Brinker Capital Inc. trimmed its holdings in Fortinet Inc (NASDAQ:FTNT) by 30.6% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 11,208 shares of the software maker’s stock after selling 4,952 shares during the quarter. Brinker Capital Inc.’s holdings in Fortinet were worth $941,000 as of its most recent SEC filing.
A number of other hedge funds have also bought and sold shares of the business. Tarbox Family Office Inc. bought a new position in shares of Fortinet during the 4th quarter valued at approximately $25,000. Legacy Advisors LLC purchased a new stake in Fortinet during the 1st quarter valued at $30,000. Sun Life Financial INC purchased a new stake in Fortinet during the 4th quarter valued at $28,000. Guardian Life Insurance Co. of America purchased a new stake in Fortinet during the 4th quarter valued at $29,000. Finally, Bremer Trust National Association purchased a new stake in Fortinet during the 4th quarter valued at $33,000. Institutional investors and hedge funds own 70.88% of the company’s stock.
A number of analysts have weighed in on FTNT shares. Zacks Investment Research lowered Fortinet from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, April 9th. BidaskClub upgraded Fortinet from a “buy” rating to a “strong-buy” rating in a research note on Saturday, April 13th. Citigroup lowered Fortinet from a “neutral” rating to a “sell” rating and cut their price target for the company from $84.00 to $78.00 in a research note on Friday, May 3rd. Evercore ISI restated a “hold” rating and set a $80.00 price target on shares of Fortinet in a research note on Tuesday, May 7th. Finally, Stifel Nicolaus raised their price target on Fortinet from $85.00 to $95.00 and gave the company a “hold” rating in a research note on Tuesday, April 16th. Three investment analysts have rated the stock with a sell rating, seventeen have issued a hold rating and eleven have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average price target of $85.13.
In related news, Director Christopher B. Paisley sold 1,000 shares of Fortinet stock in a transaction that occurred on Monday, May 20th. The stock was sold at an average price of $81.62, for a total transaction of $81,620.00. Following the completion of the transaction, the director now directly owns 72,621 shares in the company, valued at $5,927,326.02. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Ken Xie sold 8,000 shares of Fortinet stock in a transaction that occurred on Tuesday, May 21st. The shares were sold at an average price of $82.58, for a total value of $660,640.00. Following the transaction, the chief executive officer now owns 12,521,600 shares of the company’s stock, valued at $1,034,033,728. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 103,263 shares of company stock valued at $8,733,189. Company insiders own 17.70% of the company’s stock.
NASDAQ FTNT traded down $0.60 during trading on Wednesday, hitting $81.96. The company’s stock had a trading volume of 691,347 shares, compared to its average volume of 1,841,543. The company has a market cap of $13.89 billion, a PE ratio of 72.53, a P/E/G ratio of 4.20 and a beta of 0.93. Fortinet Inc has a fifty-two week low of $58.10 and a fifty-two week high of $96.96.
Fortinet (NASDAQ:FTNT) last announced its quarterly earnings data on Thursday, May 2nd. The software maker reported $0.46 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.20 by $0.26. Fortinet had a return on equity of 22.52% and a net margin of 18.64%. The firm had revenue of $472.60 million during the quarter, compared to analysts’ expectations of $471.90 million. During the same period last year, the business posted $0.33 earnings per share. The company’s revenue for the quarter was up 18.4% compared to the same quarter last year. On average, analysts expect that Fortinet Inc will post 1.31 EPS for the current year.
Fortinet, Inc provides broad, integrated, and automated 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 wide area network acceleration; FortiSandbox technology that delivers proactive detection and mitigation services; and FortiSIEM family of software solutions, which offers a cloud-ready security information and event management solutions.
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