Martingale Asset Management L P Reduces Holdings in Fortinet, Inc. (FTNT)
Martingale Asset Management L P trimmed its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 56.2% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 23,600 shares of the software maker’s stock after selling 30,300 shares during the period. Martingale Asset Management L P’s holdings in Fortinet were worth $884,000 as of its most recent SEC filing.
Other large investors have also modified their holdings of the company. Prudential Financial Inc. raised its holdings in shares of Fortinet by 43.9% during the second quarter. Prudential Financial Inc. now owns 1,065,986 shares of the software maker’s stock worth $39,911,000 after purchasing an additional 325,210 shares during the period. Vanguard Group Inc. raised its holdings in shares of Fortinet by 5.0% during the first quarter. Vanguard Group Inc. now owns 11,887,371 shares of the software maker’s stock worth $455,881,000 after purchasing an additional 563,667 shares during the period. Russell Investments Group Ltd. raised its holdings in shares of Fortinet by 29.2% during the second quarter. Russell Investments Group Ltd. now owns 82,112 shares of the software maker’s stock worth $3,074,000 after purchasing an additional 18,569 shares during the period. Clinton Group Inc. acquired a new stake in shares of Fortinet during the first quarter worth $888,000. Finally, KBC Group NV raised its holdings in shares of Fortinet by 313.5% during the first quarter. KBC Group NV now owns 53,945 shares of the software maker’s stock worth $2,069,000 after purchasing an additional 40,899 shares during the period. 68.99% of the stock is currently owned by institutional investors.
A number of analysts recently weighed in on FTNT shares. Zacks Investment Research raised shares of Fortinet from a “hold” rating to a “buy” rating and set a $43.00 price objective on the stock in a report on Friday, July 7th. OTR Global raised shares of Fortinet to a “positive” rating in a report on Wednesday, July 5th. Piper Jaffray Companies set a $50.00 price objective on shares of Fortinet and gave the stock a “buy” rating in a report on Friday, August 25th. Credit Suisse Group started coverage on shares of Fortinet in a report on Tuesday, September 5th. They issued an “underperform” rating and a $33.00 price objective on the stock. Finally, Oppenheimer Holdings, Inc. reaffirmed an “outperform” rating and issued a $45.00 price objective on shares of Fortinet in a report on Thursday, June 22nd. Two investment analysts have rated the stock with a sell rating, ten have assigned a hold rating, nineteen have given a buy rating and one has issued a strong buy rating to the company. Fortinet has an average rating of “Buy” and a consensus price target of $41.30.
Fortinet, Inc. (NASDAQ FTNT) opened at 38.34 on Monday. The company has a market cap of $6.74 billion, a price-to-earnings ratio of 105.04 and a beta of 0.99. Fortinet, Inc. has a 52-week low of $28.50 and a 52-week high of $41.56. The stock’s 50 day moving average is $37.31 and its 200 day moving average is $38.20.
Fortinet (NASDAQ:FTNT) last announced its quarterly earnings data on Wednesday, July 26th. The software maker reported $0.27 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.20 by $0.07. The firm had revenue of $363.50 million during the quarter, compared to analysts’ expectations of $361.05 million. Fortinet had a return on equity of 9.36% and a net margin of 4.71%. The company’s quarterly revenue was up 16.7% compared to the same quarter last year. During the same period in the previous year, the business posted $0.14 EPS. Equities research analysts forecast that Fortinet, Inc. will post $0.95 earnings per share for the current year.
Fortinet declared that its board has initiated a stock buyback program on Wednesday, July 26th that authorizes the company to buyback $300.00 million in shares. This buyback authorization authorizes the software maker to purchase up to 4.2% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s management believes its shares are undervalued.
In other Fortinet news, CAO Keith Jensen sold 950 shares of the business’s stock in a transaction dated Tuesday, August 8th. The stock was sold at an average price of $36.67, for a total transaction of $34,836.50. Following the completion of the sale, the chief accounting officer now directly owns 1,315 shares of the company’s stock, valued at approximately $48,221.05. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Christopher B. Paisley sold 4,000 shares of the business’s stock in a transaction dated Wednesday, August 2nd. The stock was sold at an average price of $36.39, for a total value of $145,560.00. Following the sale, the director now directly owns 66,611 shares of the company’s stock, valued at $2,423,974.29. The disclosure for this sale can be found here. Insiders have sold a total of 9,558 shares of company stock valued at $348,406 over the last three months. Company insiders own 17.00% of the company’s stock.
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.
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