National Investment Services Inc. WI trimmed its holdings in shares of Fortinet Inc (NASDAQ:FTNT) by 9.3% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 57,605 shares of the software maker’s stock after selling 5,906 shares during the quarter. Fortinet accounts for approximately 2.4% of National Investment Services Inc. WI’s portfolio, making the stock its 14th biggest position. National Investment Services Inc. WI’s holdings in Fortinet were worth $2,517,000 as of its most recent SEC filing.
Other large investors have also modified their holdings of the company. GLG Partners LP acquired a new stake in shares of Fortinet during the 2nd quarter worth about $145,000. Ropes Wealth Advisors LLC increased its position in shares of Fortinet by 67.3% during the 2nd quarter. Ropes Wealth Advisors LLC now owns 4,610 shares of the software maker’s stock worth $173,000 after purchasing an additional 1,855 shares during the last quarter. IFM Investors Pty Ltd acquired a new stake in shares of Fortinet during the 3rd quarter worth about $220,000. Toronto Dominion Bank increased its position in shares of Fortinet by 249.2% during the 3rd quarter. Toronto Dominion Bank now owns 6,310 shares of the software maker’s stock worth $226,000 after purchasing an additional 4,503 shares during the last quarter. Finally, Parametrica Management Ltd acquired a new stake in shares of Fortinet during the 3rd quarter worth about $254,000. 70.68% of the stock is owned by hedge funds and other institutional investors.
Shares of Fortinet Inc (NASDAQ:FTNT) traded down $0.22 on Thursday, hitting $44.10. The stock had a trading volume of 1,178,900 shares, compared to its average volume of 1,502,371. The stock has a market cap of $7,700.00, a PE ratio of 91.88, a PEG ratio of 4.50 and a beta of 0.93. Fortinet Inc has a fifty-two week low of $31.36 and a fifty-two week high of $45.64.
Fortinet announced that its Board of Directors has authorized a stock repurchase program on Thursday, October 26th that allows the company to buyback $400.00 million in outstanding shares. This buyback authorization allows the software maker to reacquire shares of its stock through open market purchases. Shares buyback programs are generally a sign that the company’s board believes its shares are undervalued.
In other news, VP John Whittle sold 3,883 shares of the firm’s stock in a transaction dated Wednesday, November 8th. The stock was sold at an average price of $40.00, for a total transaction of $155,320.00. Following the sale, the vice president now owns 4,681 shares of the company’s stock, valued at approximately $187,240. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Christopher B. Paisley sold 4,000 shares of the firm’s stock in a transaction dated Monday, November 13th. The stock was sold at an average price of $40.02, for a total value of $160,080.00. Following the sale, the director now directly owns 72,606 shares in the company, valued at approximately $2,905,692.12. The disclosure for this sale can be found here. Insiders sold a total of 73,355 shares of company stock valued at $3,072,511 in the last quarter. Company insiders own 17.00% of the company’s stock.
A number of equities analysts recently commented on the company. Robert W. Baird raised their target price on Fortinet from $50.00 to $56.00 and gave the company an “outperform” rating in a report on Thursday. Barclays cut Fortinet from an “overweight” rating to an “equal weight” rating and raised their target price for the company from $45.00 to $48.00 in a report on Tuesday. Oppenheimer raised their target price on Fortinet from $45.00 to $50.00 and gave the company an “outperform” rating in a report on Monday. Zacks Investment Research upgraded Fortinet from a “hold” rating to a “buy” rating and set a $42.00 target price for the company in a report on Tuesday, September 26th. Finally, BMO Capital Markets restated a “buy” rating and set a $46.00 target price on shares of Fortinet in a report on Thursday, October 5th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating, fourteen have given a buy rating and two have issued a strong buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus target price of $45.24.
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.
Want to see what other hedge funds are holding FTNT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Fortinet Inc (NASDAQ:FTNT).
What are top analysts saying about Fortinet? - Enter your email address in the form below to receive our free daily email newsletter that contains the latest headlines and analysts' recommendations for for Fortinet and related companies.