Oregon Public Employees Retirement Fund cut its position in shares of Fortinet Inc (NASDAQ:FTNT) by 30.9% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 32,228 shares of the software maker’s stock after selling 14,412 shares during the quarter. Oregon Public Employees Retirement Fund’s holdings in Fortinet were worth $2,706,000 at the end of the most recent quarter.
A number of other hedge funds have also recently added to or reduced their stakes in the stock. Norges Bank acquired a new position in shares of Fortinet in the 4th quarter worth approximately $108,282,000. Millennium Management LLC raised its position in Fortinet by 747.9% in the 4th quarter. Millennium Management LLC now owns 1,689,155 shares of the software maker’s stock worth $118,967,000 after purchasing an additional 1,489,927 shares during the last quarter. MERIAN GLOBAL INVESTORS UK Ltd raised its position in Fortinet by 45.5% in the 4th quarter. MERIAN GLOBAL INVESTORS UK Ltd now owns 2,599,009 shares of the software maker’s stock worth $183,048,000 after purchasing an additional 812,206 shares during the last quarter. Geode Capital Management LLC raised its position in Fortinet by 50.3% in the 4th quarter. Geode Capital Management LLC now owns 2,351,384 shares of the software maker’s stock worth $165,377,000 after purchasing an additional 787,230 shares during the last quarter. Finally, Nomura Asset Management Co. Ltd. raised its position in Fortinet by 175.3% in the 4th quarter. Nomura Asset Management Co. Ltd. now owns 693,740 shares of the software maker’s stock worth $48,860,000 after purchasing an additional 441,740 shares during the last quarter. 73.57% of the stock is currently owned by institutional investors and hedge funds.
Several research analysts recently weighed in on FTNT shares. Monness Crespi & Hardt restated a “buy” rating and issued a $97.00 price objective (up previously from $95.00) on shares of Fortinet in a research report on Friday, May 3rd. Mizuho began coverage on shares of Fortinet in a research report on Tuesday, March 26th. They set a “neutral” rating and a $90.00 target price for the company. BidaskClub cut shares of Fortinet from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, March 5th. Northland Securities reiterated a “buy” rating and set a $100.00 target price on shares of Fortinet in a research report on Friday, May 3rd. Finally, OTR Global raised shares of Fortinet to a “positive” rating in a report on Monday, April 15th. Three research analysts have rated the stock with a sell rating, eighteen have assigned a hold rating and ten have issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average target price of $85.54.
In other news, VP Michael Xie sold 40,000 shares of Fortinet stock in a transaction dated Monday, June 3rd. The shares were sold at an average price of $70.43, for a total transaction of $2,817,200.00. Following the completion of the transaction, the vice president now directly owns 6,388,548 shares in the company, valued at $449,945,435.64. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, VP John Whittle sold 1,248 shares of Fortinet stock in a transaction dated Monday, March 18th. The shares were sold at an average price of $83.41, for a total transaction of $104,095.68. Following the transaction, the vice president now owns 9,308 shares of the company’s stock, valued at $776,380.28. The disclosure for this sale can be found here. Insiders sold 64,511 shares of company stock worth $4,865,082 in the last 90 days. Company insiders own 17.70% of the company’s stock.
Shares of NASDAQ FTNT traded down $0.90 during trading hours on Friday, hitting $75.71. 1,183,990 shares of the stock were exchanged, compared to its average volume of 1,820,790. The firm has a market capitalization of $13.15 billion, a price-to-earnings ratio of 67.00, a P/E/G ratio of 3.91 and a beta of 1.13. Fortinet Inc has a 1-year low of $61.08 and a 1-year high of $96.96.
Fortinet (NASDAQ:FTNT) last posted its quarterly earnings results on Thursday, May 2nd. The software maker reported $0.46 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.20 by $0.26. Fortinet had a net margin of 18.64% and a return on equity of 22.52%. The business had revenue of $472.60 million for the quarter, compared to analyst estimates of $471.90 million. During the same quarter last year, the business posted $0.33 EPS. The firm’s revenue for the quarter was up 18.4% on a year-over-year basis. Equities research analysts predict that Fortinet Inc will post 1.31 earnings per share for the current year.
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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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