Fortinet, Inc. (FTNT) Shares Sold by Nationwide Fund Advisors
Nationwide Fund Advisors lowered its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 1.5% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 473,802 shares of the software maker’s stock after selling 7,458 shares during the period. Nationwide Fund Advisors owned 0.27% of Fortinet worth $16,981,000 at the end of the most recent quarter.
Several other hedge funds also recently modified their holdings of FTNT. Voya Investment Management LLC grew its stake in Fortinet by 934.3% in the 2nd quarter. Voya Investment Management LLC now owns 1,880,328 shares of the software maker’s stock valued at $70,399,000 after buying an additional 1,698,526 shares in the last quarter. ETF Managers Group LLC purchased a new position in Fortinet in the 2nd quarter valued at approximately $40,680,000. BlackRock Inc. grew its stake in Fortinet by 6.6% in the 2nd quarter. BlackRock Inc. now owns 14,047,819 shares of the software maker’s stock valued at $525,953,000 after buying an additional 870,061 shares in the last quarter. Renaissance Technologies LLC grew its stake in Fortinet by 19.1% in the 2nd quarter. Renaissance Technologies LLC now owns 4,521,700 shares of the software maker’s stock valued at $169,292,000 after buying an additional 726,300 shares in the last quarter. Finally, Pictet Asset Management Ltd. grew its stake in Fortinet by 66.3% in the 2nd quarter. Pictet Asset Management Ltd. now owns 1,486,700 shares of the software maker’s stock valued at $58,487,000 after buying an additional 592,600 shares in the last quarter. Institutional investors own 69.70% of the company’s stock.
Fortinet, Inc. (FTNT) opened at $41.44 on Thursday. Fortinet, Inc. has a fifty-two week low of $28.50 and a fifty-two week high of $42.31. The company has a market cap of $7,331.63, a price-to-earnings ratio of 76.65, a price-to-earnings-growth ratio of 5.20 and a beta of 0.91.
Fortinet (NASDAQ:FTNT) last posted its quarterly earnings data on Thursday, October 26th. The software maker reported $0.28 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.23 by $0.05. Fortinet had a net margin of 5.93% and a return on equity of 10.92%. The company had revenue of $374.20 million during the quarter, compared to the consensus estimate of $370.67 million. During the same period in the previous year, the firm posted $0.18 EPS. The firm’s revenue was up 18.2% compared to the same quarter last year. equities analysts anticipate that Fortinet, Inc. will post 0.48 EPS for the current year.
Fortinet announced that its board has authorized a stock repurchase program on Thursday, October 26th that allows the company to repurchase $400.00 million in shares. This repurchase authorization allows the software maker to repurchase shares of its stock through open market purchases. Shares repurchase programs are usually a sign that the company’s leadership believes its stock is undervalued.
FTNT has been the subject of a number of recent research reports. Cowen reiterated a “buy” rating and issued a $43.00 price objective on shares of Fortinet in a research note on Friday, September 8th. BMO Capital Markets reiterated a “buy” rating and issued a $46.00 price objective on shares of Fortinet in a research note on Friday, September 1st. Piper Jaffray Companies set a $50.00 price target on shares of Fortinet and gave the company a “buy” rating in a report on Friday, August 25th. Oppenheimer reissued a “buy” rating and issued a $45.00 price target on shares of Fortinet in a report on Thursday, October 5th. Finally, Zacks Investment Research raised shares of Fortinet from a “hold” rating to a “buy” rating and set a $42.00 price target for the company in a report on Tuesday, September 26th. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating, fifteen have assigned a buy rating and one has issued a strong buy rating to the stock. The company presently has an average rating of “Buy” and an average target price of $44.26.
In other news, VP Michael Xie sold 3,585 shares of Fortinet stock in a transaction on Thursday, November 2nd. The shares were sold at an average price of $38.60, for a total transaction of $138,381.00. Following the completion of the sale, the vice president now directly owns 6,714,500 shares of the company’s stock, valued at approximately $259,179,700. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Ming Hsieh sold 5,332 shares of Fortinet stock in a transaction on Thursday, November 9th. The stock was sold at an average price of $39.64, for a total transaction of $211,360.48. Following the sale, the director now directly owns 331 shares of the company’s stock, valued at $13,120.84. The disclosure for this sale can be found here. Insiders have sold a total of 19,606 shares of company stock valued at $775,806 over the last ninety days. 17.00% of the stock is currently owned by insiders.
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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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