Capital Fund Management S.A. decreased its holdings in Fortinet Inc (NASDAQ:FTNT) by 70.1% in the 4th quarter, HoldingsChannel reports. The firm owned 111,738 shares of the software maker’s stock after selling 262,300 shares during the period. Capital Fund Management S.A.’s holdings in Fortinet were worth $4,882,000 as of its most recent filing with the Securities & Exchange Commission.
Several other institutional investors and hedge funds have also bought and sold shares of the company. Ameriprise Financial Inc. increased its stake in shares of Fortinet by 7.0% in the third quarter. Ameriprise Financial Inc. now owns 4,400,011 shares of the software maker’s stock worth $157,693,000 after purchasing an additional 288,097 shares in the last quarter. Bank of New York Mellon Corp increased its stake in shares of Fortinet by 8.6% in the third quarter. Bank of New York Mellon Corp now owns 3,752,012 shares of the software maker’s stock worth $134,472,000 after purchasing an additional 296,648 shares in the last quarter. Pictet Asset Management Ltd. increased its stake in shares of Fortinet by 20.8% in the third quarter. Pictet Asset Management Ltd. now owns 1,795,700 shares of the software maker’s stock worth $64,358,000 after purchasing an additional 309,000 shares in the last quarter. Global Thematic Partners LLC increased its stake in shares of Fortinet by 16.9% in the fourth quarter. Global Thematic Partners LLC now owns 1,379,731 shares of the software maker’s stock worth $60,280,000 after purchasing an additional 199,227 shares in the last quarter. Finally, American Capital Management Inc. increased its stake in shares of Fortinet by 9.3% in the fourth quarter. American Capital Management Inc. now owns 1,024,395 shares of the software maker’s stock worth $44,756,000 after purchasing an additional 86,825 shares in the last quarter. Hedge funds and other institutional investors own 70.68% of the company’s stock.
FTNT has been the subject of several recent research reports. Piper Jaffray Companies reiterated a “buy” rating and issued a $46.00 target price on shares of Fortinet in a research note on Friday, October 27th. Zacks Investment Research upgraded shares of Fortinet from a “hold” rating to a “buy” rating and set a $44.00 target price for the company in a research note on Tuesday, October 31st. Credit Suisse Group lifted their target price on shares of Fortinet from $33.00 to $37.00 and gave the stock an “underperform” rating in a research note on Tuesday, February 6th. Robert W. Baird lifted their target price on shares of Fortinet from $50.00 to $56.00 and gave the stock an “outperform” rating in a research note on Thursday, January 11th. Finally, Oppenheimer raised their price objective on shares of Fortinet from $45.00 to $50.00 and gave the company an “outperform” rating in a research report on Monday, January 8th. One analyst has rated the stock with a sell rating, twelve have assigned a hold rating, thirteen have given a buy rating and two have assigned a strong buy rating to the company. The stock presently has an average rating of “Buy” and a consensus target price of $47.67.
Fortinet (NASDAQ:FTNT) last announced its earnings results on Monday, February 5th. The software maker reported $0.32 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.29 by $0.03. Fortinet had a net margin of 2.10% and a return on equity of 11.77%. The business had revenue of $416.70 million during the quarter, compared to analyst estimates of $409.04 million. During the same period in the previous year, the business posted $0.30 earnings per share. Fortinet’s revenue for the quarter was up 14.9% on a year-over-year basis. equities analysts expect that Fortinet Inc will post 0.74 EPS for the current fiscal year.
Fortinet announced that its Board of Directors has authorized a share buyback program on Thursday, October 26th that allows the company to repurchase $400.00 million in shares. This repurchase authorization allows the software maker to purchase shares of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s board believes its stock is undervalued.
In other Fortinet news, VP Michael Xie sold 40,000 shares of Fortinet stock in a transaction that occurred on 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 sale, the vice president now directly owns 6,692,200 shares in the company, valued at $280,737,790. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, VP John Whittle sold 13,749 shares of Fortinet stock in a transaction that occurred on Tuesday, December 19th. The shares were sold at an average price of $45.00, for a total transaction of $618,705.00. Following the sale, the vice president now owns 18,430 shares of the company’s stock, valued at $829,350. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 209,646 shares of company stock valued at $9,390,651. 16.40% of the stock is currently owned by company insiders.
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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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