Clal Insurance Enterprises Holdings Ltd bought a new stake in shares of Fortinet Inc (NASDAQ:FTNT) during the 1st quarter, HoldingsChannel.com reports. The firm bought 220,000 shares of the software maker’s stock, valued at approximately $18,473,000.
Several other large investors also recently made changes to their positions in the stock. Signaturefd LLC raised its holdings in shares of Fortinet by 10.7% during the 1st quarter. Signaturefd LLC now owns 1,288 shares of the software maker’s stock valued at $108,000 after buying an additional 125 shares during the period. Sheets Smith Wealth Management raised its holdings in shares of Fortinet by 2.7% during the 1st quarter. Sheets Smith Wealth Management now owns 7,004 shares of the software maker’s stock valued at $588,000 after buying an additional 184 shares during the period. Utah Retirement Systems increased its holdings in Fortinet by 0.8% during the 4th quarter. Utah Retirement Systems now owns 25,971 shares of the software maker’s stock worth $1,830,000 after purchasing an additional 200 shares during the last quarter. Quadrant Capital Group LLC increased its holdings in Fortinet by 16.3% during the 1st quarter. Quadrant Capital Group LLC now owns 1,504 shares of the software maker’s stock worth $122,000 after purchasing an additional 211 shares during the last quarter. Finally, Brown Advisory Inc. increased its holdings in Fortinet by 1.1% during the 4th quarter. Brown Advisory Inc. now owns 20,630 shares of the software maker’s stock worth $1,453,000 after purchasing an additional 228 shares during the last quarter. Institutional investors and hedge funds own 73.57% of the company’s stock.
In related news, VP John Whittle sold 1,248 shares of the business’s stock in a transaction that occurred on Monday, March 18th. The stock was sold at an average price of $83.41, for a total transaction of $104,095.68. Following the completion of the transaction, the vice president now owns 9,308 shares in the company, valued at approximately $776,380.28. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Michael Xie sold 40,000 shares of the business’s stock in a transaction that occurred on Monday, June 3rd. The shares were sold at an average price of $70.43, for a total value of $2,817,200.00. Following the transaction, the vice president now owns 6,388,548 shares of the company’s stock, valued at approximately $449,945,435.64. The disclosure for this sale can be found here. In the last quarter, insiders sold 64,511 shares of company stock valued at $4,865,082. Insiders own 17.70% of the company’s stock.
Several research firms have issued reports on FTNT. BidaskClub downgraded Fortinet from a “hold” rating to a “sell” rating in a report on Friday, June 7th. ValuEngine downgraded Fortinet from a “buy” rating to a “hold” rating in a report on Wednesday, May 29th. Cowen began coverage on Fortinet in a report on Thursday, May 23rd. They set a “market perform” rating and a $85.00 price objective on the stock. Zacks Investment Research downgraded Fortinet from a “strong-buy” rating to a “hold” rating in a report on Tuesday, April 9th. Finally, Morgan Stanley dropped their price objective on Fortinet from $84.00 to $77.00 and set an “equal weight” rating on the stock in a report on Tuesday. Three research analysts have rated the stock with a sell rating, eighteen have issued a hold rating and ten have given a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average target price of $85.54.
Shares of FTNT opened at $76.61 on Friday. The company has a market capitalization of $13.15 billion, a PE ratio of 67.80, a PEG ratio of 3.91 and a beta of 1.13. Fortinet Inc has a 52 week low of $61.08 and a 52 week high of $96.96.
Fortinet (NASDAQ:FTNT) last issued its earnings results on Thursday, May 2nd. The software maker reported $0.46 EPS for the quarter, topping the consensus estimate of $0.20 by $0.26. The company had revenue of $472.60 million during the quarter, compared to analyst estimates of $471.90 million. Fortinet had a return on equity of 22.52% and a net margin of 18.64%. The business’s revenue was up 18.4% on a year-over-year basis. During the same quarter last year, the firm earned $0.33 EPS. Research analysts expect that Fortinet Inc will post 1.31 earnings per share for the current year.
Fortinet Company Profile
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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