Fortinet Inc (NASDAQ:FTNT) Shares Sold by BlackRock Inc.

BlackRock Inc. trimmed its holdings in Fortinet Inc (NASDAQ:FTNT) by 0.3% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 10,800,444 shares of the software maker’s stock after selling 30,511 shares during the quarter. BlackRock Inc. owned 6.32% of Fortinet worth $829,798,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also modified their holdings of the business. Hartford Investment Management Co. lifted its stake in Fortinet by 0.7% during the second quarter. Hartford Investment Management Co. now owns 16,333 shares of the software maker’s stock valued at $1,255,000 after buying an additional 121 shares in the last quarter. World Asset Management Inc lifted its stake in Fortinet by 1.6% during the second quarter. World Asset Management Inc now owns 9,397 shares of the software maker’s stock valued at $722,000 after buying an additional 147 shares in the last quarter. Securian Asset Management Inc lifted its stake in Fortinet by 1.2% during the second quarter. Securian Asset Management Inc now owns 15,267 shares of the software maker’s stock valued at $1,173,000 after buying an additional 182 shares in the last quarter. Rockefeller Capital Management L.P. lifted its stake in Fortinet by 4.8% during the second quarter. Rockefeller Capital Management L.P. now owns 4,276 shares of the software maker’s stock valued at $329,000 after buying an additional 197 shares in the last quarter. Finally, SeaCrest Wealth Management LLC lifted its stake in Fortinet by 7.0% during the second quarter. SeaCrest Wealth Management LLC now owns 3,040 shares of the software maker’s stock valued at $234,000 after buying an additional 200 shares in the last quarter. 70.64% of the stock is owned by institutional investors.

In related news, CEO Ken Xie sold 8,000 shares of the stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $81.33, for a total value of $650,640.00. Following the transaction, the chief executive officer now owns 12,523,273 shares in the company, valued at $1,018,517,793.09. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, VP Michael Xie sold 40,000 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $78.13, for a total value of $3,125,200.00. Following the completion of the transaction, the vice president now owns 6,338,989 shares in the company, valued at approximately $495,265,210.57. The disclosure for this sale can be found here. Insiders sold 49,000 shares of company stock valued at $3,856,560 over the last three months. 17.20% of the stock is owned by insiders.

FTNT has been the subject of a number of analyst reports. Evercore ISI set a $90.00 price objective on shares of Fortinet and gave the company a “hold” rating in a research note on Monday, November 4th. Mizuho upped their price objective on shares of Fortinet from $86.00 to $92.00 and gave the company a “neutral” rating in a research note on Friday, November 1st. Morgan Stanley set a $82.00 price objective on shares of Fortinet and gave the company a “hold” rating in a research note on Friday, November 1st. BidaskClub raised shares of Fortinet from a “sell” rating to a “hold” rating in a research note on Friday, October 25th. Finally, Robert W. Baird set a $100.00 price objective on shares of Fortinet and gave the company a “hold” rating in a research note on Sunday, September 15th. Three research analysts have rated the stock with a sell rating, fourteen have issued a hold rating and ten have issued a buy rating to the company. The company has an average rating of “Hold” and a consensus target price of $93.71.

NASDAQ FTNT opened at $96.23 on Friday. The company has a 50 day simple moving average of $80.56 and a 200-day simple moving average of $80.90. The firm has a market capitalization of $15.67 billion, a price-to-earnings ratio of 85.16, a price-to-earnings-growth ratio of 4.17 and a beta of 1.08. Fortinet Inc has a 52-week low of $64.41 and a 52-week high of $96.96.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings results on Thursday, October 31st. The software maker reported $0.67 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.56 by $0.11. The business had revenue of $547.50 million during the quarter, compared to analyst estimates of $533.55 million. Fortinet had a net margin of 19.23% and a return on equity of 25.46%. The firm’s revenue was up 20.6% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.49 earnings per share. As a group, equities research analysts predict that Fortinet Inc will post 1.57 EPS for the current fiscal 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.

See Also: Buyback For Investors Defined

Want to see what other hedge funds are holding FTNT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Fortinet Inc (NASDAQ:FTNT).

Institutional Ownership by Quarter for Fortinet (NASDAQ:FTNT)

Receive News & Ratings for Fortinet Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Fortinet and related companies with MarketBeat.com's FREE daily email newsletter.



Leave a Reply