Whittier Trust Co. of Nevada Inc. Sells 500 Shares of Fortinet Inc. (FTNT)
Whittier Trust Co. of Nevada Inc. reduced its position in shares of Fortinet Inc. (NASDAQ:FTNT) by 3.8% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 12,537 shares of the company’s stock after selling 500 shares during the period. Whittier Trust Co. of Nevada Inc.’s holdings in Fortinet were worth $396,000 as of its most recent SEC filing.
Several other large investors also recently bought and sold shares of FTNT. Essex Investment Management Co. LLC raised its stake in Fortinet by 15.2% in the second quarter. Essex Investment Management Co. LLC now owns 35,000 shares of the company’s stock worth $1,106,000 after buying an additional 4,618 shares during the period. Capital Fund Management S.A. raised its stake in Fortinet by 1,438.7% in the second quarter. Capital Fund Management S.A. now owns 112,328 shares of the company’s stock worth $3,548,000 after buying an additional 105,028 shares during the period. Candriam Luxembourg S.C.A. raised its stake in Fortinet by 28.0% in the second quarter. Candriam Luxembourg S.C.A. now owns 25,600 shares of the company’s stock worth $809,000 after buying an additional 5,600 shares during the period. Bank of Montreal Can bought a new stake in Fortinet during the second quarter worth about $2,022,000. Finally, Oakbrook Investments LLC raised its stake in Fortinet by 113.0% in the second quarter. Oakbrook Investments LLC now owns 13,950 shares of the company’s stock worth $441,000 after buying an additional 7,400 shares during the period. Institutional investors and hedge funds own 70.65% of the company’s stock.
Fortinet Inc. (NASDAQ:FTNT) traded up 0.06% during trading on Monday, hitting $35.01. The company had a trading volume of 1,504,317 shares. Fortinet Inc. has a 12 month low of $23.16 and a 12 month high of $44.63. The company has a market cap of $6.05 billion, a PE ratio of 946.22 and a beta of 1.62. The company’s 50 day moving average price is $36.00 and its 200-day moving average price is $33.52.
Fortinet (NASDAQ:FTNT) last issued its quarterly earnings data on Thursday, July 28th. The company reported $0.14 EPS for the quarter, hitting analysts’ consensus estimates of $0.14. Fortinet had a net margin of 0.07% and a return on equity of 0.68%. The firm had revenue of $311.40 million for the quarter, compared to analyst estimates of $304.71 million. During the same quarter in the previous year, the business posted $0.11 EPS. The firm’s revenue was up 29.9% compared to the same quarter last year. Equities analysts expect that Fortinet Inc. will post $0.70 earnings per share for the current year.
A number of equities research analysts have recently issued reports on the company. Wells Fargo & Co. restated a “buy” rating on shares of Fortinet in a research report on Sunday, September 25th. Oppenheimer Holdings Inc. reiterated an “outperform” rating and issued a $45.00 price objective on shares of Fortinet in a report on Tuesday, September 20th. Wunderlich began coverage on Fortinet in a report on Tuesday, September 13th. They issued a “buy” rating and a $45.00 price objective on the stock. Pacific Crest upgraded Fortinet from a “sector weight” rating to an “overweight” rating and set a $47.00 price objective on the stock in a report on Tuesday, August 30th. Finally, Citigroup Inc. decreased their price objective on Fortinet from $37.00 to $35.00 and set a “neutral” rating on the stock in a report on Friday, July 29th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the company’s stock. Fortinet presently has a consensus rating of “Buy” and a consensus target price of $39.50.
In other Fortinet news, VP John Whittle sold 834 shares of the business’s stock in a transaction on Thursday, September 1st. The shares were sold at an average price of $36.70, for a total value of $30,607.80. Following the transaction, the vice president now owns 5,515 shares in the company, valued at approximately $202,400.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Matto Andrew H. Del sold 5,500 shares of the business’s stock in a transaction on Tuesday, August 2nd. The stock was sold at an average price of $34.07, for a total transaction of $187,385.00. Following the completion of the transaction, the chief financial officer now owns 22,099 shares in the company, valued at approximately $752,912.93. The disclosure for this sale can be found here. 16.40% of the stock is currently owned by company insiders.
Fortinet Company Profile
Fortinet, Inc provides cyber security solutions to enterprises, service providers and government organizations across the world. The Company’s flagship 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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