Short Interest in Fortinet, Inc. (NASDAQ:FTNT) Declines By 25.9%
Fortinet, Inc. (NASDAQ:FTNT) saw a significant decrease in short interest in July. As of July 31st, there was short interest totalling 3,958,207 shares, a decrease of 25.9% from the July 14th total of 5,340,107 shares. Based on an average trading volume of 2,028,938 shares, the short-interest ratio is presently 2.0 days. Approximately 2.7% of the company’s shares are short sold.
In other news, Director Christopher B. Paisley sold 4,000 shares of the stock in a transaction on Wednesday, August 2nd. The shares were sold at an average price of $36.39, for a total value of $145,560.00. Following the completion of the sale, the director now owns 66,611 shares of the company’s stock, valued at $2,423,974.29. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Ming Hsieh sold 4,743 shares of the stock in a transaction on Thursday, June 8th. The stock was sold at an average price of $39.29, for a total transaction of $186,352.47. The disclosure for this sale can be found here. Insiders sold 14,258 shares of company stock valued at $535,475 in the last three months. Company insiders own 16.40% of the company’s stock.
Hedge funds have recently made changes to their positions in the company. LS Investment Advisors LLC boosted its stake in shares of Fortinet by 0.7% in the first quarter. LS Investment Advisors LLC now owns 13,415 shares of the software maker’s stock valued at $514,000 after buying an additional 96 shares in the last quarter. D.A. Davidson & CO. boosted its stake in shares of Fortinet by 1.1% in the second quarter. D.A. Davidson & CO. now owns 10,364 shares of the software maker’s stock valued at $388,000 after buying an additional 114 shares in the last quarter. Capstone Asset Management Co. boosted its stake in shares of Fortinet by 1.4% in the second quarter. Capstone Asset Management Co. now owns 13,582 shares of the software maker’s stock valued at $509,000 after buying an additional 190 shares in the last quarter. Caisse DE Depot ET Placement DU Quebec boosted its stake in shares of Fortinet by 1.2% in the first quarter. Caisse DE Depot ET Placement DU Quebec now owns 17,000 shares of the software maker’s stock valued at $653,000 after buying an additional 200 shares in the last quarter. Finally, Flagship Harbor Advisors LLC boosted its stake in shares of Fortinet by 2.7% in the second quarter. Flagship Harbor Advisors LLC now owns 7,492 shares of the software maker’s stock valued at $288,000 after buying an additional 200 shares in the last quarter. 72.98% of the stock is owned by hedge funds and other institutional investors.
Several equities research analysts have recently issued reports on the stock. Stifel Nicolaus increased their price objective on shares of Fortinet from $36.00 to $42.00 and gave the stock a “hold” rating in a research report on Monday, April 17th. UBS AG increased their price objective on shares of Fortinet from $42.00 to $45.00 and gave the stock a “buy” rating in a research report on Friday, April 28th. Cowen and Company reissued a “buy” rating and issued a $43.00 price objective on shares of Fortinet in a research report on Friday, July 28th. ValuEngine raised shares of Fortinet from a “sell” rating to a “hold” rating in a research report on Thursday. Finally, Oppenheimer Holdings, Inc. reissued an “outperform” rating and issued a $45.00 price objective on shares of Fortinet in a research report on Thursday, June 22nd. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating, twenty have given a buy rating and one has issued a strong buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average price target of $41.56.
Shares of Fortinet (NASDAQ FTNT) opened at 36.48 on Friday. Fortinet has a one year low of $28.51 and a one year high of $41.56. The firm has a market capitalization of $6.41 billion, a PE ratio of 99.95 and a beta of 1.02. The firm’s 50 day moving average is $38.35 and its 200-day moving average is $37.91.
Fortinet (NASDAQ:FTNT) last announced its quarterly earnings data on Wednesday, July 26th. The software maker reported $0.27 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.20 by $0.07. The firm had revenue of $363.50 million during the quarter, compared to analysts’ expectations of $361.05 million. Fortinet had a return on equity of 9.36% and a net margin of 4.71%. The company’s quarterly revenue was up 16.7% compared to the same quarter last year. During the same period in the previous year, the business posted $0.14 EPS. On average, equities research analysts predict that Fortinet will post $0.95 earnings per share for the current fiscal year.
Fortinet announced that its Board of Directors has authorized a stock buyback program on Wednesday, July 26th that permits the company to buyback $300.00 million in shares. This buyback authorization permits the software maker to repurchase up to 4.2% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s management believes its stock is undervalued.
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Fortinet Company Profile
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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