Guggenheim Capital LLC reduced its position in shares of Fortinet Inc (NASDAQ:FTNT) by 2.7% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 48,203 shares of the software maker’s stock after selling 1,314 shares during the quarter. Guggenheim Capital LLC’s holdings in Fortinet were worth $4,876,000 as of its most recent SEC filing.
Several other hedge funds have also recently bought and sold shares of FTNT. Benjamin F. Edwards & Company Inc. raised its position in shares of Fortinet by 15.2% during the 1st quarter. Benjamin F. Edwards & Company Inc. now owns 584 shares of the software maker’s stock worth $59,000 after purchasing an additional 77 shares during the last quarter. Banque Cantonale Vaudoise raised its holdings in Fortinet by 1.0% in the 1st quarter. Banque Cantonale Vaudoise now owns 7,766 shares of the software maker’s stock valued at $786,000 after acquiring an additional 78 shares during the last quarter. Flagship Harbor Advisors LLC raised its holdings in Fortinet by 1.2% in the 1st quarter. Flagship Harbor Advisors LLC now owns 7,122 shares of the software maker’s stock valued at $721,000 after acquiring an additional 81 shares during the last quarter. L & S Advisors Inc raised its holdings in Fortinet by 1.7% in the 4th quarter. L & S Advisors Inc now owns 5,050 shares of the software maker’s stock valued at $539,000 after acquiring an additional 85 shares during the last quarter. Finally, CSat Investment Advisory L.P. raised its holdings in Fortinet by 9.0% in the 4th quarter. CSat Investment Advisory L.P. now owns 1,051 shares of the software maker’s stock valued at $112,000 after acquiring an additional 87 shares during the last quarter. 72.10% of the stock is currently owned by institutional investors and hedge funds.
Shares of NASDAQ:FTNT opened at $134.55 on Tuesday. Fortinet Inc has a 52 week low of $70.20 and a 52 week high of $149.69. The company’s fifty day moving average is $138.52 and its 200-day moving average is $115.28. The company has a market capitalization of $21.75 billion, a PE ratio of 62.87, a P/E/G ratio of 4.98 and a beta of 1.00.
Fortinet (NASDAQ:FTNT) last issued its earnings results on Wednesday, May 6th. The software maker reported $0.60 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.50 by $0.10. Fortinet had a net margin of 16.44% and a return on equity of 32.91%. The company had revenue of $576.90 million for the quarter, compared to the consensus estimate of $554.22 million. During the same quarter in the previous year, the company earned $0.46 EPS. The firm’s revenue for the quarter was up 22.1% compared to the same quarter last year. On average, equities research analysts predict that Fortinet Inc will post 1.93 earnings per share for the current fiscal year.
In other news, CFO Keith Jensen sold 1,750 shares of the business’s stock in a transaction dated Tuesday, May 12th. The stock was sold at an average price of $141.00, for a total transaction of $246,750.00. Following the completion of the transaction, the chief financial officer now directly owns 3,932 shares in the company, valued at approximately $554,412. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, VP Michael Xie sold 2,835 shares of the business’s stock in a transaction that occurred on Monday, May 4th. The shares were sold at an average price of $105.63, for a total value of $299,461.05. Following the completion of the transaction, the vice president now owns 6,168,500 shares of the company’s stock, valued at $651,578,655. The disclosure for this sale can be found here. Insiders sold a total of 42,728 shares of company stock worth $5,900,055 in the last 90 days. 18.20% of the stock is owned by corporate insiders.
Several equities analysts have commented on the stock. Monness Crespi & Hardt raised their price target on shares of Fortinet from $140.00 to $155.00 and gave the company a “buy” rating in a research report on Wednesday, June 24th. Mizuho reissued a “hold” rating and issued a $123.00 price target on shares of Fortinet in a research report on Wednesday, May 13th. Citigroup raised their price target on shares of Fortinet from $88.00 to $92.00 and gave the company a “sell” rating in a research report on Friday, May 8th. Robert W. Baird raised their price objective on shares of Fortinet from $105.00 to $120.00 and gave the company a “neutral” rating in a report on Thursday, May 7th. Finally, Bank of America reiterated a “buy” rating and set a $140.00 price target (up from $120.00) on shares of Fortinet in a research note on Thursday, May 7th. One research analyst has rated the stock with a sell rating, fifteen have issued a hold rating and thirteen have issued a buy rating to the company. The stock currently has an average rating of “Hold” and an average price target of $123.88.
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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