchasing an additional 870,061 shares during the period. Renaissance Technologies LLC boosted its position in Fortinet by 19.1% during the second quarter. Renaissance Technologies LLC now owns 4,521,700 shares of the software maker’s stock worth $169,292,000 after purchasing an additional 726,300 shares during the period. Finally, Capital Fund Management S.A. boosted its position in Fortinet by 476.6% during the second quarter. Capital Fund Management S.A. now owns 515,538 shares of the software maker’s stock worth $19,302,000 after purchasing an additional 426,127 shares during the period. 70.03% of the stock is owned by hedge funds and other institutional investors.

Fortinet, Inc. (NASDAQ FTNT) opened at $41.29 on Thursday. The company has a market capitalization of $7,147.30, a price-to-earnings ratio of 74.73, a P/E/G ratio of 5.07 and a beta of 0.92. Fortinet, Inc. has a 12 month low of $28.50 and a 12 month high of $42.49.

Fortinet (NASDAQ:FTNT) last issued its earnings results on Thursday, October 26th. The software maker reported $0.28 EPS for the quarter, beating analysts’ consensus estimates of $0.23 by $0.05. The business had revenue of $374.20 million during the quarter, compared to analyst estimates of $370.67 million. Fortinet had a return on equity of 10.92% and a net margin of 5.93%. Fortinet’s revenue was up 18.2% on a year-over-year basis. During the same period in the prior year, the company posted $0.18 earnings per share. equities research analysts forecast that Fortinet, Inc. will post 0.48 EPS for the current fiscal year.

Fortinet declared that its board has initiated a stock repurchase program on Thursday, October 26th that authorizes the company to buyback $400.00 million in shares. This buyback authorization authorizes the software maker to repurchase shares of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board of directors believes its stock is undervalued.

In related news, VP Michael Xie sold 3,585 shares of the company’s stock in a transaction on Thursday, November 2nd. The stock was sold at an average price of $38.60, for a total value of $138,381.00. Following the completion of the transaction, the vice president now directly owns 6,714,500 shares in the company, valued at $259,179,700. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Ming Hsieh sold 5,332 shares of the company’s stock in a transaction on Thursday, November 9th. The shares were 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 owns 331 shares of the company’s stock, valued at $13,120.84. The disclosure for this sale can be found here. Insiders sold 59,606 shares of company stock valued at $2,453,806 over the last 90 days. 16.40% of the stock is currently owned by corporate insiders.

FTNT has been the subject of a number of recent analyst reports. Cowen reaffirmed a “buy” rating and set a $43.00 target price on shares of Fortinet in a research report on Friday, September 8th. BMO Capital Markets reaffirmed a “buy” rating and set a $46.00 target price on shares of Fortinet in a research report on Friday, September 1st. Piper Jaffray Companies set a $50.00 target price on Fortinet and gave the stock a “buy” rating in a research report on Friday, August 25th. Oppenheimer reiterated a “buy” rating and set a $45.00 price target on shares of Fortinet in a report on Thursday, October 5th. Finally, Zacks Investment Research upgraded Fortinet from a “hold” rating to a “buy” rating and set a $42.00 price target for the company in a report on Tuesday, September 26th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating, sixteen have given a buy rating and one has given a strong buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average price target of $44.26.

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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.

Institutional Ownership by Quarter for Fortinet (NASDAQ:FTNT)

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