Fortinet Inc (FTNT) Shares Sold by Picton Mahoney Asset Management

Picton Mahoney Asset Management lessened its holdings in shares of Fortinet Inc (NASDAQ:FTNT) by 2.7% during the 4th quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 32,200 shares of the software maker’s stock after selling 900 shares during the period. Picton Mahoney Asset Management’s holdings in Fortinet were worth $2,269,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also modified their holdings of the company. Sumitomo Mitsui Asset Management Company LTD increased its position in Fortinet by 1.6% during the fourth quarter. Sumitomo Mitsui Asset Management Company LTD now owns 9,549 shares of the software maker’s stock worth $672,000 after buying an additional 150 shares during the period. Reliance Trust Co. of Delaware increased its position in Fortinet by 4.8% during the fourth quarter. Reliance Trust Co. of Delaware now owns 4,358 shares of the software maker’s stock worth $307,000 after buying an additional 200 shares during the period. IFM Investors Pty Ltd increased its position in Fortinet by 2.4% during the fourth quarter. IFM Investors Pty Ltd now owns 8,965 shares of the software maker’s stock worth $631,000 after buying an additional 208 shares during the period. Cornerstone Advisors Inc. increased its position in Fortinet by 27.7% during the fourth quarter. Cornerstone Advisors Inc. now owns 1,162 shares of the software maker’s stock worth $82,000 after buying an additional 252 shares during the period. Finally, BB&T Securities LLC increased its position in Fortinet by 6.0% during the fourth quarter. BB&T Securities LLC now owns 4,757 shares of the software maker’s stock worth $335,000 after buying an additional 269 shares during the period. 71.30% of the stock is currently owned by institutional investors and hedge funds.

Fortinet stock opened at $83.13 on Wednesday. Fortinet Inc has a 1-year low of $46.30 and a 1-year high of $94.37. The company has a market capitalization of $14.14 billion, a P/E ratio of 73.57, a price-to-earnings-growth ratio of 4.22 and a beta of 0.90.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings results on Wednesday, February 6th. The software maker reported $0.42 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.31 by $0.11. Fortinet had a return on equity of 22.72% and a net margin of 18.44%. The firm had revenue of $507.00 million for the quarter, compared to the consensus estimate of $496.33 million. During the same period in the previous year, the business earned $0.32 earnings per share. The company’s revenue for the quarter was up 21.7% compared to the same quarter last year. As a group, research analysts anticipate that Fortinet Inc will post 1.15 EPS for the current year.

In related news, CEO Ken Xie sold 80,000 shares of Fortinet stock in a transaction that occurred on Monday, February 11th. The stock was sold at an average price of $81.64, for a total value of $6,531,200.00. Following the sale, the chief executive officer now directly owns 12,613,240 shares in the company, valued at $1,029,744,913.60. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, VP Michael Xie sold 9,124 shares of Fortinet stock in a transaction that occurred on Monday, February 11th. The shares were sold at an average price of $81.54, for a total value of $743,970.96. Following the completion of the sale, the vice president now owns 6,460,100 shares in the company, valued at $526,756,554. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 104,143 shares of company stock worth $8,405,132. Company insiders own 17.70% of the company’s stock.

FTNT has been the topic of several research analyst reports. Oppenheimer cut their price target on Fortinet from $97.00 to $88.00 in a research report on Monday, January 7th. ValuEngine lowered Fortinet from a “strong-buy” rating to a “buy” rating in a research report on Friday, November 2nd. Monness Crespi & Hardt lifted their price target on Fortinet from $76.00 to $91.00 and gave the stock a “buy” rating in a research report on Friday, November 2nd. Zacks Investment Research reaffirmed a “buy” rating and set a $84.00 price target on shares of Fortinet in a research report on Tuesday, November 13th. Finally, Dougherty & Co raised Fortinet from a “neutral” rating to a “buy” rating and set a $85.00 price target on the stock in a research report on Monday, November 5th. Two equities research analysts have rated the stock with a sell rating, sixteen have issued a hold rating, eleven have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus price target of $80.86.

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About Fortinet

Fortinet, Inc provides broad, automated, and integrated cybersecurity solutions worldwide. It offers FortiGate hardware and software licenses that provide various security and networking functions, including firewall, intrusion prevention, anti-malware, virtual private network, application control, Web filtering, anti-spam, and WAN acceleration; and FortiSandbox technology that delivers proactive detection and mitigation services; and FortiSIEM family of products, which offers a cloud-ready security information and event management solution for enterprises and service providers.

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Institutional Ownership by Quarter for Fortinet (NASDAQ:FTNT)

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