KAMES CAPITAL plc Trims Position in Fortinet Inc (FTNT)

KAMES CAPITAL plc decreased its holdings in Fortinet Inc (NASDAQ:FTNT) by 3.4% in the 4th quarter, Holdings Channel reports. The firm owned 123,256 shares of the software maker’s stock after selling 4,282 shares during the period. KAMES CAPITAL plc’s holdings in Fortinet were worth $5,385,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also added to or reduced their stakes in FTNT. GLG Partners LP purchased a new stake in Fortinet in the 2nd quarter valued at $145,000. Ropes Wealth Advisors LLC raised its position in Fortinet by 67.3% in the 2nd 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 last quarter. IFM Investors Pty Ltd purchased a new stake in Fortinet in the 3rd quarter valued at $220,000. Toronto Dominion Bank raised its position in Fortinet by 249.2% in the 3rd quarter. Toronto Dominion Bank now owns 6,310 shares of the software maker’s stock valued at $226,000 after purchasing an additional 4,503 shares during the last quarter. Finally, Parametrica Management Ltd purchased a new stake in Fortinet in the 3rd quarter valued at $254,000. Hedge funds and other institutional investors own 70.68% of the company’s stock.

Several analysts recently commented on FTNT shares. Piper Jaffray Companies reiterated a “buy” rating and issued a $46.00 price target on shares of Fortinet in a research report on Friday, October 27th. Zacks Investment Research upgraded shares of Fortinet from a “hold” rating to a “buy” rating and set a $42.00 price target for the company in a research report on Tuesday, September 26th. BMO Capital Markets reissued a “buy” rating and issued a $46.00 price objective on shares of Fortinet in a research note on Thursday, October 5th. Oppenheimer reissued a “buy” rating and issued a $45.00 price objective on shares of Fortinet in a research note on Thursday, October 5th. Finally, Evercore ISI reissued a “hold” rating and issued a $38.00 price objective on shares of Fortinet in a research note on Friday, October 27th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating, fourteen have given a buy rating and two have assigned a strong buy rating to the company’s stock. Fortinet currently has a consensus rating of “Buy” and an average target price of $45.24.

Shares of Fortinet Inc (NASDAQ:FTNT) opened at $44.94 on Friday. Fortinet Inc has a 1 year low of $31.36 and a 1 year high of $45.64. The company has a market cap of $7,696.82, a PE ratio of 93.63, a P/E/G ratio of 4.52 and a beta of 0.93.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings data on Thursday, October 26th. The software maker reported $0.28 EPS for the quarter, topping the consensus estimate of $0.23 by $0.05. Fortinet had a net margin of 5.93% and a return on equity of 10.92%. The business had revenue of $374.20 million for the quarter, compared to analyst estimates of $370.67 million. During the same period in the previous year, the firm earned $0.18 EPS. The business’s revenue for the quarter was up 18.2% compared to the same quarter last year. analysts expect that Fortinet Inc will post 0.48 EPS for the current year.

Fortinet declared that its board has initiated a share buyback plan on Thursday, October 26th that permits the company to repurchase $400.00 million in outstanding shares. This repurchase authorization permits the software maker to purchase shares of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s management believes its shares are undervalued.

In other Fortinet news, insider Keith Jensen sold 1,850 shares of the company’s stock in a transaction dated Wednesday, November 8th. The shares were sold at an average price of $39.20, for a total value of $72,520.00. Following the transaction, the insider now directly owns 1,374 shares in the company, valued at approximately $53,860.80. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, VP Michael Xie sold 40,000 shares of the company’s stock in a transaction dated Friday, December 1st. The shares were sold at an average price of $41.95, for a total transaction of $1,678,000.00. Following the completion of the transaction, the vice president now owns 6,692,200 shares in the company, valued at $280,737,790. The disclosure for this sale can be found here. Insiders sold a total of 73,355 shares of company stock worth $3,072,511 over the last quarter. Insiders own 16.40% of the company’s stock.

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Fortinet 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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Institutional Ownership by Quarter for Fortinet (NASDAQ:FTNT)

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