Hodges Capital Management Inc. lowered its position in Fortinet, Inc. (NASDAQ:FTNT) by 16.5% during the second quarter, Holdings Channel reports. The institutional investor owned 664,629 shares of the software maker’s stock after selling 131,775 shares during the period. Fortinet comprises about 1.5% of Hodges Capital Management Inc.’s portfolio, making the stock its 21st largest position. Hodges Capital Management Inc.’s holdings in Fortinet were worth $24,884,000 as of its most recent SEC filing.

Several other hedge funds also recently bought and sold shares of FTNT. LS Investment Advisors LLC increased its stake in Fortinet by 0.7% in the first quarter. LS Investment Advisors LLC now owns 13,415 shares of the software maker’s stock worth $514,000 after buying an additional 96 shares in the last quarter. Capstone Asset Management Co. increased its stake in Fortinet by 1.4% in the second quarter. Capstone Asset Management Co. now owns 13,582 shares of the software maker’s stock worth $509,000 after buying an additional 190 shares in the last quarter. Caisse DE Depot ET Placement DU Quebec increased its stake in 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 worth $653,000 after buying an additional 200 shares in the last quarter. Fisher Asset Management LLC increased its stake in Fortinet by 0.8% in the second quarter. Fisher Asset Management LLC now owns 31,427 shares of the software maker’s stock worth $1,177,000 after buying an additional 252 shares in the last quarter. Finally, Ropes Wealth Advisors LLC increased its stake in Fortinet by 11.1% in the first quarter. Ropes Wealth Advisors LLC now owns 2,755 shares of the software maker’s stock worth $106,000 after buying an additional 275 shares in the last quarter. 72.98% of the stock is owned by institutional investors.

Fortinet, Inc. (FTNT) opened at 36.84 on Monday. The stock has a 50 day moving average of $38.63 and a 200 day moving average of $37.78. The company has a market cap of $6.47 billion, a P/E ratio of 100.93 and a beta of 1.02. Fortinet, Inc. has a 52 week low of $28.50 and a 52 week high of $41.56.

Fortinet (NASDAQ:FTNT) last released its earnings results on Wednesday, July 26th. The software maker reported $0.27 earnings per share for the quarter, topping the consensus estimate of $0.20 by $0.07. The company had revenue of $363.50 million for the quarter, compared to the consensus estimate of $361.05 million. Fortinet had a net margin of 4.71% and a return on equity of 9.36%. Fortinet’s revenue was up 16.7% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.14 EPS. On average, analysts expect that Fortinet, Inc. will post $0.95 earnings per share for the current year.

Fortinet announced that its Board of Directors has approved a stock repurchase plan on Wednesday, July 26th that allows the company to buyback $300.00 million in shares. This buyback authorization allows the software maker to purchase up to 4.2% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its stock is undervalued.

WARNING: This article was reported by Daily Political and is owned by of Daily Political. If you are accessing this article on another domain, it was illegally stolen and republished in violation of United States and international trademark and copyright laws. The original version of this article can be accessed at https://www.dailypolitical.com/2017/08/07/fortinet-inc-ftnt-shares-sold-by-hodges-capital-management-inc.html.

A number of research firms have recently issued reports on FTNT. Stifel Nicolaus lifted their price objective on shares of Fortinet from $36.00 to $42.00 and gave the stock a “hold” rating in a report on Monday, April 17th. UBS AG lifted their price objective on shares of Fortinet from $42.00 to $45.00 and gave the stock a “buy” rating in a report on Friday, April 28th. Cowen and Company reaffirmed a “buy” rating and set a $43.00 price objective on shares of Fortinet in a report on Friday, July 28th. Oppenheimer Holdings, Inc. reaffirmed an “outperform” rating and set a $45.00 price objective on shares of Fortinet in a report on Thursday, June 22nd. Finally, Robert W. Baird set a $50.00 price objective on shares of Fortinet and gave the stock a “buy” rating in a report on Thursday, July 27th. Two analysts have rated the stock with a sell rating, nine have issued a hold rating, twenty have issued a buy rating and one has issued a strong buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus target price of $41.56.

In other Fortinet news, insider Keith Jensen sold 624 shares of Fortinet stock in a transaction that occurred on Wednesday, May 17th. The shares were sold at an average price of $40.73, for a total transaction of $25,415.52. Following the completion of the sale, the insider now directly owns 978 shares in the company, valued at approximately $39,833.94. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, VP John Whittle sold 2,091 shares of Fortinet stock in a transaction that occurred on Wednesday, August 2nd. The shares were sold at an average price of $36.27, for a total transaction of $75,840.57. Following the sale, the vice president now owns 7,181 shares of the company’s stock, valued at $260,454.87. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 13,308 shares of company stock valued at $506,096. Company insiders own 17.00% of the company’s stock.

About Fortinet

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.

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