Great West Life Assurance Co. Can cut its position in Fortinet Inc (NASDAQ:FTNT) by 38.6% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 78,844 shares of the software maker’s stock after selling 49,518 shares during the period. Great West Life Assurance Co. Can’s holdings in Fortinet were worth $5,279,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also recently modified their holdings of the company. First Mercantile Trust Co. acquired a new stake in shares of Fortinet in the 4th quarter valued at about $580,000. Delta Investment Management LLC acquired a new stake in shares of Fortinet in the 4th quarter valued at about $563,000. Cooper Financial Group acquired a new stake in shares of Fortinet in the 4th quarter valued at about $209,000. Canada Pension Plan Investment Board grew its stake in shares of Fortinet by 25.1% in the 4th quarter. Canada Pension Plan Investment Board now owns 487,000 shares of the software maker’s stock valued at $34,297,000 after buying an additional 97,700 shares during the period. Finally, Cim LLC acquired a new stake in shares of Fortinet in the 4th quarter valued at about $487,000. Institutional investors own 73.78% of the company’s stock.
In other Fortinet news, VP John Whittle sold 1,250 shares of Fortinet stock in a transaction that occurred on Monday, December 17th. The shares were sold at an average price of $70.51, for a total transaction of $88,137.50. Following the transaction, the vice president now owns 9,309 shares of the company’s stock, valued at approximately $656,377.59. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Keith Jensen sold 11,251 shares of Fortinet stock in a transaction that occurred on Thursday, February 28th. The stock was sold at an average price of $86.95, for a total transaction of $978,274.45. Following the transaction, the chief financial officer now directly owns 10,669 shares in the company, valued at approximately $927,669.55. The disclosure for this sale can be found here. In the last three months, insiders have sold 197,127 shares of company stock worth $16,334,589. Insiders own 17.70% of the company’s stock.
Fortinet stock opened at $83.26 on Friday. Fortinet Inc has a 52 week low of $51.97 and a 52 week high of $94.37. The company has a market cap of $14.21 billion, a price-to-earnings ratio of 73.68, a PEG ratio of 3.92 and a beta of 0.92.
Fortinet (NASDAQ:FTNT) last posted its earnings results on Wednesday, February 6th. The software maker reported $0.42 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.31 by $0.11. Fortinet had a net margin of 18.44% and a return on equity of 22.72%. The firm had revenue of $507.00 million for the quarter, compared to analysts’ expectations of $496.33 million. During the same quarter last year, the firm earned $0.32 EPS. The company’s quarterly revenue was up 21.7% compared to the same quarter last year. On average, sell-side analysts forecast that Fortinet Inc will post 1.25 earnings per share for the current year.
FTNT has been the subject of several research reports. Oppenheimer reduced their target price on Fortinet from $97.00 to $88.00 in a research note on Monday, January 7th. BidaskClub raised shares of Fortinet from a “hold” rating to a “buy” rating in a research report on Saturday, December 8th. Finally, Zacks Investment Research raised shares of Fortinet from a “hold” rating to a “buy” rating and set a $76.00 price target on the stock in a research report on Tuesday, December 18th. Two research analysts have rated the stock with a sell rating, sixteen have given a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average target price of $80.86.
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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